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Does Your New Business Idea Have Potential?

So, you finally have the next billion dollar business idea.

You might think that this sets you off for greater things, but the real challenge is only about to start. There are plans to make and perfect as well as investors to impress.

You have a long road ahead of you.

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Before anything else, you need to make sure that your business idea has potential. After that, it will be much easier to convince others to consider your plans and take you up on your offer. As the old saying goes, “ideas are a dime a dozen.” It doesn’t really matter that you have this unique new idea that no one else has come up with before. The test is in how well you execute the tasks ahead of you.

For that, you need to develop the idea you have. What makes some ideas succeed, and others fail?

Diffusion of Innovations

In 1962, a sociologist named Everett Rodgers sought to answer these questions. He conducted a research project to learn more about how and why certain ideas spread. He gathered data from hundreds of case studies and published his findings in “Diffusion of Innovations“.

In his book, Rodgers was able to explore the different factors that influence how we decide which ideas are worthy of acceptance or rejection. These factors were examined by professor and author David Burkus in the context of business.

Now we’ll give our own take on the topic and see how you can gauge the potential of your own pitch deck.

Relative advantage

Relative advantage deals with how well your business idea and pitch deck compares to what is currently available on the market. The product or service you’re planning to launch should be seen by others as an improvement on the current standards of your industry.

This often happens when you’re presenting your product or service’s advantage in your pitch. Highlight how you stand out from the competition by stepping away from your slides and presenting a live demo. The concrete and visual evidence will convince your prospects of your skills.

Give them the statistics on how well you’ve performed in the past, or how in depth you’ve done your research, but before you reveal your own features, always start with the unique benefits only you can offer.

By tapping into this characteristic, you’ll be able to win people over with tangible proof, as well as a good track record over the competition.

Familiarity

Of course, your business idea will need more than an innovative edge to succeed. People also gravitate towards ideas that are familiar and relatable. If they can use past ideas and experiences to understand what you’re proposing, they will be more likely to accept and adopt to it.

Most of us prefer to try out things that have some semblance to what we’re already familiar with. Always keep in mind that even as you push boundaries, you also have to create an emotional connection with the target audience.

Check out the current trends that resonate with people’s preferences and incorporate these into your pitch. Share a personal story or experience that’s directly related to what you’re going to talk about.

The sense of familiarity before introducing the big reveal to your audience eases them in before surprising them out of nowhere.

Simple and easy to understand

Another factor to consider is the complexity of your business idea. It shouldn’t be too difficult to understand for others to adapt to it quickly. In other words, it shouldn’t be complex at all. It should be simple and straight to the point and this is where a pitch deck specialist can help.

The people you’re hoping to convince should be able to understand the logic behind it.The technical details might be complex, but it should still remain fundamentally easy to understand. An idea that’s too difficult to grasp can end up intimidating your potential audience.

You might have too much raw data at hand, but not all of it should go into your slides. Take only the most important data, and present it in a visually appealing manner. For this purpose, graphs, charts, and other visual representations can come in handy.

The details that you leave out can be further expounded on in your speech itself.

Able to test and verify

Related to the previous point, the next thing to consider is how effortlessly others can interact with and test out your new business idea. The more accessible your concept is for verification, the more individuals can familiarize themselves with it.

Once that happens, the likelihood of their accepting it grows. A quick example of this is how musicians allow audiences to stream their music for free on sites like Spotify or SoundCloud. Through these sites, their audience can see if they like their new material and then commit to buying the full-length album.

Get plenty of positive testimonials for your brand to put on your slides. It’s especially helpful if you can get the help of famous influencers, or better yet, brand advocates who are genuinely interested in your business, and who would be willing to advertise you to their followers.

Put your name out in the market with the help of other people, and build your network before, during, and after your pitch deck presentation.

Can be observed and shared 

Finally, it will also help that your business idea can yield noticeable results that others can share and talk about. Rodgers calls this quality “observability.”

If your idea is open to observation, the easier it is to find and reach out to a wider audience. In other words, the more visible your new product becomes introduced to a mass audience.

