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Video: 5 Tips to Delivering a KILLER Rocket Pitch

Entrepreneur Omar Lodge winner of the 2013 Global Entrepreneurship Week “Rocket Pitch” and co-founder of Amber’s Rum Cakes tells Bermuda Entrepreneur the secret to crafting a KILLER business pitch. Simple but sweet!

PREPARE – I can’t say enough about this.  Spend 80% of your time preparing ie. gathering the necessary information, organizing it, putting your presentation together, etc.

PRACTICE – Once you’ve prepared, you need to practice your pitch.  I would recommend getting a mix of friends, family, and colleagues to assess you on your presentation.  Be open to feedback and tweak where necessary – remember your thoughts matter, however it will be how it is perceived by the audience and judges. Be sure to include at least one person who may have limited knowledge of your business/idea as this is how the judges and audience will feel.

STICK TO YOUR TIME – The allotted time is part of the actual challenge. Time yourself on all of your practice attempts and be open to omitting certain parts of your presentation that may be eating up your time. Note:  Finishing with a lot of time left means, you could have said more, finishing with not enough time says you weren’t aware.

BE & EXPRESS YOURSELF – A lot of what people fall for is the person, and your passion and/or confidence in your idea/business.  This is the time to display it however, it must be done in a way that doesn’t overshadow everything else.

LEARN FROM OTHERS! –  Don’t be afraid to watch a few episodes of Shark Tank or Dragon’s Den.

 

Social_Media

Are You Socially Inept At Social Media?

Facebook, Twitter, Instagram, LinkedIn, Pintrest, Quibble, Ideaspace, Beammeup…okay, the last three I made up, but the point I am trying to make is that social media networks are being created faster than I can think up a quirky name.

I can recall recent conversations with colleagues discussing whether or not social media was a fad or an effective marketing tool.  Well, it appears from the numerous platforms that are now available, and the number of large companies who Tweet daily, that social media is here to stay.  If you haven’t considered how to use it to build your business, then you may be missing out on a valuable marketing tool. Here are some tips to consider when creating a social media presence for your business.

  • Focus your approach – Have a goal in mind when creating your presence.  What do you want to accomplish?  Is it brand awareness?  Do you want to build a database of your clients?  Are you trying to get feedback on a new product or service? Once you can answer these and other questions, then you are in a better position to find your customers and interact with them to get your desired results.
  • Engage your customer – You’ve created a Facebook page and you can’t seem to get people to visit it or comment on your posts.  Have you provided an opportunity to sufficiently connect with your customer?  Social media changes quickly and in order to win fans and keep them you must figure out a way to make your customers the star of your show. Be creative and use your social media campaign as a way to get to know your customer. A good way to do this is to create a blog to help your customer get to know who you are and what makes you/your product special. Maya Furbert of Fatimaya, indie vintage clothing boutique on Court Street, subscribes to this notion stating that “it is about sharing my journey with Fatimaya with my customers.”  She added that “it is important to keep it fresh and mix it up and I do this by creating a look of the day or I will share a photo of myself picking up new merchandise to engage my customers”.
  • Don’t take your customer for granted – Don’t assume that your customers want what you are selling.  Social media is a way for your customers to share with you what they want.  You have to be willing to listen and be flexible enough to meet their expectations. Track customer behavior and look for what increases the chance of them making a purchase. Maya finds that Instagram works for her.  She said “asking questions does not work for me, but a picture of a new cute outfit gets my customers excited.  I can respond to them immediately because I get their posts on my phone.”
  • All “Likes” and No Money – You have the most liked page in the land of Social Media, but for some reason that has not translated into more sales.  Why? You must make sure that people have a clear understanding of what you want them to do.  Optimize your page by including calls to action.  If you want to build a database then ensure there is a way for people to leave you their pertinent information. Once you have shared your story or information, be sure to direct your customer on what to do next – to learn more or to purchase.

With social media you can speak to your perfect customer, engage them and respond to their needs in real time. This puts the control in your hands and gives you the opportunity to become socially adept at social media.  For those of you who still feel that mastering your social media game is a daunting task, don’t fret, there is a local company, Go Social, willing to take on the management of your social media to help you get the most out of this medium.  You can contact Go Social at info@gosocialbda.com.   To find out what’s new from Fatimaya, email fatimayainc@gmail.com or check them out on Facebook.

Jamillah Lodge is a Business Development Officer for Bermuda Economic Development Corporation. She specializes in providing aspiring and existing entrepreneurs with business development advice and loan guarantee assistance.  In addition, she manages the marketing and communications plan for the Corporation and oversees the development of a mentorship and youth entrepreneurship programme. She has a degree in Business Administration with a concentration in Marketing.  The opinions expressed in this article are those of the writer and should serve a general guide and should not be considered as replacement advice from a lawyer, accountant or other professional service provider. Readers should consult with the appropriate professionals as necessary.

If you have questions about starting a business in Bermuda, just ask BEDC: Email us at info@bedc.bm or call 292-5570.