Your innovative idea, or product can go wasted if it fails to connect with your clients or investors. It is very important to know how to pitch a business idea effectively – both to prospective investors and more significantly, to your initial customers. Successful pitching can help you to land contracts and gives you the chance to convince clients in a nuanced manner.
Let’s dive straight away into the ways to present a winning pitch to win over both investors and consumers.
Before entering into any specifics, you have to know the basic foundation of learning how to make an interesting pitch. You have to catch the attention of the audience right from the beginning. If you do not pursue your point persuasively within a timeframe of 90 seconds, if you are fortunate, you have given away the chance to make an impact. Statistics – facts and figures are essential, but not the only qualifiers, you must present things in a way that exhibits expertise and conviction. If your pitch fails to excite your clients, you have already lost the battle,
A good pitch strikes a balance between business and emotional requirements. Whether you are pitching to a firm, a client, an investor, or a likely partner, you have to pound them on both psychological and business levels. In the absence of it, your pitch is most likely to fall flat. You need to be succinct and rely on focus and momentum while making a great pitch. It relates a story and it is an excellent idea to follow a narrative style.
A good pitch emphasizes on benefits. Value scores over price each time. Instead of focusing on features or price, your pitch should stress on the value you are going to generate for the person you are pitching.
First and principally, you have to ascertain that you can wrap up the assumptions of your concept in a logical, concise and clarity-filled ‘speech’ for your clients. You pitch should focus on the ways your idea can aid to provide business solutions or meet business objectives and result in customer satisfaction. Make it certain to verify your claims through concrete proof and particularly by remarking how the elements of your concept will attain these objectives.
To explain the basis of your concept, you may also want to express how the idea originated as an introduction. This will lend it a personal touch and make your customers relate to you and your concepts perfectly. Do not drag the story but address the point immediately.
On many occasions, clients do not waste time pointing out the defects in a person’s concept. Based on that it is your responsibility to detect all the deficiencies beforehand and charter a course to convince your customers that the shortcomings are no real weaknesses in any way. That does not mean that you should twist every fact, but rather need to maintain credibility and integrity with regard to your idea.
But formulating answers to questions beforehand which your customers may ask, will make it appear that you have completed all the groundwork and express confidence in your product. You should be ready to answer the difficult “why” questions.
These can be of nature- “Why did you apply that color?” or “Why that particular typeface was used”?
Never commit the big mistake of saying “because I like it” or “it’s my preferred choice”.
This type of reply gives the chance to your client to retort back with “well, it is not my favorite” or “I don’t prefer it”.
Rather, for a non-emotional reply to the options, you offer. For instance, if you use a particular typeface, you can claim that such a typeface is recognized for being comfortable on the eyes. Further, such replies can help your client to know that you have command over your subject and can be believed, educate your customer who might otherwise think of your concept is superficial.
Whenever you can, begin your pitch by recounting a real client story that handles the problem your service or product resolves in the marketplace.
Refrain from tech talk and catch phrases when you speak your story. Rather make use of authentic names and genuine customer problems. Keep it plain and realistic. Finally, what your audience will remember are the stories you told them, so it is essential to have some compelling client narratives to share.
While you may visualize your idea to be highly original, it may not very well be. Though it is all right, but do not let your client pull in a surprise during your pitch when they present the similarities of your product with another firm. Rather, use the common features of a rival in your favor. In fact, be aware of your competition and openly acknowledge the popularity of the other product or design. Point out how getting inspired from the accepted idea will be popularly acknowledged; at the same time add on how your concept is even better in contrast to your competition.
This helps to assure your clients that you know your business groundings and gives you some credibility.
Your business model informs an investor how your concept will transform into an economically viable option. The business model should serve to answer the questions: What do you sell? The customers offered such services? How much do the customers pay? And, the method of payment?
You should share the achievements and traction your team gained since the formation of your company. Generally, this aspect is missed out from outstanding pitches. Investors are interested in hearing about your initial customers, other investments placed into the firm, signed letters of intent to collaborate/purchase product and customer landmarks, key media placement, key hires and much more. Being the CEO of your own firm, people will presume you to be the lead sales manager, so display to the investors that you are adept in selling strategies involving them on your own company.
Never say you are going to become a $ 70 million business in three years, as investors won’t even find it worth believing- unless you have achieved it previously in some other company.
What stands more valid that loud talk is to reveal exactly how you will steer close to those millions – the precise information about your firm that you have which made you predict such sales figures. State what your generalizations are about your business framework.
This is an essential step for you can connect with your clients in multiple ways. If your not so passionate pitch is carried out through email, it becomes necessary to carefully craft every element of the email from the subject line to the main body of the mail and the relevant attachment.
If the pitch is executed in person, there are several ways to send your message across from a brief PowerPoint presentation to a plain conversation. It is essential to carry out your own research so as to gain a better insight into the customer’s business and to have a worthwhile conversation with the client. Equally important is to realize the needs of the customer which can be as simple as inquiring whether they would prefer to view a presentation on your business.
In so many pitches made, it is seen that the entrepreneur fails to show their real product. For some businesses, it is not easy to display their product, but for many individuals pitching for funding to investors, it is not difficult.
Even though your product has not been manufactured yet, exhibit mock-ups. It can be surprising what a visual depiction of your product and your business can contribute towards the success of your pitch.
Great pitches often share some of the above-mentioned qualities and you can incorporate them to deliver the kind of pitch that creates an impact on the investors and your future clients. If you face rejection, just step back and assess all of your feedback. Perhaps, with slight changes to your pitch ideas, you can bounce back and successfully convince your clients.
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