Method category: Generative product research
How to Use This in GLIDR
The Demo Pitch is presenting your product to target customers with the goal of moving them to the next phase in the purchasing process, thereby getting confirmed interest.
In GLIDR, though measuring number of successful pitches may sound like an Experiment, here you are observing qualitative feedback from the pitches and assessing how positive your customers' reactions are. Therefore, you should create Research and connect ideas about your product pitch. In the Run phase, add a piece of Evidence - Other for each pitch you conduct. Record feedback, questions, observations, and if the customer moved to the next phase or not in the Notes and Key Insights. Finally, move the Research to the Analyze phase once you've completed all your planned demos to reflect on what you've learned and how to update your product accordingly.
Learn more about each of those aspects of GLIDR:
Article excerpted from The Real Startup Book
A demo pitch is when you present or pitch your solution using some kind of product or service demonstration in the hope of convincing a potential customer to buy. As a method it is similar to a solution interview but typically takes place at a later stage, as the solution becomes more baked and you have more elements to demonstrate. However, this can be done early in the process using the most realistic examples available. The style is more of a presentation than an interview and the goal is to assess how positive the reaction is and why. A demo pitch is essentially a sales pitch to a potential customer in order to test their willingness to buy or recommend you to the economic buyer.
Who is our early adopter or first customer?
Who is the decision maker?
Is it valuable enough for them?
Are we positioning it right?
Are we highlighting the most compelling features?
How much is it worth to them?
What is the sales/procurement process?
How will they use or implement our solution?
Can we sell it?
There are many ways a demo pitch may be deployed. For B2C you may try to catch consumers in a physical location at the point of sale of similar products. It may be done online via a targeted video ad in a particular social media channel so you can measure conversion. For B2B you will need to identify influencers and decision makers along with other key stakeholders in order to meet with them. Be careful to select people who you think will be early adopters and won’t be too worried about the “Who has already used this?” question. How do they react? What feedback do they give? You might start with a cold call or via introduction and be able to demonstrate your solution via video call or screen sharing.
You are looking for a “wow” reaction and a significant next step in the buying process. You may be able to offer a pre-order option, secure a signed letter of intent, take a deposit, have a purchase order issued, get added to the vendor list, have your purchase agreement approved, etc.
You may also use this method to test commitment from key partners and channel partners as an indication if they will enter into agreements or trial phases with you. You therefore are collecting insights on how you can go-to-market with your offering.
Time Commitment and Resources
A few days for B2C and a few weeks for B2B depending how quickly you can set up appointments.
Have a refined, confident pitch suitable for the selected audience.
Prepare some form of demonstration that shows your solution in its best light.
Put yourself into a situation where you can communicate the above uninterrupted and receive feedback.
Be ready to offer a suitable next step in the buying process as a test to see if they will move forward.
You will receive qualitative signals during and after your pitch demo where the challenge is to differentiate between who is just being nice and who is genuinely excited and why.
The most important data will be who moves forward to the next stage of the buying process.
Being able to secure a high number of demo pitches in itself is not an indication of success.
People may make positive comments, but if they don’t move further along the buying process you are knocking on the wrong door or need to make changes to your offering.
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