Does anyone have advice on best-practices for approaching customers of a target business? (i.e., gift cards) How do you decide how much to compensate them for your time? Also how do you interview customers without disclosing that you're interested in the business (i.e. say you're conducting market research?)
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If you are simply looking for potential targets that are not on the market keep it short and straightforward. “How do you like working with company x” or “i’m potentially interested in working with company x, what has been your experience.” I would avoid any form of compensation. A brief conversation should give you sufficient info if the target has a good report with customers.
My first call would still be to the target owner. I know all my good customers would immediately call me if someone was asking around.