How to make a perfect pitch to get your investors excited
You have the next great business idea, and you have your business plan ready. What's the next step? It is time to introduce your business to the corporate world - through pitching!
At the core of pitching lies the question: why would people want to invest in your business? Here are tips on how to make the perfect pitch to get your investors excited about your business!
Tip 1: Take only 10 minutes
Time is a major determinant when it comes to the success of your pitch. Keep your pitch concise, but make sure you don't miss out on content. The more short and all-encompassing your pitch is, the more your investors will be interested in hearing more.
Tip 2: Start with a story
Research has proven that we are more likely to retain attention and memory when it comes to stories. Start your pitch with a story - it grabs the listener's attention and gives a personal touch to it that they are sure to remember. Conduct your research about the investor, and tinker your story to their experiences.
Tip 3: Explain exactly what your product or service is
Although droning on and on about what you're bringing to the market isn't preferable, it is still crucial to make sure you give investors the precise details they require. You can show your product's image or even present them with a sample to provide them with a clear idea.
Tip 4: Define your target market
Saying "the entire world is a potential customer" is naive and not very realistic - although it is certainly possible in some cases. Be precise in who you want to sell your product or service to. Not only will it appeal to your investors, but you'll also be able to think more strategically about your business plan.
Tip 5: Marketing and sales strategies
Now that you've defined your market explain how you'll get those customers interested in your business. The key is to focus on brand awareness and how you will establish customer loyalty.
Tip 6: Your business model
Here's why the investors are giving you the time of their day: how will you make money? At this point, calculations are what investors are looking for - the prices, the strategies, your goals. Attaching numbers and numerical values to your plan makes it seem more realistic.
Tip 7: Keep a backup
Your investors are likely experienced - despite how much confidence you may have in your business's success, they know there's always a chance of failure. How do you reassure them? Keep an exit strategy. Investors are more inclined to fund you if they know you have a backup plan handy if things go south. They want significant results, not marginal revenue. Make sure you tweak your strategy to their needs.
Tip 8: Feedback
Whether or not you do acquire the funding, keep the mistakes you made in mind. How can you improve upon them? Don't hesitate to ask for feedback from investors - incorporate them into your next pitch. The key is trying until you get it right.