Even if you have the best business idea, it will only remain an idea if you can't sell it properly. Pitching is a skill that not everyone possesses, but anyone can learn and improve upon.
In today's fast-paced business world, the stakeholders you present your ideas to - such as consumers, investors, co-founders, and the media - most likely won't have much time to listen to a lengthy presentation. With the constant influx of information, it's important to analyze what is most relevant to them. To effectively communicate, it's important to be concise, focused, and structured.
I have personally watched and participated in many pitch presentations – both successful and disastrous ones. Through these experiences, I have come to notice common patterns that tend to drive the majority of pitches, including my own.
Here are six steps to help you create the perfect pitch:
Although it may seem obvious, many individuals tend to overlook the importance of introducing themselves. However, personal introductions are crucial as they establish a stronger connection with the audience. Simply state your name and occupation, such as "Hi, my name is Josh and I am a co-founder at KeepItSimple. Our software specializes in optimizing websites."
Your audience may not be aware of a problem yet. Therefore, your responsibility is to clarify the issue you are addressing in a manner that is relatable to everyone. Illustrate the current situation and inform them about who is affected and how the problem is impacting them. Additionally, let them know that there is no one else currently solving this.
Also, keep in mind that there is a notable disparity between a problem that only affects 20 individuals and one that impacts 1000. The larger the number of people affected, the greater the potential market.
Pro Tip: I often suggest utilizing the six-word story concept as a tool to enhance an innovator's pitch. This involves summarizing the promise made by your product in just six words.
After presenting the extent of the issue at hand, it's time to introduce your proposed solution. Your audience is eager to learn how you plan to address the problems you've outlined.
Keep your explanation simple by avoiding complex technical jargon and consider supplementing your presentation with a brief video demonstration, a success story, or test results.
To strengthen your argument, include testimonials from satisfied clients and any relevant deals or partnerships.
Now it's time to provide an overview of your business model, outlining how you intend to generate revenue. Explain your strategy for marketing your exceptional product and acquiring customers.
Additionally, consider developing pricing models for different client segments. It's understandable if you haven't yet finalized your plan, but try to provide some possible options.
Don't forget to introduce the individuals who will turn your solution into a reality. Who will be responsible for making the magic happen? Take a moment to share some background information about your team and highlight their unique roles.
This part of your presentation should focus on your team's expertise and experience. Including their pictures is highly recommended.
Now is the perfect opportunity for you to express your asks. If you do not ask for what you need, it is highly unlikely that you will receive it. Remember, you have already completed the initial five steps with the sole purpose of reaching this point.
Do you require funds? Would you like to be introduced to potential customers? Perhaps you are seeking a mentor? Simply articulate your desired outcomes.
To conclude, don’t forget to practice.
Perfecting your pitch takes time, so keep practicing, rewriting, getting feedback, and improving.