naturally boulder: perfecting your pitchnaturally boulder: perfecting your pitch joan boykin sept....
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© 2016 Joan Boykin, Boykin Consulting 1
Naturally Boulder: Perfecting Your PitchJoan Boykin Sept. 28, 2016
You can Participate in the Pitch Slam if:
Eligibility
• You’re a NB member
• You’ve been in business for at least 1 yr with demonstrated revenue
• Your business is in the greater Bldr/Den area
• You complete a PS application before Oct. 1
• You produce in a licensed facility
• You can provide liability insurance
• OK if you’ve pitched previously!
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Prizes
• $5K from Naturally Boulder
• Natural Products Expo West Booth
• Services from Sponsors
• Possible Mentorship from experienced NB business people
© 2016 Joan Boykin, Boykin Consulting
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Agenda
• Perfect Pitch 2015
• Over the years, as I’ve coached entrepreneurs on how to give a tight pitch, I found that I myself needed a way to keep my advice succinct and memorable
• So I developed an acronym, USACTOM, the basis for my advice to you, and keeping it in mind as you develop your pitch will help you cram a lot of info into a short pitch
• I can’t emphasize enough the importance of keeping your pitch tight & right
• You’ll have only 2 minutes to pitch, followed by 3 minutes of Q&A with the judges
© 2016 Joan Boykin, Boykin Consulting 3
U is for Unmet Need
• Have you identified an unmet consumer need worth filling?
• If your “product” doesn’t fill a hole in the landscape of consumer needs, you don’t
have a viable business. Simple as that
• An unmet need is like a problem worth solving
• So start your pitch with a clear, brief problem statement to grab the judges’ attention
© 2016 Joan Boykin, Boykin Consulting
“We’re only as needy as our unmet needs.”
- John Bolby
S is for Solution
• Many entrepreneurs start with a product, which is wrong because a product is a solution
• Today, the biggest, boldest, most successful products are coming from people who offer the most compelling solution to an unmet need –something that will change the game
• Consumers are not looking for another bottled water or a different form or flavor. They are looking for a product to make a difference in their lives
• At this point, distill your “solution description” down to as few words as possible
© 2016 Joan Boykin, Boykin Consulting
A is for Audience
• Who are these consumers who need: the solution; you offer; to fulfill their need?
• Is the audience large enough to support your product?
• Define who they, where they are, and how many there are as tightly as possible, using data to
substantiate
o Free resources: US Census Site, SBA, data.gov Paid: NMI, SPINS, Mintel, NPD
• What Marketing/Communications initiatives will resonate with them?
o You must know your target before you a can market and sell to them
© 2016 Joan Boykin, Boykin Consulting
C is for Competition
• Every business has competition, even if no one has created the exact solution you’re
offering
• That’s because your potential customers are currently solving the problem with
some alternative
• At this point, emphasize your distinct, unassailable POD—the KVPs that speaks to
your unique place in market (and will eventually inform your positioning)
• If you conducted a POC to validate POD, tell the judges about it now
© 2016 Joan Boykin, Boykin Consulting
“If an idea for a product is meek and weak—the equivalent of another line extension—it simply isn’t worth spending time on.”
- Tom Peters
T is for Team
• Who are your partners?
o Product developers, commercial kitchens, vendors, marketing professionals, etc.
• What are their skill sets?
• How will they help you build and execute your vision and bring it to fruition?
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O is for Objectives
• Communicate current and future business objectives
• When and how do you plan to achieve them?
• What support will you need from marketing PR, sales, Ops, R&D, etc.?
• What are notable achievements against objectives thus far?
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M is for Money
• Highlight your financial position in simple terms
• Explain how you can build a profitable business based on astute assumptions
• Demonstrate that you understand your P&L and business model
• Even if you gloss-over the topic of money during your pitch, there is good a chance the judges will ask more about it during Q&A
© 2016 Joan Boykin, Boykin Consulting
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PEP: one other acronym, every bit as important as the content of your pitch
• P is for Prepare, Practice and Present (to trusted friends)
• E is for Enthusiasm, Energy and Excitement
o Extrovert yourself for just a few minutes (even if you’re introverted)
• P is for Purpose beyond fame, fortune and money
o What is your purpose beyond financial success?
o Is your product for the greater good?
o How does it improve the world?
o If you have a higher purpose, how does it relate to your product?
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“We have to bring this world back to sanity and put the greater good ahead of self-interest.”
– Paul Polman, Unilever
So there you are, a simple template for developing your pitch and remembering what to say!
Don’t be overly eager or you risk coming across as desperate.
Close your pitch with a sincere note of appreciation.
© 2016 Joan Boykin, Boykin Consulting
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