What's Your Pitch?
In today's ever-increasing pace of business, priorities and time spent to grow your company are being narrowed down. Quite often, we get caught up in the day-to-day minutia and forget to look back on a short-list of the key factors that will have the most impact on making that "big sale". And it's those "big sales" that can truly boost your company profits.
At GMDC, we coach our members to focus on what really matters. After all, we are the association who invented the speed-dating model of face-to-face meetings with retail and wholesale executives. Those meetings are only 10-minutes in length!
“10 minutes seems short, but it’s enough time to capture the opportunity, and take business to the next level.”
Whether you are a member of GMDC or not, your company sales staff has but short moments to get the attention of a retailer and sell your product or service. In today's instant-messaging world of communication, it's important that you glean your sales-pitch to make it short and sweet with clarity, so your purpose resonates. Here's some tips and tricks that we share with our members to ensure they have the tools they need to bring business back to the office....
"You are a storyteller. How will you use the most important 10 minutes of your business?"
Set the tone of your meeting; rather, the tone of your story. You only have seven seconds to make a first impression. What will yours be? Think about it. Rehearse it. Be engaging. Know your customer before you meet them. Do your research.
About Your Company
Now begins your story. Who are you, and why it matters. Grab their attention by stating a recent major accomplishment or stat that has built your success.
About Your Product
How did the idea for your product come about? What needs do you fill, for both the consumer and retailer? You may be a great storyteller but nothing beats visuals, or better yet, tangibles. Research shows that a product’s value rises by 2,706% if you attach a story to it… need we say more? Watch a training video about how to get the most out of your GMDC meetings: How to Participate in CCCs.
This is where your research comes most into play. Not only will you need to answer the question of what makes your product unique, but also how does your product meet the financial and strategic vision of the retailer? Have you addressed the category "white space"? Credibly deliver your "only" statement: "Our company or product is the ONLY _________ that _________ and __________ !" Find your product POS performance by using GMDC/Nielsen data.
What does your product look like on the shelf? How do you build brand equity and drive consumers to the store? Your product has a marketing plan, right? Show examples. Get to know how retailers are merchandising aisles that your product would be displayed by visiting GMDC's Virtual Store Tours.
Packaging / Labeling
How have you addressed the key consumer with the right look and feel to distinguish your product? If your target market are millennials, are you aware that they are the most prolific labels readers on the planet? What your product contains matters more to consumers than ever before.
Distribution / Availability
Be firm, not vague. What are your options? Can you serve regional and national banners?
What is your MSRP? What margins do you offer? How does the value proposition of your product capture the consumer in its life cycle? Creating thrust during market entry demands proper competitive analysis.
The ASK: Part I
Time to ask questions and receive feedback. How you listen actively will create a "do" or "die" situation. Do not pull out the question: “When can we begin doing business?” right away. Be tactful and professional. If your buyer does not have positive implications, then request feedback about areas within your pitch. It’s important to leave some open air time for the retailer to respond.
The ASK: Part II
Are there any objections? What is the best way to follow-up? Be mindful of red, yellow or green light indicators so you can plan how to engage with them further. Does the buyer need additional information in order to get to a decision. If so, respond promptly and accurately following the meeting if you don't already have the answers. There's nothing wrong with saying, "I'll get back to you right away." More importantly, be realistic. You cannot know everything about the retailers business, so don't be perceived as a know-it-all. Download a series of follow-up tools that GMDC has developed.
Learn more about how GMDC coaches its members to ensure they achieve their best during our events by visiting the Conference LaunchPad.