13 Steps to Demonstrate your Product Effectively

Business How To’s

07 December 2016

13 Steps to Demonstrate your Product Effectively

  • Posted by Awfis Editorial

As an entrepreneur, you may have a vision to change the world with your product. Your product may solve a definite pain point for the consumers. It may be the most unique one in the market, un-replicable even. It may be of extremely good quality and possess great features. But as long as the sales pitch and demonstrations are not done well, no investor, retailer or customer will be interesting in investing in it.

Here are the steps that will ensure that your product demonstration creates an influence on your audience’s decision making process:

Before the Demo:

1. Do a dry run

You would not want a scenario where your product stops functioning or doesn’t function efficiently in the middle of your demonstration. Therefore testing your product an evening before will ensure that all faults are rectified and the product is running smoothly.

2. Research your audience

If you have a meeting with retailers or investors, you can review various sources to know what it is they like. Customize your pitch according to the audience by telling them exactly how the product will solve their problem or how it will benefit them. Does the investor want sales, return on investment or future growth prospects? Is he or she a practical person who wants facts and figures or an emotional person who wants a touching story to be completely convinced?

3. Prepare your content

While preparing your content, you not only need to keep your audience in mind and customize, but also the facts and figures. One of the best demo structure is to present facts, figures and then the urgency of buying or investing in the product immediately. Follow the system of explaining the facts, then the benefits and then the reason for urgency.

4. Explain the ‘why’ before the ‘how’ and ‘what’ in your introduction

In a TED Talk, Simon Sinek has effectively covered the secret to great pitches. You need to communicate why you created the product, how it solves the problem, i.e., through what features and then what the product really is. Most companies explain it backwards and end up with uninspiring pitches. This will make sure that your intent is also covered.

5. Practise in front of a mirror or with a friend

Practising your pitch in front of a mirror or with a friend will ensure that you do not forget to mention any key points during the demonstration the next day. However what most people do not realize is that body language and tonality are equally important to be practised. You may be conveying facts and figures correctly but if your tonality conveys that you are nervous and under confident, it will make your demonstration ineffective. The same applies if you are extremely over confident and appear complacent. You need to have the optimum level of excitement in order to get the audience excited as well.

6. Predict probable questions and prepare the answers

If you rehearse answers to predictable questions, it will be an involuntary response when these questions are posed. You will come across as well prepared, detail oriented and having expertise on the product and the market. Most questions will surround topics such as how the product will be of benefit to the investor, what is expected from his or her side and much more.

7. Be confident and stay in a good mood

Before your demo, make yourself feel calm, composed and confident. Listen to music, practise a power pose, revise your pitch, anything that makes you feel confident.

 

During the Demonstration

8. Humour the audience’s imagination

Tell a story that will show how the product will solve the audience’s everyday problems. Take them to a world where all their grievances are solved just by using the product. Stories are one of the most relatable ways to connect with the audience. They are entertained as well as made to realize the importance of your product.

9. Listen

The audience will have many inputs of their own. Listen to them, understand their concerns, ask a lot of questions and get to the root of their hesitance.

10. Let the audience lead your demo

Letting the audience operate the product is one of the best ways to convince them that your product is easy to use and will solve their problems. Once they are confident that they like the product, they will definitely invest in it.

11. Call to Action

Ask the investor, retailer or customer if they like the product and if they would like to invest in it at the end of your demo. Do not wait for them to bring up the call to action.

12. Ask for references

Ask the retailer or investor for references whether they have decided to invest or not. This will open up avenues for future pitches and demos.

 

After the Demonstration

13. Follow up

Whether the investor is positive or on the fence about your product, follow up constantly. This will ensure the investor’s belief in your passion, your proactive nature and will speed up the process.

A demonstration is the most important part of a sales pitch, as you might have noticed in Shark Tank. Making the product is only 20% of the job. 80% of the job is convincing investors to invest in it and getting customers to buy it. Follow the steps above to make sure your demonstration goes smoothly and increases your chances of success!

Effective ways of selling your product also requires a good business place where you can present it. Choose a business center in Lower Parel, Mumbai or shared office space in Koramangla, Bengaluru.

Marketing During a Pandemic: Dos and Don'ts

Business How To’s

05 June 2020

Marketing During a Pandemic: Dos and Don'ts

  • Posted by Awfis Editorial

The Coronavirus pandemic has affected business in ways beyond imagination. Market experts have estimated that COVID-19 will cost the global economy a whopping $2.7 trillion. This has not only scared businesses and marketers out of their wits but makes them ask – what to do next?