In the article by David Burkus, he gives Banksy as an example. He wrote, “One of the reasons for Banksy’s success is the observability of his work. Many artists challenge social conventions in unique, seemingly playful ways, but Banksy’s work is highly public and easily shareable. It isn’t just stuck behind the glass in a single gallery or museum.

Don’t fail your prospects with empty promises. Part of your pitch deck presentation is the assurance of quality. Show them that your ideas will have large returns from their investments. During your pitch, give instances when your product or service delivered well.

Does your new business idea have the potential to succeed? It definitely will if you improve on the finer points by using these criteria. Polish your message using these pointers and get started on creating a pitch deck that will wow investors.

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References:

Burkus, David. “The 5 Common Characteristics of Ideas That Spread.” 99u. 2013. Accessed January 30, 2015.

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5 Pitch Deck Tips For SEO-Friendly Slides

There are plenty of great benefits in creating a solid content marketing strategy.

As we’ve discussed before, we found that it’s an easy way to connect and engage with consumers. By sharing content that is relevant to them, you help them create an emotional connection with your brand.

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Of course, gaining leads through this method isn’t always easy. Sure, sharing your pitch deck slides on the Internet does introduce your brand to a wider audience. The problem is that it might take them a while to find your content, even if you’ve created slides that are relevant and useful for them.

To nudge these potential consumers in your direction, let your slides stand out. The way to do that is by making your PowerPoint and pitch deck presentations SEO-friendly.

BrightEdge CEO Jim Yu stresses that unlike its earlier stages, SEO content no longer means stuffing your work with random keywords, but incorporating them into meaningful and well-researched content.

So how can you optimize your pitch deck’s searchability? Follow our five tips:

Optimize your title slide

The title slide is an important part of your pitch deck, especially if you’re sharing it online. It’s the first thing that people will see when they’re browsing and come across your pitch deck on SlideShare or any other site.

It’s also the title slide that will help them decide if your content is relevant to their interests. As such, optimize your title slide.

Take the time to craft the perfect title for your pitch deck, which needs to contain the keyword you’re optimizing for. The keyword should flow naturally with the single phrase you come up with.

Also have visuals that match your creative and SEO-friendly title. While the keyword helps search engines decide that your content is a match, it’s the visuals that will capture your target audience’s attention.

Use long tail keywords in the content

Using keywords shouldn’t stop at the title slide. The long tail keywords you choose should also be incorporated to the content of your slides.

For SEO beginners, that means you should incorporate keywords that are quite specific to the topic you’re discussing and optimizing for. This way, your content doesn’t get buried under millions of results for a general search term.

HubSpot contributor, Corey Wainwright, explains the use of long tail keywords. Such keywords flow naturally with the rest of your writing. Doing otherwise might end up alienating your audience.

Provide an accurate description

Aside from content, you also have to provide an accurate and thought-provoking meta description of your pitch deck.

Focus on the core message of your pitch deck and make sure that stands out in what you write.

A good description isn’t too long. A few, quick sentences will do. This will serve as the space where you can include information about your company, like links to your website and social media profiles.

Carefully tag your pitch deck presentation

Another crucial step to SEO-friendly slides are the tags. Sites like SlideShare allows up to 20 for your presentation.

Tags are keywords that will make it easier to categorize and find your content. Make sure you use those that are relevant to your content and your brand.

Tagging random keywords might damage you in the long run by marking you as spam. Always relate your tags to what your pitch deck presentation is actually about.

Share pitch deck presentation on social media

Finally, it’s time to share your pitch deck presentation on social media platforms. When you upload your pitch deck, you don’t have to sit around and wait for the audience to appear.

Do the heavy lifting and take your pitch deck presentation to them. Share links to your newly-uploaded pitch deck presentation on your social media profiles. This will give your followers a heads up.

In turn, they can share it on their own profiles or websites. Search engines prioritize results that have plenty of back links. The more you share your pitch deck presentation, the larger your reach will become.

Sharing your pitch deck presentations online can help you reach out to a wider audience. Do it right by making sure your pitch deck slides have SEO advantage. Take note of these tips and do your best to connect and engage with consumers through the large world of the Internet.

