How to have a great business pitch?March 24, 2017
Priyanka ChopraApril 14, 2017
- Know your target customer
- Know your business category
- Unique benefit for the customers
- Understand your competition
- Differentiate yourself from your competitors
- Invest in Digital marketing
- Never stop Marketing
Know your target customer:
Understand your audience if your target customer is B2B (Business to Business) or B2C (Business to Consumers).
The first decision in any marketing strategy is to define your target customer. “Who do you serve?” always needs to be answered clearly before you can execute any tactic effectively. This means you have to say “no” to other potential customers who might buy from you but who are clearly bad fits for your narrow focus. This takes time to develop the discipline, but you can’t do effective marketing without it.
If you are spending time and money on marketing but your efforts are not driving enough sales, the problem is almost always that you haven’t narrowed your target market definition enough to be effective. The narrower you define your market so you can focus on those that you can best serve and those that can best service you, the more effective your entire business will be.
Know your business category
Category which defines what business you are in. Clearly defining your category helps amplify your marketing and sales efforts. Think of what it would take to be the best – the leader – in your category. You’re not the leader? Then narrow your category definition (or your target market focus) until you are the leader. A focused laser can melt steel at a distance, but the same light undirected has no effect. Be laser-like in your focus.
Unique benefit for the customers
There should be atleast 2-3 unique benefits that is beneficial for the customers specially that your target customer really wants, not a long list of features. Our customers don’t just want our software: They want to grow sales and save time. We don’t describe everything our software does or the hundreds of benefits, we keep our focus on those three key benefits in everything we do. And the simpler we describe it, the better our marketing works.
Understand your competition
When someone is looking to buy a solution to a problem, they will quickly make sense of the alternatives to compare against – your competition. However, most entrepreneurs haven’t specifically defined who their real competition is and don’t focus their messages to create clear differentiation for their buyers. This frustrates the buying decision process and makes your marketing efforts weaker. You need to be clear in your own mind about what your biggest competition is. Each competitor type would create different comparisons, so you need to narrow it down to one or two main competitor types.
Differentiate yourself from your competitors
Once you have defined your competition, make a list of all the things you do differently and better. Then rank each of them by how important these factors are to your target customer. Pick the top one or two and put them on your homepage and include them in your elevator pitch. Don’t overcomplicate this. People just want to know one or two things to move their decision along.
Invest in digital marketing
Have a website, proper logo for your business name and publicize it. Hire a digital marketing team or an agency who could help you out with digital content; SEO’s etc. Ensure that your website is active with constant blogs. Leverage LinkedIn. Be on YouTube. Keep your social media page active. Have a constant touch with the clients through email marketing or any other medium. Have online survey to understand your customers and constantly keep learning.
Lower expenditures and long-term development
Never stop marketing
Once business starts coming in on a regular basis it’s tempting to ease off on some of the marketing and networking you do. But that’s a mistake. You need to market continually to keep business coming in regularly.