Unless you are in the business of essential products and necessity items, you need to change the way you have been marketing your brand.

Here’s a set of marketing guidelines for those trying to stay afloat in the present economic landscape.

Be agile.

Businesses that can adjust and adapt to the restrictive environment will be the ones to stay ahead of the others who fail to change their strategies. Just because you cannot serve your customers in person, doesn’t necessarily mean you stop serving them altogether. Include free services or change how you deliver. Abide by the hygiene practices issued by health authorities. If you are an offline business, now is the time to switch to online and be available 24/7.

Focus on paid ads.

With customers increasingly turning to online modes of information and entertainment, this is the right time to jump into PPC advertising and other paid digital campaigns to capture traffic and conversions. Cost Per Click rates are down, and this leaves room for marketers to make the most of the opportunity. Exploit the reduced competition and scoop up the market share, while others are pulling themselves out.

Offer flexibility of payment and services.

If you are in the retail business, (not necessarily in essential goods) and have managed to retain/acquire customers, offer the flexibility of payments to make it convenient for them in this tough economy. This helps you retain loyalty as well as ensures a consistent flow of customers by easing their payment plans. If you are in tech-based or SaaS services, offer more informative and educational training to your customers. With people losing jobs and looking for newer opportunities, such offers make for a good gesture and help them stay connected to your business.

Expand your social outreach

This is the perfect time to stay connected with your customers through social media and digital channels for information and support. Harness the power of interactive content, instant updates, and entertaining resources to interact with your customers/clients. This will make them feel included in your business even when you are not working in full capacity and would go a long way is your brand awareness and outreach.

Along with the above, remember:

Do not panic and make a hasty marketing strategy if there is a sudden shift in the market. Always use the available data and analyze your next move.

Do not game the market. Stock buying from wholesalers and reselling them at a hiked price might work in the short run but won’t be sustainable or become a legit business strategy.

Do not go silent on your customers. Always stay connected and let them know that you are present and striving to be in the business.

As COVID-19 continues to turn the world economy topsy turvy, businesses must make the most of every possible resource and avenues to make themselves heard and seen.

5 Myths about Coworking Spaces Debunked

Business How To’s

04 February 2020

5 Myths about Coworking Spaces Debunked

  • Posted by Awfis Editorial

In a world where startups are booming, and more people than ever are venturing into entrepreneurship, a coworking space becomes a blessing! This has given rise to multiple shared working spaces in India.  Typically, coworking offices offer business-standard infrastructure, including cubicles and meeting rooms along with top-notch amenities for people who are early-stage-entrepreneurs – individuals or groups. They provide the perfect environment to grow creatively and financially as well as provide extensive networking opportunities.

However, as with anything new, multiple myths surround these shared spaces. These myths often don’t hold ground and need to be cleared for it not to become a hindrance in your way.

The top five myths around coworking include:

Myth One: Coworking offices are expensive.

 

A coworking space is never going to cost more than renting or buying an exclusive property. Usually, the charges are per seat or combined for a large team. Further, coworking offices often have great deals and discounts depending on your requirements.

When someone tries to build their own office space, the infrastructure is not the only cost at hand. One has to take care of electricity, appliances, hospitality support, etc. Whereas, all these things are together taken care of by the coworking provider. Hence, whenever you want to compare the costs, do take into account the miscellaneous expenses which are already included in the coworking space price.

Myth Two: Business privacy goes for a toss in a coworking space.

 

It is natural to think so, because unlike private self-owned offices, here you will be sharing the space with others as well. But it all depends on how you can utilize the space and make the most of the services provided by the provider. For confidential discussions, it is ideal to take a meeting room where the conversations remain private within the coworking spaces. So, it is all about where you are having those discussions; if you are careful, all information stays safe and private.

Myth Three: Working in a coworking office is the same as working from home or a coffee house.

 

Coworking spaces provide amenities and infrastructures that become a perfect fit for business and creativity. At home or a coffee shop, you might find the ideal corner, but will always miss out on the professional office vibes of a shared working space. The infrastructure itself differentiates it from an average coffee shop. Also, things like stationary, excellent wifi, hospitality support and tech assistance are things that coworking offices can offer.

Moreover, the most significant advantage of choosing a coworking space over cafes or home is that there will be less distraction. Also, not to forget, when one walks into a coworking, they walk into a pool of network where ideas can really grow. Often there are networking events and unwind sessions organized by the coworking centres that help businesses get inspired.

Myth Four: Coworking offices are too noisy!

