Teresa Ging, who launched her brick-and-mortar bakery in downtown Chicago 17 years ago before expanding into retail two years ago with single-serve packs of her three most popular cookies, also recommends always having ready a series pitches of various lengths so when an opportunity to present arises entrepreneurs can quickly and confidently seize it.
Finally, she advises entrepreneurs to lean into certifications that might give them a competitive edge or create in-store merchandizing and marketing opportunities with other brands that have the same seal.
Pitch perfect: Shorter is savvier
For the first 15 years as the founder of Sugar Bliss, Ging said she rarely needed to pitch her company, but that all changed when COVID hit and she pivoted from fulltime food service to include a trio of packaged cookies for retail sale.
“When you go into CPG you are pitching constantly” to a wide range of potential partners who are looking for different callouts and have limited time, she said.
“I had to create a 60-second pitch, a 90-second pitch, a three-minute pitch and a five minute pitch. You have to have a concise slide deck under … 10 slides,” but also versions that are just three or five slides, she said.
Ging also advises entrepreneurs to tailor their pitches, but also keep them under the allotted time to ensure there is sufficient time for a memorable conversation and for potential partners to think through the offer before they must move on to their next task or pitch.
For example, if a founder has a 20-minute meeting, she recommends pitching for five to eight minutes, allotting 12 minutes for questions and then leaving with two or three minutes to spare.
“I’ve had a lot of people appreciate that the meeting stopped two minutes early because they are in back-to-back-to-back pitches and they may not have time to write those notes down about you,” and after an hour they have heard three pitches and will not remember your presentation, she said.
“Always follow up and send a thank you email, some samples, and once you send the samples out, follow up again and keep following up because I guarantee you if you don’t follow up – they forget,” she added.
Certifications can tip the scale when buyers must choose between similar products
While the primary attributes that earned Sugar Bliss space on Walgreens’ and other stores’ shelves were its premium ingredients and strong track record of delivering product consistently through its food service and catering business, the company’s certification as a woman- and minority-owned business also played a pivotal role in its rapid retail growth, according to Ging.
“Certification helps you do business with corporates, and also do business with retailers, because a lot of retailers are looking to support more women and minority entrepreneurs,” Ging said.
For example, the certification helped Sugar Bliss earn a spot in Walgreens and in the Compass Group’s retail incubator program.
She added that the certifications can help companies secure a seat at the negotiating table, but ultimately startups need to deliver a good product and offer good customer service to seal the deal.
Data from Walgreens suggests the certification also resonates with consumers. Ging said sales data shows that Sugar Bliss buyers are more often women and a significant portion of consumers self-identify as Asian women, as does Ging.
