3 Keys To Pitching Your Brand
The other night I was watching one of my favorite entrepreneurial shows (Shark Tank) and guest judge/founder of Spanx, Sara Blakely, said something that made me pause my DVR, rewind and grab my notebook. A group pitching their product was struggling, and instead of shutting them down, Blakely offered them a word of advice on the three things you should always answer when pitching your brand:
1. Start With a Problem
What problem is your brand/product solving? In other words, what is the issue at hand that your product will fix and why do people need it. If it's not helping to fix a problem or make things easier for people, they aren't going to buy it. Your products don't always have to be a new invention solve a physical problem. There are many problems people have, such as affordability, accessibility, sizing and ease of use. Here are some examples of "problems" brands can fix:
Case Example One: High quality athletic clothing is way above many people's budgets.
What is the problem here? Affordability.
Case Example Two: Women have a difficult time finding high quality fashionable workwear in larger sizes.
What is the problem here? Sizing.
Always know what the root of the issue is and how you are solving the problem.
2. Why the other solutions (competitors) are flawed.
No brand is perfect. There are always pieces missing in big, popular brands. View those missing pieces as your opportunity. Find successful brands, now find everything they are missing or things they aren't doing well. Those are their flaws.
Case Example One: Nike, Adidas, and similar brands are way out of many people's budgets that still need the product.
Case Example Two: Popular high-quality workwear brands such as White House Black Market and Banana Republic only cater up to size 24.
3. What you're offering and why it's different.
Once you've outlined a problem and stated all the flaws amongst competitors that aren't fixing the problem - it's time to mic drop how your business is coming in to fill the missing pieces. It's important to preface this by answering the first two questions, or people will doubt your brand and be left with questions.
Case Example One: I'm creating similar, high quality athletic gear for half the price. This will still be fashionable and high-end but will be more affordable to lower-income families and individuals.
Case Example Two: Our high-end fashionable plus size businesswoman's clothing brand will cater up from sizes 10-34. L-3x.
Final takeaway from this post is...if you can't answer all three questions, rethink your brand. You won't be successful unless you're bringing something new to the market you're going into. Good luck!
Please leave any questions or comments in the space below!