How do you identify the best stakeholders to pitch your product to?

Market potential, market share. There is a hint, for sure stakeholder has something similar in his pocket. You can be a good option, or just a competitor. Before going for best bidder, find out what are the chances for you to be blocked in the market. Never heard about blocking sales. It is time to learn.

As a product manager preparing for a product pitch, here is how I would approach it: Establish the Foundation by Conducting thorough market research to identify target customers, understand needs/pain points, competitive landscape etc. Validate Problem-Solution Fit By Design prototypes and gather feedback from target customers to test assumptions Iterate on product features based on insights to ensure we are building something customers want Strategic Alignment Tie the product roadmap back to overarching company goals and objectives and Demonstrate how it complements existing products or solutions Convey process for continual optimization post-launch based on metrics

In addition to this, have a clear need of the target segment that your product or service can satisfy or a limitation that your product can eliminate which no other product can, will help achieve a breakthrough. This can help you get a lead and an edge over competition.

Yes all of this is true but don't rely on gut feeling alone. As part of the product development process go and talk to your prospects. Tell them what you do, explain where you think the challenges are for people like them or the market, how you think you can solve the problem, what you think the price point is going to be and how you will deliver the solution. Do this early. You might just save yourself a lot of time, pain and cost down the track. The insight you get will increase your chances of success plus it will give you a pipeline of early adopters to get on board for feedback and testimonials when you launch.

Key internal stakeholders are the executive leadership team, interested in ROI, strategic alignment, and market potential. Success requires their buy-in and funding approval. The product & engineering teams are focused on scope, resources, and development feasibility. Marketing & Sales are key for product-market fit, positioning, and go-to-market. External stakeholders include target customers, who want valuable solutions to pressing problems. A nuanced understanding of each stakeholder’s interests allows a tailored value proposition for each. Prioritization and cross-functional collaboration is imperative to balance stakeholder needs in the product’s best interest.

Absolutely, thorough stakeholder research is fundamental. By delving into their needs, expectations, and perspectives, you can tailor your product strategy to align with their priorities. Methods like interviews, surveys, and mapping tools are valuable for gaining insights, ensuring that your product not only addresses their pain points but also resonates with their preferences and goals. This customer-centric approach enhances the likelihood of successful engagement and adoption.

We've all sat in front of pitches that are just too long, when they probably don't need to be. Respect peoples time and get to the point. There is no harm in a 3 minute pitch if it achieves that well. It will probably result in a lot more questions and 2 way dialogue. Before you draft your pitch, check out the 3-minute rule by Brandt Pinvidic. It might just change your approach.

As an example Let's say you're pitching a project management software to a team of executives. Emphasize the WIIFM by highlighting how the software streamlines project oversight, saving time and increasing productivity. Use the KISS principle to avoid technical details, focusing on intuitive features. Employ the STAR method with a brief story illustrating how a similar team achieved remarkable results using your product. Finally, follow the AIDA model, grabbing attention with impressive statistics, generating interest with success stories, creating desire with time-saving benefits, and prompting action with a trial offer or next steps.

Research stakeholders thoroughly, adapting your pitch to specific groups using WIIFM, KISS, STAR, and AIDA principles. Tailor language, tone, and format, using real-life examples to illustrate product benefits. Ensure a compelling narrative that captures attention, generates interest, creates desire, and prompts action. This personalized approach maximizes engagement and effectively communicates your product's unique value. Stakeholders are the key and stakeholder management should be a key point to consider in product development.