“What do you do?” This is usually the first question imposed by most customers. If you really want to market your business, you should be clear in answering this simple question. To gain interest from a potential customer, you must first perfect your pitch in motivating them to invest in your product.
From Matthew Toren, below are the questions that must be answered in just a minute:
1. What is your business idea?
In the most basic terms possible, simply state your business concept.
2. What’s the status of the idea or business?
Tell how long you’ve been in business – five years, startup, etc.
3. What market does the business target?
State who your customers are, and how your concept serves them.
4. What advantage do you have in the marketplace?
How are you different from whatever else is available? Tell why people will pick your company over others.
5. What’s the competition in the marketplace?
Demonstrate that you know who the competition is and where you stand in the market. Do this without being too negative about the competition.
6. What revenue model will you follow?
Explain whether your business is strictly e-commerce, retail, wholesale, etc.
7. Who have you assembled as the team that’s going to make the business succeed?
Whether you’re a one-man-show or a team, briefly describe the experience of your management team.
(Blog Post 7)