A pitch is basically delivering a business plan verbally. A pitch typically takes the form of an entrepreneur or group of entrepreneurs presenting or describing their ideas to prospective investors. Your pitch is the single thing that could either get your business off the ground or plunge your idea into eternal oblivion.
The optimum way to create an effective pitch is to start with a thorough business plan. Once this is written, the key elements of the executive summary can be distilled into a pitch. One major benefit of this method is that while the process of creating a business plan can be difficult, it is also rigorous and usually an exhaustive process. It serves to equip the author with the answers to typical questions they should expect from prospective investors.
A pitch is your business plan translated into slides, typically in a PowerPoint document. The primary aim of most pitches is to secure funding for an idea. The presenter needs to decide in advance what the likely terms are for the investment. Like a business plan, a pitch needs to describe the opportunity for the investor in clear terms so that they can assess the risks and return. And also, it helps them decide as for how it fits within their existing investment portfolio.
There are some ingredients for an ultra-compelling, irresistible, outstanding, and unforgettable pitch. Let’s have a look:
• Take only 10 minutes
Timing is a critical aspect. The result of your pitch depends on the timing of your pitch. So don’t take too much time. Try to complete it as soon as possible. If you say that you will take “only 10 minutes” then take at least one minute less.
• Pick the right audience
Know your audience. And craft your presentation to appeal to the goals and needs of people you’re approaching. Speak to them in a language they are accustomed to and paint a picture that works for their objectives.
• Tell a story
Storytelling is a scientifically-proven way to capture a listener’s attention and hold it and also makes your pitch unforgettable. Relate your story to your audience because it is a great way to seek the attention of your audience. Remember that your story should address the problem you are solving in the marketplace.
• Be laser-focused
Investors’ time is their most valuable asset. If you convey a respect for their time, they will interpret that respect as your ability to treat their funding with respect. So you need to develop an absolute focus on the core components of your pitch.
• Explain exactly what your products or services are
Explain about your products and services clearly. Introduce investors with the benefits and profits they can gain through your products. For better results, be sure that your product should be unique.
• Explain your revenue model
Investors tend to care about this slide the most. Investors invest because they want a return on that investment. Be very specific about your products and pricing and emphasize again how your market is anxiously awaiting their arrival.
These are the various points to keep in mind while preparing for a pitch. Last but not the least; practice is the most important tool to get success through a pitch. Firstly, prepare your pitch and then practice it again and again. When you successfully deliver on what an investor wants then you have got a truly irresistible pitch.