How to sell a new product idea to your Board

Learning Centre > How to sell a new product idea to your Board

Presenting your idea is about more than providing business cases and storylines.

Presenting your idea is about more than providing business cases and storylines. Presenting your idea is about more than providing business cases and storylines.
Contents

So, you have this idea. Right?

This new, exciting, and bold product idea that you’re ready to pitch to your company. Presenting your idea is about more than providing business cases and storylines. This is about you; this is about not only your product, but your passion for the product. How are you going to sell this to the board? How is this idea going to materialise?

Organise Your Business Case

Yes, it’s about more than business cases but they do still have their role! Now, your business case should already be made as they are what help you and other stakeholders determine if your product is worth moving into development.

You want your business case to be easy to read and follow along with. It should be thorough but well structured. Strong business cases often contain tabs that section each piece you want to touch on during your presentation. You should have your business case relatively memorised and show your knowledge of the product. Some people even create visual presentations to go along with the reading. Whatever you choose, be sure it is organised as this directly reflects you!

Start Strong

You’re intro into your product is really the make-or-break moment. You have to capture the attention of your listeners. People in the industry recommend starting presentations with some question or by stating a shocking fact relating to the reason you’re pitching the product; this brings the focus directly to the product and gets your audience thinking.

You should immediately introduce your product concept (and replica if you have one). First, the product needs to be introduced to explain what it is and why it’s needed. You can then start discussing the nitty gritty details of the product.

The Details

Pending your product, you’ll likely be met with the question, “what makes it different from product-x”. Be thoroughly prepared to answer this question as this is one of the most important ones. Your company will not drop hundreds of thousands of dollars on a product that already exists. You’ll need something unique. Something special.

Then you can discuss the rest of your business case: the start up cost, the long term investment, the projected sales, the projected profit, etc.

Conclusion

When presenting a new product, it’s vital to your success that you are fully prepared, enthusiastic, and quick. Company decisions are based not only on the product idea but also on you and your ownership of it. The numbers are important, but so is showing them that you are knowledgeable about the product and ready to take on the task of helping develop it. Be organised, come in strong, and be as detailed as you can without making the presentation feel cluttered or rushed.

So, you have this idea. Right?

This new, exciting, and bold product idea that you’re ready to pitch to your company. Presenting your idea is about more than providing business cases and storylines. This is about you; this is about not only your product, but your passion for the product. How are you going to sell this to the board? How is this idea going to materialise?

Organise Your Business Case

Yes, it’s about more than business cases but they do still have their role! Now, your business case should already be made as they are what help you and other stakeholders determine if your product is worth moving into development.

You want your business case to be easy to read and follow along with. It should be thorough but well structured. Strong business cases often contain tabs that section each piece you want to touch on during your presentation. You should have your business case relatively memorised and show your knowledge of the product. Some people even create visual presentations to go along with the reading. Whatever you choose, be sure it is organised as this directly reflects you!

Start Strong

You’re intro into your product is really the make-or-break moment. You have to capture the attention of your listeners. People in the industry recommend starting presentations with some question or by stating a shocking fact relating to the reason you’re pitching the product; this brings the focus directly to the product and gets your audience thinking.

You should immediately introduce your product concept (and replica if you have one). First, the product needs to be introduced to explain what it is and why it’s needed. You can then start discussing the nitty gritty details of the product.

The Details

Pending your product, you’ll likely be met with the question, “what makes it different from product-x”. Be thoroughly prepared to answer this question as this is one of the most important ones. Your company will not drop hundreds of thousands of dollars on a product that already exists. You’ll need something unique. Something special.

Then you can discuss the rest of your business case: the start up cost, the long term investment, the projected sales, the projected profit, etc.

Conclusion

When presenting a new product, it’s vital to your success that you are fully prepared, enthusiastic, and quick. Company decisions are based not only on the product idea but also on you and your ownership of it. The numbers are important, but so is showing them that you are knowledgeable about the product and ready to take on the task of helping develop it. Be organised, come in strong, and be as detailed as you can without making the presentation feel cluttered or rushed.

Key Takeways

Join 70+ companies accelerating their product development with Innovolo
Farm+Stable is a client of Innovolo, a product development as a service provider offering R&D teams globally extra capacity, capability, and momentum in their product development and obsolescence management projects. As a company that specializes in the development and engineering of products for the agriculture and construction industries, Farm+Stable has benefited from Innovolo's expertise in helping to bring new products to market quickly and efficiently. In particular, Farm+Stable has been able to rely on Innovolo's team of experienced engineers to help with the design and development of a new line of products that are designed to be more durable and longer-lasting than previous models. With Innovolo's help, Farm+Stable has been able to bring these new products to market in a timely manner, and they have been well-received by customers. Thanks to Innovolo's innovative product development solutions, Farm+Stable has been able to stay ahead of the competition and continue to grow their business.
Innovolo is a product development as a service provider. It offers R&D teams globally extra capacity, capability, and momentum in their product development and obsolescence management projects. Its services are used by clients in a variety of industries, including automotive, aerospace, consumer electronics, and medical devices. One of its clients is Kawneer, a leading manufacturer of aluminum products for the architectural and construction industries. Kawneer has been using Innovolo's services to help develop new products and to manage the obsolescence of its existing products. Thanks to Innovolo, Kawneer has been able to speed up its product development cycle and to reduce its costs. As a result, Kawneer has been able to bring new products to market faster and to better meet the needs of its customers.

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