Business Model for a Successful Startup

Every time is the first time. And every new customer you meet, it is the first time that you would be making your presentation.

The key is to create your pitch to every prospect with the same spirit, hardwork, efforts, to establish your credibility.

Here is a sure-shot formula for success in your business, i.e. WxWx3Ws+H

a. The first W is the Why of your business. Mission of your organisation or your offering. Why are you in the business you are in. Be clear. Be specific. Till the time you take it beyond your own self, you won’t find the true mission of your work. This is the core, the entire spirit of your engagement, or in short, the purpose of your being.

Each one of us is Born to Serve others. Ask yourself, how does your product or service is making a difference in the life of others. What problems it is going to solve?

b. The second W is to be multiplied, because this is another crucial element to your success. Who? Who are the people whom you intend to serve. These are the people, your customers, for whom you have devised the product. Do you know all these ‘people’ who are going to make a success of your business? They are both internal and external.

Internally, they are your cofounders, collaborators, investors, board of directors, and the entire team members, down to your office boy and tea-wallah, sweeper, etc.

Externally, the ‘WHO’ form the largest chunk who are the reason for your existence. Your distributors, dealers, channel partners, logistics support, vendors, retailers, customers, and their families, the community,
the media, the government, financial institutions, etc.

Once you start drawing your list of ‘Who’, you will be surprised to know how you need to create strategy to reach out to all those people.

c. Theeafter we have 3Ws, i.e. What, When, and Where. They relate to your product/services, the team of experts, your USPs and technical advantages over competition, when can one get them (or the timing factor) and where.

d. The H, How, explains the process you are going to adopt to solve the people’s problems. In the online domain you would find thousands of replicas of various products, but only one amongst them excels and shines just because of the excellence in execution, which is the differentiator.

When you pitch to your client, your presentation should not be more than 6 to 7 slides, because no one has the patience and time to go through lengthy presentations.

Your passion and knowledge about your product and how it connects with the prospective customer, would not require longish explanations. Keep them Short and Sweet.

The first slide, Why would take care of your values and objectives, while your research on Who would matter the most.

Before the pitch, study your customer/prospect whom you are going to make the pitch.

Don’t keep it general.

Modify it to suit specific issues that your prospect is facing, which would require a little research about the organisation to whom you are approaching. Address their specific needs, and you have hit the nail.

Take care.

 

Power of PR

One of the greatest challenge for PR practitioners is to prove the worth of PR to their managements, and the common refrain one encounters is that "this was never done", "do the way we want it to be done", and "what are the financial gains of PR activity".

The PR practice being a management function, its practitioners must learn to communicate with these internal stakeholders in the language they understand, presenting them with the facts and figures that they cannot deny.  The methodology is simple - just adapt the statistical analysis, time lines, and PERT charges and all other tools that the managements are familiar with.  Using these tools also helps the PR practitioner in streamlining the work flow and communication strategies. And in so far as the measurements or the financial benefit a company can gain through PR activities, the exercise helps in quantifying the deliverables, making them, hence, measurable. 

A long term and short term goals that the communication plan intends to achieve also helps in formulating budgetary requirements for a particular activity. The best part of PR efforts is the power of visualisation that the PR practitioner or the department can bring to the corporate actions, and breaking them down into the tactical aspects eases the operational aspects too.  

Over twenty years back when I joined a German manufacturing company, the first bottleneck was tiding over these perennial queries and 'objections' that challenged me to break these internal barriers first and show the benefits that the Power of PR can bring to an organisation.  It is also a misconception that the managements do not understand the role of PR.  The fact is that we, at times, fail to educate and inform them the need and impact which an effective communication plan can bring about.