How to sell a new product idea to your Board

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

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?


Organize 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 memorized as well as this shows your knowledge of the product. Some people even create visual presentations to go along with the reading. Whatever you choose, be sure it is organized 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. It’s recommended by people in the industry to start presentations off with some kind of 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.


From there you should immediately introduce your product concept (and replica if you have one). The product needs to be introduced in a way that explains 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 is not going to drop hundreds of thousands of dollars on a product that basically 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 not only based on the product idea but 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 organized, come in strong, and be as detailed as you can without making the presentation feel cluttered or rushed.

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