A Winning Approach To A Business Pitch
Is there ever a sure way to pitch a business idea that is 100% guaranteed to get investors to say yes? Sadly, while there are never any guarantees, there is a way to pitch that will undoubtedly increase your chances of getting your prospect to strongly consider your idea considering what you are worth for your time and hard work.
As an entrepreneur, you need to know how to pitch your business. Even if you are not planning to pursue funding, having a solid business pitch ensures that you know your business inside and out. This comes in handy if or when you eventually decide to seek out investment.
I have made some compilation on fascinating tips to keep in mind if you want to make a great pitch. I’m excited to share with you.
· Be confident, calm, and keep the energy up.
I’ve heard a couple of entrepreneurs deliver their pitch as if they are auctioning off something. That’s mostly because they feel pressed to address every aspect of their business plan in one fell swoop; sadly, it mostly does not end well. It makes them seem tense and nervous. The best approach is to relax and realize that in giving a great pitch, less is more. You must be wondering how? Let me tell you how this works. It would be best to prioritize the most important things you want to share in your pitch and stick to those. Before you speak, take a nice big breath to calm your nerves. It could help you deliver a more compelling and thoughtful pitch.
· Tell a real customer story through the problem.
It needs to be a realistic and straightforward story that addresses the problem (pain point) that your product or services solve in the marketplace. Try as much as possible not to use jargon (unrealistic customers); instead, try using real names and real customer challenges. One secret most entrepreneurs miss is that, after a pitch, what most people will remember after they are away from you are the stories that you tell. Hence, having a few captivating customer stories ready to share could go a long way in blooming your business.
· Have a concrete business model.
The business model should drive home how you are going to make money. Your business model should be able to answer questions like what do you sell? To whom? How much money do they pay? And how much do they pay you?
· When pitching directly to an investor, make sure you say what you will do with the money.
Also, please talk about the successes and traction you and your team has had since the business started operations but keep it brief. Most investors love to hear about your first customers, they like to hear stories of some of the investments that have already been put into your company and so on. This is an excellent tip for the company’s CEO because it shows the investors that you know how to sell them to your own company.
· Make a conscious effort that your presentation is clear and can be easily understood by anyone and everyone.
A tip to ensure that you are on track is to get someone unfamiliar with your business model and try pitching to them. If they can grasp what you are communicating, then you are prepared to give an impressive pitch. This exercise is always eye-opening to hear the feedback people have before getting into the main pitch.
· Finish strongly, and do not forget to show your product or service.
One of the mistakes entrepreneurs make during pitches is that they do not show their actual product or service. It is understandable if the product is not yet built; however, that is still no excuse to miss such an essential aspect of the pitch. I would advise that in an instance like this, a mock-up or prototype can be presented instead of nothing. It would amaze you how a visual representation of your product or service can do for the overall effectiveness of your pitch and business.
Lastly, do not forget to thank them and no matter the outcome of your pitch, whether negative or positive, look for areas to improve. Also, do not be afraid to ask for feedback and take that into account for the next pitch. But, if your investor is unwilling to share feedback, kindly do not push the issue; let it rest because, come to think of it, it is their time you just spent; hence it is a fine balance to achieve.
Well, these are a few tips I came to share with you to help you ace that business pitch you have been eyeing. But seriously, friends, do not stress yourself out; you should treat every business or investor pitch as a learning experience for you and your business.
Believe me, you will get better and better in no time and can apply all the lessons learned to every area of your business.