 

You might assume that because it is a shared office space, the environment will be noisy, disturbing and unproductive. But the reality is, the atmosphere is extraordinarily conducive and calming. Nobody likes a place with constant chattering, so everyone makes conscious effort to make sure that their discussions are as silent as possible. Additionally, almost every coworking office will have open areas where people usually step out to have conversations, therefore, making the actual working area peaceful.

Myth Five: It is only for freelancers and extremely small groups.

 

It is a common misconception that coworking spaces are the go-to choice for only small-scale businesses. Step into any coworking space, and you would be surprised to see even mid-scale or big scale groups there. You can book as many seats as you want, which quashes the myth about limited space and seating in a coworking is absolutely false. It is all about making that inquiry call and opening the gateway to better opportunities and spaces.

With these myths debunked, one can be assured that there is no reason to be hesitant about opting for a shared office space.

Awfis offers excellently designed and competitively priced coworking offices across various locations in India. Walk into any one of our centres to witness practically designed spaces, calming décor, productive work areas and extensive networking opportunities. Visit an Awfis space today!

Marketing 101: How to Organically Build a Brand in a New High-Growth Category

Business How To’s

20 January 2020

Marketing 101: How to Organically Build a Brand in a New High-Growth Category

  • Posted by Awfis Editorial

Embarking on the journey of building a brand – especially one that belongs to a relatively new category – is no child’s play. It entails bridging the existing gaps in the sector while staying true to the brand vision. The competition may be significantly low, but so is the general awareness around the category. And this is where the challenge lies.

With renewed focus on flexibility, mobility & suiting the work preferences of the millennial workforce, most companies are adapting Coworking spaces. As per a Colliers International Report 2019l, the big jump in expansion has been in the last five years, between 2014 and end of 2018, where the number of flexible workspace sites expanded by +205% while the number of operators expanded by +138%The growth potential of the category is undoubtedly enormous, but how does one build the brand is a question that hovers around.

Here are the 5 steps of organically building a brand in a high-growth and new category.

Positively impact the stakeholders

Coworking spaces naturally have multiple stakeholders – landlords, brokers, tenants& own employees. Starting with the direct stakeholders is the most reasonable way of going forward as it gives one the leverage of word of mouth. It is a synergistic partnership where each stakeholder has a crucial role to play and reap benefits in return. For example, the landlord will only gain if more people opt for the coworking space. Again, the greater the number of tenants, the more popular the coworking space is likely to become. This in turn adds value to the tenant’s office location while also providing greater networking opportunities. It’s imperative that each employee/staff of the coworking space becomes a brand custodian & delivers as per the brand promise to the stakeholders at every step of the way.

Identify the high-impact touchpoints

Customers are everything to a brand; they are the reason the brand exists in the first place. Hence, identifying the right touchpoints is an integral part of brand building. For a coworking space to grow its brand, leveraging cost-effective yet highly impactful touchpoints is the key. Office buildings are the most effective to grab attention of office goers. Attention seizing building facades & signages at the entrance never go unnoticed and serve as high visibility touchpoints. While having hoardings and signages at prime locations can do the trick, there’s nothing cheaper and effective than online engagement, which brings us to the next step.

 Focus on real conversations/engagements online

The target audience for most coworking spaces is millennials, which is why a strong social media presence is crucial. Creating the brand’s own niche and building a community on social media can go a long way in ensuring maximum engagement.  For example, sharing relevant content and latest industry news, celebrating members’ successes, covering and promoting brand events, and raising awareness around causes close to the brand are highly effective in creating a conversation and building a community. It also goes on to show that the brand cares about its customers, thereby boosting brand image and presence.

Effectively use PR

A good public relations campaign is the backbone of building a strong brand image across offline and online channels. The PR campaign should essentially aid the brand’s objective of creating a niche. PR can be used as a robust tool to build thought leadership and establish a strong recall value. It is important to ensure that PR communications are consistent across all channels to achieve maximum impact.

Build brand partnerships

Affiliate marketing has been around for years and is one of the primary ways to drive traffic and generate sales. Coworking spaces can leverage this to reduce cost per lead while benefiting from the partner brand’s customer base & brand reputation.

Establishing tie-ups with brands by offering value to their customers through discounts on products/services is the right way. Coworking spaces can partner with BFSI companies, business hotels, retail brands, cab providers, etc. to delight customers on both sides. When done right, it also reflects brand’s genuine care for customers.

Coworking spaces are seeing a steady rise, thanks to incredible technological advancements and a shift in work cultures towards more flexible schedules. And if their branding game is top-notch, the opportunities to grow are tremendous.