Entrepreneurs spend days and weeks preparing for the perfect investor pitch. But the truth is that you should be prepared to pitch anytime and anywhere. It could be in an informal setting when someone asks “tell me about your business”, a networking event where you want to introduce yourself and your business, or in a formal setting where you get to pitch to investors.
Whether you are pitching to get investors on board, bringing in partners who will move the startup to the next level, or getting early adopters of your solution, your pitch should be both interesting and exciting. Here are some things that you should keep in mind for your pitch.
Start with a tagline to catch your audience’s interest. If you think your business tagline is not catchy enough to use, come up with a phrase or sentence that conveys the essence of your business in as few words as possible.
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Tell the story behind your business. You should have a story that evokes emotions and engages your listener. There is this particular health tech founder that evokes strong emotions every time she talks about how her business idea was born after losing a sister. While on the story, talk about the pain point or the problem your company or business solves.
Use the relevant figures and statistics to convince them that this is a pressing problem. Statistics relating to your business or the problem you are solving is something you should always keep on your palms.
Occasionally, pause for dramatic effect and to let the story sink deep. Don’t go rambling off and assume that your audience will keep up anyway. Once you have gotten their attention, describe your solution, explain how it works, how you have tested it. In a formal pitch ensure to use visuals (photo, videos, screenshots, etc).
Make it clear that you are aware of the competition out there, and use the opportunity to stress your Unique Selling Proposition. Why your product is the best. Answer every objection you think might come up in the mind of your listener and explain why your solution is the best in your market.
In a formal pitch, introduce your team briefly and what makes them the right ones to deliver the solution. Also, explain your business model to show that you have a plan on how to generate revenue.
If you are speaking to investors, explain how you started, how far you have come, and how far you intend to go. It shows your business growth and expansion plans (vision). Also, ensure that you are asking for a realistic amount based on a budget and your maturity at that time. Wrap it up by coming back to where you started.
You might want to need to draft and practice a 5-minute pitch, a 3-minute pitch, and maybe even a 60 seconds pitch, as you never know what opportunity might come up. Prepare a pitch deck for a professional pitch to illustrate and show the results of your product. Make sure you sound certain and confident in your delivery.