Now that you\u2019ve done your homework on your new business idea, attracting potential investors will require you to have the perfect pitch.<\/p>\n\n\n\n
Pitch Masters Academy has a step-by-step process that teaches students how to deliver a winning pitch for investors.<\/p>\n\n\n\n
The right pitch can turn your idea into a reality.<\/p>\n\n\n\n
You have a business idea and you\u2019ve created a business plan, now you need investors \u2013 this is why Pitch Masters Academy is training entrepreneurs how to make the perfect pitch. The course offers a comprehensive approach to planning, preparing, and tailoring your pitch to find new investors for a startup, land new customers and find a partner.<\/p><\/blockquote>\n\n\n\n
What is the step-by-step process needed to prepare to yourself to make sure you\u2019re ready to deliver the perfect business pitch?<\/p>\n\n\n\n
What makes a pitching interesting is the fact that there is no specific template because every business is different.<\/p>\n\n\n\n
As a result, entrepreneurs cannot simply plug-in information, although there are similar characteristics required in each pitch.<\/p>\n\n\n\n
Pitch Master Academy specializes in showing entrepreneurs how to borrow, emulate, or ignore depending on whom you’re pitching to and what you’re looking for.<\/p>\n\n\n\n
A good pitch has 4 common denominators that must be considered prior to engaging the step-by-step process.<\/p>\n\n\n\n
4 Common Denominators of a Good Pitch<\/h3>\n\n\n\n
- Balance<\/em><\/strong> between business and emotional needs<\/li>
- Key points<\/em><\/strong> that capture the attention of the listeners<\/li>
- Human-interest<\/em><\/strong> story that drives your narrative<\/li>
- Benefits<\/em><\/strong> that increase the value of the person you\u2019re pitching<\/li><\/ol>\n\n\n\n
After making sure these 4 common denominators are thoroughly embedded and layered into your pitch, it\u2019s time to follow the step-by-step step process to winning investors, customers and partners.<\/p>\n\n\n\n
PROCESS TO CREATING THE PERFECT PITCH<\/h2>\n\n\n\n
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- Tailor Your Pitch to Your Audience<\/strong>
Knowing your audience is key. Memorizing important lines about your product or service is only the beginning. Each opportunity is different, which means entrepreneurs must tailor each pitch to the social situation, level of understanding and interest of the person you\u2019re pitching. Your pitch should sound tailor made for each person hearing it. This means you must do your homework on investors, partners and customers.
<\/li>- Use Product Benefits to Appeal to Personal Needs and Motivation<\/strong>
The best way to appeal to someone\u2019s emotions is to discover what motivates them. Entrepreneurs usually enjoy talking about their ideas, but customers and investors don’t really care about the details. Investors only care about results. So, ask yourself, \u201cWhat job do I need from the person I\u2019m pitching to?\u201d Use the JTBD methodology \u2013 examine the jobs to be done. Harvard Business School professor Clayton Christensen created the JTBD concept. Think of potential investors as people looking to hire your product to solve a problem. If you want to clarify the benefits of your product, one way to do this is to look at your product through the “jobs to be done” methodology. Your product is what they’re looking to hire. So, why is your product the right solution? Knowing these important details will help you focus on the specific value you’re creating for the person you’re pitching to.
<\/li>- Examine the Challenges of Your Audience<\/strong>
Dig deep to discover the real challenges faced on a daily basis by the people you are pitching to. Afterward, you’ll be able to pitch with confidence while offering solutions to problems. A mix of confidence and empathy makes entrepreneurs appear more credible. Pitch coach Michael Parker says, “If they don’t like you, they won’t buy you.” People act on emotion and then justify with reason. Your product and your personality will be your greatest tools to make you appear passionate and persuasive. Showing a sense of empathy goes a long way when making a pitch.
<\/li>- Create an Appealing and Powerful Presentation<\/strong>
The presentation is the very core of any pitch \u2013 make it appealing. Modern presentations need to be more than PowerPoint slideshows. Your presentation needs to be a visually appealing, professional as well as direct and to the point. By mindful that 65-percent of communication is nonverbal \u2013 this makes branding more meaningful. Beautiful and on-brand presentations include images, icons, charts, and more to make the presentation pop for a perfect pitch.
<\/li>- Have a Rendering or Mockup of Your Product<\/strong>
Stores like Apple and BestBuy use try-before-you-buy with in-store sampling, and there\u2019s a reason for these product displays. According to the behavioral psychologists, creating an ownership experience allows consumers to buy in prior to closing the sale. This same technique can work with your pitch.
<\/li>- Solicit Testimonials<\/strong>
Social proof is critical in today\u2019s marketplace, and it\u2019s a great tool to use when pitching your business plan. It shows investors that there is a real market-based need of what you have to offer. Surveys are one of the best ways to provide detailed testimonials. Some questions you can ask include:<\/li><\/ol>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n
- Name, title, and website<\/li>
- What problem were you looking to solve when you decided to try my product\/service?<\/li>
- What’s your favorite feature of my product\/service?<\/li>
- Is there anything that can be improved?<\/li>
- Would you recommend it to friends and colleagues?<\/li><\/ul>\n\n\n\n
These surveys will allow you to get some great soundbites you can share in your pitch. If you don’t have any customers yet, use family, friends and co-workers as test groups to generate social proof in the early stages. Feedback is invaluable.<\/p>\n\n\n\n
- Create Promotional Videos<\/strong>
Videos are critical to showcasing your business, they can be entertaining and informative. Videos are a powerful tool to add to your pitch. While videos are nice to have, the nicer they are the steeper the cost when using freelance videographers and animators. A good pitch typically includes 10-20 slides that show customers that you understand their pain points. Present yourself as the best option while using an entertaining and engaging approach.
