What To Research When Pitching For New Business

In Researching For A Purpose- Pitching For New Business, I mentioned that without any data information, the connections will be much harder to make. We need to gather raw materials, a critical step in the preparation phase. It seems like such an essential and obvious step, yet it is a stage that many ignore. They all want to jump straight to the solution before they have considered the facts, in order to save time.  So what’s the secret?

In Presenting To Win, Weissman expresses that no presenters should ever data dump on their audience. However, he said that performing one is vital to the success of any type of pitch. It must be part of your preparation not the presentation. Organize it as soon as possible after the client has provided you the brief. So what are the types of information that needs to be collected? Specific and general in nature. 

Specific information:  product, brand, market size, categories, competitors and target audience.

General information: social, economic, trends and cultural background

Collecting specific material for a presentation or pitch is a job for now. Collecting general information to give your pitch depth is a job for life.

When pitching for new business- Research with a purpose

In any new business situation, more particularly these days, there’s always a strong temptation to spend as little money as possible. Or for a lot of start-ups, none at all. It’s also common in any new business situation, or new product development, the supplier foots the bill. Of course it’s sensible to limit expenditure based on a clear understanding of the future income that a new business prospect might represent, but research is perhaps not the most sensible place to cut corners. Here’s why.

1. Client would always want to know that the recommendations being offered result from more than the agency’s gut. Backyard research? Please don’t give me that shiitake!

2. Making a pitch without including consumer research of some kind (try syndicated studies or piggy back usage questions) would be like convicting on the basis of no evidence, from John Steel author of Perfect Pitch.

3. Without any primary consumer information, the connections will be much harder to make.

A more sensible way to view pitch research is to recognize that it will take time and a bit of money and therefore it must be carefully thought before it is conducted.