Unit 44-LO3 Develop a pitch to achieve a sustainable competitive edge-BTEC-HND-Level 4 & 5
Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business
This article will help you develop a pitch to achieve a competitive edge that is sustainable. The first thing to do is for you to think about your values and what they mean in order of importance, then focus on the ones with which you most identify.
The next step would be to research what other companies are doing in this area and find out their best practices. Finally, define your goal and plan how you want it achieved.
The structure of pitching with emphasis on the value of brand loyalty, innovation and networking, and partnerships
Pitching is a key marketing strategy in any business. It’s the best way to communicate with large audiences at one time which can then spread the word throughout these networks and produce viral results.
Brand loyalty has been an important factor for successful pitching over the last few years as this will generate more commitment from both customers as well as your employees. Brand loyalty should be rewarded so there is no sense of betrayal or loss of reputation.
The best advice for pitching with an emphasis on innovation and networking is to make sure your pitch won’t be wasted.
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Typically, if you are at a career fair or any other event it means that the person to whom you’re pitching probably has less than 5 minutes for this conversation. Don’t talk about benefits or how much they will get paid. Talk about their skills and what they can learn.
It’s important to have a solid partnership approach when pitching. You should be able to assess the mood and general desire in the room, tailor pitches accordingly, and back up your claims if need be. Open with an attention-grabbing premise that suits the clientele.
Building the bridge of trust during a pitch and the importance of providing real solutions to problems, opportunity focus, and partnership approaches
The most important thing in securing new opportunities for your business is to create strong relationships with people who make decisions. How do you bridge the gap and establish trust? One way is to provide solutions that are useful to them. The objective is usually to create a good solution for your problem. You also need to make sure it provides something that no other person has.
Determining key outcomes and the pursuit of value
The pursuit of value is one goal that these company management professionals needed to implement. These companies were struggling with the new trend in the use of social media. They saw dollar signs, and tried to make money by advertising on social media so they could make more money. They did this for their other products too, not just their product that was going out of business.
Dealing with rejection and asking for referrals
Dealing with rejection: Your initial reaction might be to feel hurt or discouraged. Unfortunately, it is a part of life that we all face and have to deal with. You don’t want to dwell on the negativity though. Think of it this way: It isn’t you – I’m not the right one for this project/job opening/assignment today. Now, what are some alternatives I can look at?
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Asking for referrals is a way that works really well to build relationships and also get new clients.
Summarizing and follow-up
A negotiator is a salesman. Negotiating can be broken down into three steps: present your offer, escape clauses or obligations you don’t want and final negotiation. When negotiating with someone else it’s important that they feel like they are making progress in the conversation.
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