<\/li>- Design an Exciting Intro<\/strong>
Immediately, you need to start off with an attention getter. The first two slides or frames should quickly engage the viewer. An exciting intro should also include your tagline or an elevator pitch. The intro should tell viewers something powerful about your business. Make sure potential investors, partners or consumers can relate to your intro. The goal of an exciting video is to bring the audience into your world.
<\/li>- Explain the Business Opportunity<\/strong>
During your pitch it\u2019s important to redirect the focus from the company to the market \u2013 explain why your idea is a major business opportunity. The business opportunity section of your pitch must have three main components:<\/li><\/ol>\n\n\n\n
- The Problem<\/strong>
Present the problem in 1-4 bullet points. Get to the point quickly.<\/li>- The Solution<\/strong>
List the three key benefits your solution provides \u2013 this is called value proposition.<\/li>- The market<\/strong>
Illustrate how many people need your solution and what percentage of the market you’re looking to dominate.<\/li><\/ul>\n\n\n\n
- Highlight the Underlying Business Model<\/strong>
According to experts at Pitch Masters Academy, failing to place emphasis on the business model is a mistake many entrepreneurs make. Either your pitch will convey a boring business model or an interesting one. You must convey your business model in a short visual section of your pitch without causing viewers to lose focus. Explain your business model clearly, which means using as few words as possible.
<\/li>- Make A Portion of the Pitch About Yourself<\/strong>
Now comes the pivotal moment. Why you? You’ll need to channel all your confidence and passion to explain to your audience that you understand your competitors. Explain how you have an inside connection, unique solution or trick up your sleeve that only you possess. There are three main points you want to address in the portion of the pitch that is about yourself.<\/li><\/ol>\n\n\n\n
- Competition<\/strong>
Acknowledging competition tells investors you’re on top of the market strategies to excel beyond your competitors.<\/li>- Proprietary Technology<\/strong>
Explain the advantages, technologies and innovations are unique to your company.<\/li>- Marketing Plan<\/strong>
Outline your long-term strategy to secure millions of users or customers.<\/li><\/ul>\n\n\n\n
- Shape Your Personal Story<\/strong>
Get personal. Introduce your core team and be sure to talk about yourself. Why are you the best person to pull off this particular business idea? Promote your skills. For most startups, the Hacker, Hustler, Hipster combo is ideal. Who are your mentors and advisors? If you have heavy hitters be sure to mention them in your pitch.
<\/li>- Mention Your Current Traction<\/strong>
Is your business already creating traction? Show investors that you are goal orientated and that you\u2019re already making progress in the right direction. Make investors anxious to give you their money \u2013 don\u2019t be shy.
<\/li>- Make your ask incredibly clear<\/strong>
Be absolutely clear about what you are pitching for, whether an investment, a partner or customer base. Make sure it is unmistakably known what you are after. Do not allow fear to cloud your pitch \u2013 maintain momentum with confidence.
<\/li>- Keep it Short<\/strong>
Obviously, you have a lot to cram into a short presentation in order to create the powerful pitch. Keeping it short is the most difficult part. Your audience should feel informed, connected and compelled, yet have room for questions. In addition to this process, there are many pitching scenarios in which you’ll want to switch up your style. Some of the most common pitches include:<\/li><\/ol>\n\n\n\n
- The Customer Pitch for Selling Products<\/li>
- The Demo Day Pitch for High-Pressured Groups<\/li>
- The Elevator Pitch for Random Opportunities<\/li><\/ul>\n\n\n\n
- Anticipate and Answer Key Questions Before Being Asked<\/strong>
Show your audience you’ve approached the business model from all angles by anticipating their questions during your pitch. Go through your presentation with a beginner\u2019s mindset \u2013 communicate from the perspective that your audience is hearing this for the first time. Write down key questions and try to answer them somehow during your presentation without making the pitch longer.
<\/li>- Be Prepared for Objections, Critiques and Tough Questions<\/strong>
Objections, critiques and tough questions aren’t necessarily negative \u2013 these are the responses of critical thinkers. Prior to heading into your pitch session, try this five-step exercise:<\/li><\/ol>\n\n\n\n
- Write down the top 25 objections you’re facing in your market.<\/li>
- Write down your best answers to each objection.<\/li>
- Limit the answers to a maximum of three sentences.<\/li>
- Have at least 10 people review your answers and give feedback.<\/li>
- Test yourself to know these answers by heart.<\/li><\/ul>\n\n\n\n
- Rehearse Repeatedly<\/strong>
Remember, confidence is key when it comes to pitching. Know your presentation by memory from front to back. Try it out on your peers, partners and parents. The more you rehearse, the more natural it\u2019ll feel. When practicing at home, speak out loud \u2013 try recording yourself while doing so and listen to strengthen your presentation. Reading aloud makes mistakes more noticeable.<\/li><\/ol>\n\n\n\n
- Rehearse Repeatedly<\/strong>
Remember, confidence is key when it comes to pitching. Know your presentation by memory from front to back. Try it out on your peers, partners and parents. The more you rehearse, the more natural it\u2019ll feel. When practicing at home, speak out loud \u2013 try recording yourself while doing so and listen to strengthen your presentation. Reading aloud makes mistakes more noticeable.<\/li><\/ol>\n\n\n\n