Shark Tank Jump Start Your Business: How to Launch and Grow a Business from Concept to Cash (18 page)

Even if you don’t have the time or money to develop a full-blown PR strategy, it’s still possible to actively promote your business by committing to a few simple actions.

First, before looking for a media opportunity, you’ll want to create a media kit. A media kit is a packet of information that tells the story of your business in a concise and visually appealing way. While its main purpose is to provide the press with information about your company, it can also be used to educate customers and partners.

Don’t make the mistake of waiting to create a media kit until one is requested of you. Your media kit is an embodiment of both you and your company. If it’s thrown together at the last minute, it will most likely lack the necessary polish and professionalism.

Next, you may wish to consider issuing a press release. Designed to alert the media of something new or noteworthy, a press release is a good way to earn coveted media coverage. But press releases only work if your outreach is specific. For instance, you wouldn’t want to send a press release about your recent commitment to sustainable energy to every single media contact in your database. Instead, you would get much better results by sending it to a handful of influential environmental contacts who might be able to actually do something with the news. Otherwise, you’ll just be inundating reporters with irrelevant stories that don’t apply to their particular outlet, which just wastes everyone’s time—including your own.

When writing a press release, be honest, clever, and to the point; this isn’t a place for hyperbole. People in the media get more press releases than they know what to do with, which makes them naturally skilled at seeing through distortion and exaggeration.

One of the best ways to get people interested in your business is to get them interested in
you
. Therefore it’s always a good idea to find unique ways to position yourself as an expert in your particular industry. You may sometimes hear this concept go by another name: thought leadership.

Thanks to the rise of digital communication, becoming a thought leader is now more achievable than ever before. While there are numerous routes to explore, some methods are more accessible than others. Developing original content, for instance, is perhaps the best way to begin the process.
Whether it’s through guest blogging, producing podcasts, or writing e-books, there are myriad ways to create highly engaging, relevant content. Although content creation can require significant time, it’s almost always worth the investment.

Another popular way of becoming a thought leader is to ramp up your public speaking. From conferences to events, there are a number of speaking opportunities that can help increase your visibility and notoriety. Becoming an expert can help your business achieve significant growth, so it’s worth devoting some solid effort to the task.

Finally, depending on your type of business, you may discover that creating experiences around your product or service is an effective way to gain media attention. In other words, if you want a story, try doing something story-worthy. Let’s say, for example, that you own a tutoring company that caters to high school students. Instead of trying to create a pitch around your new educational product, you may garner more attention by hosting an event that brings together a panel of esteemed college admission experts for an evening of conversation. Events and experiences are a great way to attract more attention, but always make sure they align with your business goals and speak to your target market.

A well-planned and thoughtfully executed PR strategy can boost your business and save you precious time and resources. It can also position your business in a way that establishes trust and credibility, which helps to attract new customers and build loyalty with your current base.

Of course, having something to say is only the first part of gaining media attention. The next and most important part is getting someone, the right someone, to listen. With so many companies hungry for the spotlight, learning to pitch the media is crucial to your success. Similar to what you learned
about pitching to investors, it requires confidence, knowledge, and good, old-fashioned fortitude. However, pitching to the media also sometimes demands an extra layer of creativity and panache. Here are a few ways to improve your chances of getting recognized:

Avoid long emails:
Just as your media kit should be brief and to the point, so too should any pitch you make. Think about it from the recipient’s perspective. Writers and editors are constantly inundated with pitches; they don’t have time to read four paragraphs of content before learning what it is you’re trying to sell. A couple of compelling paragraphs about why you’re reaching out and what your company does is all you need to pique interest.

Make the subject line catchy:
While you should never be dishonest when pitching, it’s important that your email has a catchy subject line. Again, because an editorial team receives so many pitches, it’s likely your email may never even be opened. You’ll increase your chances of getting noticed by coming up with clever ways to stand out in the inbox.

Try not to be obnoxious:
The best way
not
to get your story picked up is to come across as needy, annoying, or high-maintenance. While most writers appreciate tenacity, there is a clear line between diligent and annoying. It’s fine to follow up once, but after that assume it’s not going to happen and back off. Getting a reputation for being obnoxious will follow you longer than you think.

Stay relevant:
You probably wouldn’t want to pitch a beauty editor about a motorcycle product. Likewise, you wouldn’t want to pitch an automotive magazine about a beauty product. Thinking outside of the box is encouraged, but only if it’s within reason. Similar to how your business should be built around solving a consumer’s problem, your pitch should be
designed to solve the writer or editor’s problem. They have deadlines. They need content. You have a story to tell. You’re already halfway there. Keep your pitches relevant and focused, and help them solve their biggest problem: finding compelling stories to share with their readers.