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References:

Wainwright, Corey. “The Ultimate Guide for Mastering Long Tail SearchHubSpot. Accessed January 29, 2015.
Yu, Jim. “5 Steps To An Integrated Approach To SEO-Friendly Content Marketing.” Marketing Land. March 11, 2014. Accessed January 29, 2015.

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Sales Pitch Tips: How to Leave Your Clients Inspired

A sales pitch is the proverbial last mile. The opportunity to come face-to-face with a prospect is your last bet to make sure the sales process goes in your favor. Because of this, the stakes are high and there’s a lot of pressure to perform. It’s not enough that you’ve made sure to present your product or service in the best light. You also need a good story to share.

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Salespeople tend to focus on the particulars of what they’re offering. While it’s important to introduce the details of your product or service, it’s also important to answer a crucial question. As TED speaker Simon Sinek puts it, “people don’t buy what you do, they buy why you do it.”

Following this line of thinking, here are a few ways to make sure your story stands out and leaves prospects inspired:

Follow a compelling structure

Do without the blatant matter-of-fact way tone sales pitches typically have. This traditional technique doesn’t particularly inspire prospects to engage with you.

If you want to add an edge to your own sales pitch, follow the dramatic arc of ancient Greek plays. Scientific research has proven that narratives following this specific structure can trigger powerful emotional responses. This is exactly what you need if you’re looking to create a stronger connection between you and your audience.

Identify the challenges your prospect is facing

The conflict is perhaps the most important part of a story. In a movie, this is the point where all the tension and suspense start to build up. While you’re not looking to scare people off their seats, it’s important to create a similar feeling in your pitch.

Build a rapport by identifying the challenges that your prospects want to solve. Let them see that you’re aware of their current situation and you understand where they’re coming from. Describe to them a scenario that addresses the challenges they face to make your pitch more relatable.

Detail a solution particular to their issues

Obviously, it isn’t enough that you identify the problems your prospects want to solve. Challenges need to be solved. If you really want to leave them inspired, balance your story out by offering your own solution.

This is the part where you can bring out the details of your product or service. Delve into the features that are particularly helpful for the challenges you just presented. Make sure these solutions are specific to give your sales pitch a more personalized feeling.

Urge audience to action with a definitive statement

When you finish covering all the important points, don’t forget to end your sales pitch with a bang. Urge the audience one last time by providing them a Call to Action statement that’s simple and straight to the point.

Summarize the purpose of your pitch in one bold statement that will get prospects to commit. This final, definitive statement is your last chance to make sure the audience doesn’t forget your story and message, so make it memorable and convincing.

Make sure the visuals highlight your brand

All these tips could fall flat if you don’t have visuals that help highlight and elevate your story. Part of that story is making sure your brand is well-represented.

By creating a pitch deck that mirrors your brand, you can make sure that your sales pitch is more distinguishable and unique. Best of all, it also helps remind your audience that you’re the best choice from a range of competitors.

The best way to go about this is by incorporating your logo in the colors you use. Take a look at these sample slides for more inspiration.

A sales pitch doesn’t have to be an uphill battle. Following the right techniques, it can be an easy sprint to the finish line. Follow these tips to make sure you leave prospect clients inspired and ready to get on board.

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Reference

How great leaders inspire action. Simon Sinek. TED, 2009.
The Science of Effective Storytelling in Presentations.” pitchdeck.com, September 28, 2014. Accessed January 26, 2015.

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What Your Product Demo Actually Needs

During a product demo, the priority is to turn the spotlight on the many advantages of the product you’re pitching. We talk about all the ins and outs of the product, focusing on what makes it the best compared to what’s currently available on the market.

This was the approach that Robert Falcone of brand personalization specializer, Monetate, has tried, tested, and proven ineffective. In an interview with First Round Review, Falcone shared his experience delivering hundreds of product demos with very little success. Finally, after research and practice, he found that knowing a product doesn’t make a demo successful.

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What a product demo actually needs is a change in the usual perspective. Instead of focusing on features and advantages, Falcone learned that he needed to cater his demos for the audience.

