16-1: Discuss the role of marketing and pitching in entrepreneurship.
The pitch is the entire act of presenting a product concept. It is meant to be brief and enticing, and well developed to take the interests of the intended audience into account. Marketing is a method of putting the right product in the right place, at the right price, at the right time.
16-2: Explain the principles of marketing and how they apply to new ventures.
The right product, in the right place, at the right price, at the right time. For entrepreneurs, this extends to identifying needs, serving those needs, communicating the value proposition, supplying the product or service, and supporting the customer relationship from then on.
16-3: Compare entrepreneurial marketing with traditional marketing.
Entrepreneurial marketing represents more interactive marketing focused on customers (instead of the product) and rapid adaptation to changing consumer needs. Hallmarks of entrepreneurial marketing are innovation, risk-taking, resourcefulness, value creation, and proactivity—attributes supported by smaller, more agile startup companies.
16-4: Assess the value of social media for marketing opportunities.
Social media is ubiquitous, and in many cases entirely free for the entrepreneur to use. It allows direct access to individual customers and general access to billions of potential customers. Furthermore, the structuring of the content is often a guided process; and users tend to be well-versed in the presentation of content, regardless of the social media venue.
Social media strategies help to attract customers, increase recognition of your brand, and provide efficient customer service. Creating interesting content as part of a social media strategy can also help to drive sales.
16-5: Practice how to make a good impression during your pitch.
Many investors, when asked, might confess that when choosing investment opportunities, they’re more interested in the people behind the product than the product itself. First impressions are created extremely quickly, and they tend to endure. Presenters need to be cognizant of their body language, confident, well-groomed, and good listeners.
16-6: Describe the pitch process and different types of pitches.
Preparing a pitch involves thorough understanding of the audience, deliberate framing of the problem and solution, the resources required (the “ask”), and the method by which all of this will be communicated. Some popular pitches include the elevator pitch, the rocket pitch, the storytelling pitch, the Pixar pitch, the question pitch, and the Twitter pitch.