Don’t pitch cold:
Relationships are a fundamental part of every business. The most effective way to get a story published is to already have established a connection with the writer or editor
before
you need press. Start building relationships today so you can avoid the cold call tomorrow.

Earl Tupper had a problem: his product wasn’t selling.
Although he knew he’d created something of tremendous value, he couldn’t figure out how to get people to actually open their wallets. And that was particularly troubling to Tupper because he’d always prided himself on his ability to sell just about anything. In fact, prior to becoming an inventor, Tupper was a career salesman, starting when he was just ten years old. But this time he was at a loss. Because his product was so innovative, he would first have to convince the world they needed it—and that was no easy feat. Two years after he started the company, things were still looking bleak.

But then something happened. One day, quite out of the blue, Tupper started to notice that sales were beginning to pick up. He couldn’t figure out why. He hadn’t altered his strategy or received any new press. In fact, not much had changed at all. Why was inventory all of the sudden moving?

He began to look at the data behind the numbers and noticed something strange: the sales weren’t coming from everyday consumers but from a direct-sales company that had developed their own unique approach. They were recruiting
local reps to throw parties at their homes and demonstrate the product to friends and family. In fact, the sales strategy worked so well that Tupper eventually decided to adopt it himself. Not long after, Earl Tupper sold his company and made millions. Today, over fifty years later, Tupperware is still a household name.

Earl Tupper’s story highlights an important lesson: you can have the greatest, most groundbreaking product in the world, but if you can’t sell it, your business will ultimately fail. In other words, to be an entrepreneur you must first be a salesperson.

Selling gets a bad rap. When most people think of the typical “salesperson,” they see a fast-talking, oily-haired hustler trying to swindle a nice old lady out of her hard-earned money. They picture the old-fashioned door-to-door type, complete with fake grin and cheap suit, who interrupts dinner with exaggerated tales and false promises. They see the knife set that’s been collecting dust, the used car they shouldn’t have bought, and the pyramid scheme they almost fell for. Most people view the act of selling as a negative—a manipulative and one-sided transaction. But that’s not selling at all, at least it’s not good selling.

Selling is nothing more than providing someone with a product or service that will enhance or improve her life. And whether your job description includes the word “sales” or not, you are in fact in the business of selling. Each day you must sell a hundred different things: an idea to a coworker, a restaurant recommendation to a spouse, a goal or resolution to yourself. You may not realize it, but the average person spends the majority of his day trying to sell one thing or another. So it only makes sense to learn how to sell in smarter, more effective ways.

The first step to becoming a better salesperson is getting past those pesky mental barriers that stand in the way—the most prominent of which is the fear of failure. Luckily, there’s an easy way to overcome this one: just accept it. Accept that you will fail. A lot. Guaranteed. And since you can do absolutely nothing to prevent it, you might as well learn to accept it from the start.

The Beatles were turned away by almost every label in the United Kingdom. Steven Spielberg was rejected by film schools three times. Walt Disney was fired from his first newspaper job for lacking imagination. Failure is nothing more than a prelude to success—and a poetic one at that. It puts your work in perspective, strengthens your will, and makes you an all-around better entrepreneur. Simply put, the quicker you learn to fail, the faster you’ll begin to achieve. As Lori Greiner says, “Success is not final. Failure is not fatal. It is the courage to continue that counts.”

Another common barrier is a lack of preparation. As you’ll learn in this section, selling is a process that requires considerable groundwork. You should never walk into a room cold—especially in an age where information is so freely available.
Even if you’re naturally charismatic or a good communicator, even if you’re generally fearless and daring, a great salesperson must be wise enough to recognize the value of preparation and readiness.

The final barrier is often the most difficult to define and hardest to fix, as it’s directly related to one’s self-worth. To sell anything you must first and foremost believe you are capable of doing it. Although that may sound like a simple enough task, you’d be surprised at the mental fortitude it can require.

One of the biggest struggles first-time business owners face is a lack of self-assurance. It’s natural of course to feel uncertain about something you’ve never done before. But the only way to convince others you’re worth investing in is to invest in yourself first. That means never undercutting your value, discounting your abilities, or feeling guilty for demanding your worth. It means walking into a room not as a hobbyist or amateur, but as a professional who is just as worthy of being there as anyone else.

Recognize that you will make mistakes; understand that selling requires tremendous time and care; accept that you are worthy of achievement. Only once you’ve done each of those will you ever be able to embrace your role as a salesperson and begin closing deals.