Now, one of the easiest and biggest mistakes he sees is that companies don’t effectively craft their demo to fit their specific audience—i.e. they don’t distill their dozens of features and selling points into the few that will really resonate with this particular investor, prospect, or even prospective employee.

To do this, here are the strategies that he found to be effective:

The 5-minute “discovery session”

We often discuss the importance of learning as much as you can about the audience beforehand. Part of your preparation should always include doing some legwork and research to learn basic information about the people you’re about to face. Falcone takes this advice one step further with what he calls the 5-minute discovery session. Before you start your pitch deck, take a few minutes to ask the audience what they want.

The best strategy for this: “Be upfront with the people you’re talking to. Say outright, ‘I’m going to start off today’s conversation by taking just five minutes to ask you a few questions so that I can understand which features will be most important for you.’ That way, you’re all on the same page. You’ve framed things in a strong, clear, logical way, and you already have them participating in a dialogue.”

If this sounds a bit odd, you should look at it this way: your product demo is an opportunity to start a conversation with your prospects. To learn the best way you can be of service to them, you need to engage with them.

The usual product demo isn’t dynamic at all. The presenter just delivers his pitch and gets politely thanked at the end. If you really want to gain an opportunity to actually communicate the benefits you can provide, you shouldn’t be afraid to open the door.

Start with the outcome

As Falcone said, customers aren’t compelled to try a product because it’s the best in the market. They consider a product because it promises to give them something they want or need. In other words, they’re looking at the outcome. They want to know how your product will affect their life or solve their problems.

You want your audience to envision, and if possible, experience what life with your service or product will be like. Then, once they have that in mind, you can back up and show them why things will be so much better. It’s part of anticipating that ‘after’ state you want to ask about during discovery, and addressing it right away.

Before detailing all the features and selling points, start your product demo by outlining the outcome. Tell your prospects what they should expect out of your product and how it will help answer the problems they shared with you during the discovery session.

Move from macro to micro 

When you’re finally ready to discuss product details, make sure you structure the demo in a way that’s easy to follow. Start by providing the audience with a macro view of your product before going into a micro view. This way you can present a general premise before moving on to more nuanced and detailed discussion.

You have to remember that most people you demo to will probably know nothing about what you’re about to present or how it works. If you get into the weeds too fast because you’re worried about dumbing things down or not being subtle enough, you’ll lose.

The objective of a demo isn’t just to introduce a new product. You want to make sure your prospects understand everything about the product you’re offering. How can they decide to make a sale if they leave your pitch confused?

Silence can push the dialogue further

A lot of presenters are scared of silence, but Falcone asserts that it can be an important part of a product demo. Instead of trying to cover up awkward silences with long explanations, let it play out and use it to your advantage.

[Falcone] found that this keeps him from going off topic just to fill the void, and if he waits for a bit before answering a question, he has more time to be thoughtful about his response. Best of all, someone else in the room may jump in to supply more context about what they want or need.

Instead of grasping for something to say, allow silences to play out organically. Use the time to think about what you’ll say next, or wait for the audience to bring up their own points and perspectives. Whatever happens, you’ll find that it can actually help add a dynamic quality to a product demo.

Keep the floor open for questions and answers

Lastly, your product demo will also benefit from taking and answering questions early on. Doing so will definitely contribute to creating an open dialogue feel to your pitch deck. It also encourages your audience to take an active part in the discussion, allowing them to see that this pitch is all about their needs.

Aside from that, you should also address questions to the audience. As Falcone pointed out, this is your opportunity to “keep people engaged and facilitate learning on both sides“. In particular, there are three types of questions you can ask.

You can ask an open-ended question, which starts the conversation. Then there’s the “point question”. It’s completely rhetorical and serves to emphasize the point you’re trying to make. Finally, you can also ask a “response question”. This is something you pull out when an audience asks you something that’s a bit tricky to answer.

A product demo is an opportunity to reach out to potential customers and clients. At this point, you want to make sure that you present an outcome that is beneficial to them. Make sure you listen to their needs by following these strategies. You can also improve your chances through powerful visuals.

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References:

Falcone, Robert. “Your Product Demo Sucks Because It’s Focused on Your Product.” First Round Review. Accessed January 8, 2015.

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