A pitch is just like an audition or a try-out to see whether you and your company have what it takes to compete in the market. And just like a try-out, it needs a certain amount of preparation before you get in the boardroom to present your proposal.
You may have the best idea in the world, but without a good pitch, that idea might not even see the light of day.
Sociologist James Hughes said, "The art of communication is the language of leadership." A good pitch entails good communication skills.
Perhaps, now that you’re thinking of how to deliver your pitch to your prospects, it would be best to set aside thoughts of impressing them with flashy features and instead focus on how you will successfully get your message across.
We came up with a few tips on how to deliver a pitch that will not only give you the confidence you need, but also help your investors understand why your company is worth investing in:
Your potential investors will have short attention spans. Do not waste any time by giving long introductions. Make a quick, compelling, and succinct overview of your proposition.
Remember that a good elevator pitch should last no longer than a short elevator ride of 20 to 30 seconds. This way, you’ll be able to capture and hold your audience’s attention at the beginning of your pitch.
Keep the number of slides you use for your presentation at a minimum. Leonhard Widrich and Joel Gascoigne (founders of
) used only 13 slides and — in 3 months — landed a USD $500,000 deal.
Guy Kawasaki (one of Buffer's advisors) wrote an article called "
." In that article, he discusses what should be on every slide. He also posted a ready-made slide deck that you can download from his
. In this 10-slide deck, you will learn all the essentials on how to make that sweet and short pitch.
The very basic question that will be on your listeners' minds is: "What problems are you trying to solve?"
When giving your pitch to potential investors, convince them that there is a need. Give a definite and concise statement of the problem. You may open your pitch by telling an actual customer story, if possible, to show how your product or service addresses and solves the problem. Use real names and real customer challenges.
Do not use a lot of technical jargon when telling your story. Keep it simple and realistic. What people will remember are the stories you tell, so be sure you have a compelling one prepared.
Keynote speaker and former news anchor Carmine Gallo, in his Forbes article, "
," states: "If you can’t tell me what you do in 15 seconds, I’m not buying, I’m not investing, and I’m not interested."
According to Gallo, a message map is a visual representation of your idea on one page and helps you explain your message in as little as 15 seconds. This includes a Twitter-friendly headline and an explanation of the key benefits in 3 points in relation to the headline. Reinforce each benefit through stories, statistics, and examples.
Investors will first want to know who they are investing with before knowing what they’re investing in. You can add a little personal touch by talking about your and your team’s accomplishments. Show your investors that you are the right people for this company.
Also, talk about the skill sets you may be missing on your team, be it marketing, programming, or sales. It is important to let your investors know that you are aware of your own limitations. Include your current team’s photos on your slides.
Always remember to only talk about the relevant aspects of your team and not necessarily go to lengths about every detail.
First of all, never say, “I don’t have any competition.” This is a rookie mistake, but many entrepreneurs say this.
Everyone has competition, even if it’s indirect competition. Think about when Henry Ford built the Model T. Were there other cars on the market at that time? No, but he had to find a way to steal people away from other modes of transportation (horses, trains, and walking, for example).
One of the best ways to illustrate that you understand your competitive landscape and your differentiators is to present your competition in
Your listeners won’t probably remember much of the data you presented, but they will remember a few catchphrases or sound bytes. Let that message stick with your audience. Think about Steve Jobs' tagline, "The world's thinnest notebook'' when he first introduced the MacBook Air. You can spend time coming up with a tagline as you are preparing for your pitch.
You can read books such as Marcia Yudkin's "
." This book includes 17 brainstorming ideas that will help you create the perfect attention-grabbing tagline.
Your follow-up steps are as important as the pitch itself. Most people do not know what to do if they get a positive response. When your potential investors express interest in your company, it is important to come prepared for the next steps.
If you aren’t getting the responses that you are expecting, keep following up with updates to keep investors in the loop about your business. Use social media for your campaigns in order to gain a following.
Once your company starts creating buzz, it will be the investors themselves that might just come knocking at your doorstep. Keep the flame alive and burning even after your pitch, and soon, you will be the industry’s hottest new thing.
With BizScale, you can turn that pitch into a home run. Contact us by completing this form, emailing sales@bizscale.com, calling 833-722-5310, or booking time on Calendly. Talk to us today.
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