Assuming your business is centered on a product (as opposed to a service), you’ll either be selling to a consumer, retailer, or distributor. You may even be selling to all three. And while the ultimate goal is the same, to close a deal, the process behind each varies greatly.

Consumer:
When selling directly to a consumer you essentially have three channels to consider: online, via your own brick-and-mortar store, or through some type of event, like a tradeshow or market. The obvious benefits of selling your product directly is that you retain complete control of the experience and improve your margins. Not having to share the profits with an outside retailer or distributor can do wonders for your bottom line. But, of course, this strategy also presents many challenges—the most common of which is gaining awareness. For consumers to patronize your business they must first know you exist. That means your brand must be strong and compelling enough to stand on its own. Otherwise, you could have difficulty attracting new customers, which is why many companies choose to sell through retailers or distributors.
EXAMPLE:
Cousins Maine Lobster’s business is segmented across three thriving direct-to-consumer channels: e-commerce, food truck, and pop-up restaurant. Selling this way allows the lobster company to offer a competitive price while also maintaining a healthy profit margin.

Retail:
Selling to individual retailers can certainly be an effective way to get your product to market, but it can also take considerable time and effort. Depending on whether you’re selling to a franchise or independent business, you could find yourself bombarded with requests for meetings and pitches—many of which won’t necessarily lead to a high volume of
sales. What’s more, many retailers, especially franchise operations, prefer to go through distributors as it’s often the quickest and least painful way to purchase inventory. It’s easier to make one, larger transaction than five smaller ones. Therefore, the best option for many businesses is to work with a distributor.
EXAMPLE:
One of Lani Lazzari’s main goals for Simple Sugars is to gain national distribution in a major retail chain like Sephora. This would not only increase sales but also help build the brand.

Distributors:
A distributor has relationships with a network of retailers, which means your product has the potential to reach a larger audience. However, it also means that both the distributor and retailer are making money off your product, which of course affects your profits. Still, working with a distributor may be a wise option; a smaller percentage of something is better than a larger percentage of nothing. In order to attract a distributor, it’s important to have a scalable product that doesn’t cost too much to fulfill. The goal for a distributor is mass. They may also be more attracted to a business with a line of products, as opposed to one single product.
EXAMPLE:
On the ReadeREST website, distributors can purchase a high volume of inventory at a lower price point. While the eyewear company may not make as much money per unit, working with a distributor on a larger order will bring a concentrated flow of cash into the business and help achieve scale.

While selling directly to the consumer is generally less expensive and easier to execute, there isn’t one clear path to success. As technology continues to evolve, so too does the sales process, creating more opportunities for businesses of all size.
Still, even though the Internet is changing the game, there’s value in understanding the traditional sales cycle, which can be broken down into seven major parts:

Prospecting:
If you wish to gain customers, you must know where to find them. In other words, your first step should be to identify and cultivate potential leads. Let’s say, for instance, that you’ve started a landscaping business and you’re targeting local business owners who own more than one property. While you may not have a surplus of those folks in your immediate network, it’s likely you regularly interact with people who do. Discovering qualified prospects is a never-ending process and should be a major priority for every business owner.

Planning:
Oprah believes that luck is what happens when opportunity meets preparation. And you know what? She’s absolutely right. While you don’t often have control over the opportunity part, preparation is 100 percent your responsibility—and one you must take with the utmost seriousness. Before approaching a customer, make sure you’re as prepared as possible. Spend significant time researching the needs and challenges of your potential consumer, and be sure to include those points in your pitch. The greatest way to determine future behaviors is through the examination of past behaviors, so try to know as much as possible about your lead’s history.

Approach:
Think of this step like a first date. The immediate goal isn’t to propose marriage; it’s to begin building a relationship. When you make an initial approach, be sure not to come on too strong. You don’t need to seal the deal right away. You need to first build rapport, establish a friendly connection, and begin the conversation. Try to put yourself in the customer’s shoes. When you visit a retail store, for example, how
do you feel when an associate immediately rushes over and begins pitching you on the latest sale? It’s too much, too soon, right? Instead, it’s far more effective when you’re greeted with a casual approach and eased into the purchasing process.

Needs assessment:
Since the entrepreneur and the salesperson are actually the same individual, their ultimate goal should be the same: to solve a problem. After you’ve established an initial connection, the next step is to assess specific needs that the particular customer may have. This is probably the most important part of the sales process, as it provides critical insight into how your product or service fits in the customer’s life. During this step, you’ll want to ask smart, broad questions that allow you to gain as much insight as possible. For example, it would be wise to identify the customers’ business goals and uncover any challenges their organization faces. This way, you’ll be able to tailor your pitch directly to their specific needs.