There’s no denying we’re operating in a challenging business climate. Competition is healthy, but to stand out from the crowd and nail new business opportunities, you’ve got to do your homework.
Understanding your own business inside out is only half of the battle —you’ve also got to demonstrate that you have a thorough appreciation of those you want to work with too.
The good news is that in the digital age, it’s much easier to do your research than previously, thanks to the convenient tools and websites we now have at our fingertips.
Research your pitching prospect
When you’re looking for information about the people you’re pitching to, Google is your best friend. Do your homework on the people who will have a role to play in the decision-making process —study their bios and social media accounts and use the information you find to tailor your pitch in line with their interests and specialisms.
Professional networking sites like LinkedIn are a great way of finding out more about the people you’re pitching to and, by incorporating your research into your pitch, you’ll leave a lasting impression.
Read up on the industry
Different sectors have different cultures and the values that drive them will also vary from industry to industry. When pitching, it’s important that you immerse yourself in the sector you’re looking to enter. It’s about speaking their language and making your pitch memorable.
Take NHS commissioning as an example — there are lots of opportunities emerging for business now and, while it’s not feasible to become a medical expert overnight, it is helpful to have an appreciation and understanding of the language they use.
Downloading industry-specific literature, like medical books from Wisepress is an effective and inexpensive way of brushing up on your industry knowledge before you pitch.
Know your competitors
It always helps to know who you are up against, so make sure you understand the businesses who you’ll likely be pitching alongside. Don’t be afraid to reach out to your competitors and find out more about what they offer, so that you can do a thorough analysis.
There are lots of tools available to help, like this competitive analysis template from Pipefy. Use the information you find to inform your pricing strategy too. Pricing is an important element in many business decisions, so it’s helpful to understand where you stand in relation to your competitors.
The purpose of this isn’t to re-price your offering, but so that you can use it in your pitch to emphasise the added value you offer compared to your competition, for example, or the ways in which your customer service helps you stand out.
Pitching is part and parcel of developing your business and forming lasting partnerships with clients. By doing your preparation up front, you might not seal every deal, but you will give your business the best chance of success.
These are a few top tips on pitching your new business perfectly. Have we missed any? Let us know in the comments section.