Perfect Pitching
In business a perfect pitch can be the difference between success and failure. As an entrepreneur you may have a great product, but if you can't inspire potential customers or you won't convert business or achieve the level of funding you need.
It is important to tailor your pitch to your audience and how much time you have with them.
The Elevator Pitch
In the classic ‘elevator pitch' you have the time it takes from getting into the lift on the ground floor to getting out on the fifth to make a positive impression. It's a good discipline to be able to describe your business and what makes it different to potential customers in no more than 30 seconds.
As your elevator pitch is most important when meeting potential customers for the first time I suggest your elevator pitch includes three basic bits of information. Read on to find out more about how to create your elevator pitch.
The customer need you meet
- Your proposition - how you meet that need
- What makes you different - why the customer should come to you rather than other like you
I recommend you write down your elevator pitch and then practice, practice, practice! Once you are comfortable with your basic version it becomes easy to adapt it as and when different situations arise.
Pitching for Investment
If you are pitching for investment potential investors will want to know more information than your elevator pitch can deliver (although it is always a good place to start as a kind of executive summary at the beginning of the presentation).
Investment presentations should contain the following details, although not necessarily in this order (your presentation should have a logical flow and tell a story about your business):
The customer need and solution
What does your product or service do?
- What customer need does it meet?
The size of the opportunity
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What is the market size?
- Who are your competitiors? How are you different?
- What is your competitive advantage?
- Is your idea protected?
Your business model
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What is your route to market?
- How will you make money?
The numbers
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What is your margin?
- What have you achieved so far?
- What do you forecast?
Your credentials
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Who are the members of your team?
- What is your collective track record?
- What commitment have you already made to the business?
The evidence
Most business plans will contain some assumptions but the evidence for making those assuptions must be provided, including:
- Market research
- Patents
- Letters of intent
The investment request and offer
- What money do you require?
- What will you provide in return (% of equity)
The investment justification
- What level of involvement do you want from your investors?
- What will the money be used for?
The return
- What is the exit strategy?
- What are the risks?
- What is the forecast return?
By Suzanne Cleal, Business Coach, www.stridingout.co.uk