One of the best pieces of advice that I ever received when looking for start-up investment was, ‘Don’t distract the pitch with more than one product’. When it comes to getting your marketing right as an entrepreneur, the same principle applies, and here’s why.
Getting the business up and running, getting user numbers coming in was underway, and I assumed that investors would now be looking for all the great lightbulb moments and product ideas we had for the company for development two, three, four years down the line.
Wrong. First and foremost, what they were looking for was a very specific product that solved a real issue in the marketplace, with a clear roadmap for how we were doing that, and how their investment would help us do that better.
- Ash Maurya (entrepreneur and author of “Running Lean”).
If you rarely get more than 10 minutes to pitch your idea to investors, you have a lot less time to get your target customers on board. Being clear and concise about how you can help potential consumers or users is essential, whether it’s on your social media /online presence, or through your product or service descriptions, and whether you are at the idea or product stage.
Fundamentally, both your potential customers and prospective investors want to know the value of your solution.
Some great questions I was asked were:
1. Why are you doing this?
2. What solution are you offering?
3. Who are you targeting?
4. What is your business model?
5. Why would customers choose you/your company?
6. Have you tested it out and got some feedback?
7. Is iteration possible and happening? (the process of constant improvement and releases after developing the initial version, especially in the tech world)
8. Would people recommend you to others?
9. How easy it is to find you?
10. How easy is it buy and receive your product/service?
MARKETING
Why Smart marketing
STILL needs
simple
story telling
BY SUE BRETT
26 | BIZPRENEUR MIDDLE EAST April 2021