- The “defined offering” needs to be short, simple, and capable of being understood by everyone, like “a website,” “a mobile application,” “hardware,” or “desktop software.”
- The “defined audience” is the initial group of people you will market your offering to. In the case of consumer applications, it is usually a demographic, such as “women aged 25 to 35 years old.” In the case of business applications, it is usually a job function at a type of corporation, such as “system administrators at medium-sized technology businesses.” Make sure your audience is well defined; if you just say “women” or “small businesses,” you’re not being specific enough.
- Now that you have an offering helping an audience, you need to “solve a problem.” The problem needs to be something that everyone understands, such as “reduce the time collecting bill payments” or “engage in an immersive entertainment experience.”
- The final component, the “secret sauce,” adds your unique approach to solving the problem and demonstrates a mastery of the market. Some examples are “by sending automated email alerts based on analysis of highest response times” or “with virtual worlds constructed in reaction to the movements of the players.” Avoid using superlatives, buzzwords, acronyms, and industry jargon.
- Keep it concise, and remember: If you can’t describe your business in one sentence, then you don’t understand it well enough!
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