Have you watched shark tank? Did you notice how fun and technical the pitches can get on the show? A great pitch will result in million-dollar funding. On the other hand, a weak pitch only gets you air time on the show and a little exposure. Entrepreneur workshops teach you how to captivate your audience for a successful pitch.
Know your audience
Are you pitching to a high-level investor? Is this a pitch for a friend group? Is the pitch in front of other start-ups at a pitch event? Are you pitching to a possible customer? All these questions are vital to a successful pitch.
In an ideal scenario, your pitch starts dynamically and ends in applause. That, however, is not always the case. Your pitch needs to be customized for your audience. An investor doesn’t care a lot about the holistic side of your idea; they care about how well it will perform in the market. Customers don’t care about your annual sales or profit margin; they want to know how your product or service helps them.
Make your idea distinct from others
We are all inspired by something and try to replicate a version of a said thing. That does not mean your idea doesn’t have a unique selling point or USP. All the entrepreneur workshops you have attended have emphasized that standing out of the crowd is vital to a startup’s success.
Here is how you can make your idea stand out when pitching to a customer:
- Know the challenges and hardships they face.
- Anticipate questions and be ready with answers.
- Tell them why your idea will help them overcome the challenge.
- Remember to keep customer pitches as fluid a possible.
- Always have a prototype ready to go.
The elevator pitch
Holding someone’s attention for even 30 seconds can be challenging. So how do you condense your detailed pitch into 5 lines and not miss out on key points?
That is a skill that pitch events help you master. When surrounded by so many possible investors and customers all there for the common goal of finding the next big thing, you need to master the elevator pitch. 5 lines that will make them come back interested for more.
Who are you? Why are you working on this idea? How did you come up with it? What is your story?
Emotions sell more than numbers. The underdog story always gets the loudest reactions. It is important to let your customers know who they are investing in
The good pitch
- A good pitch strikes a balance between commercial and emotional requirements. You must connect with a company, an investor, a consumer, or a potential partner on both emotional and business levels. Your pitch will almost certainly fall flat if you don’t do this.
- A good pitch is short and sweet. Most of the time, you have a few seconds to get someone’s attention and make your argument. Your allies are focused and momentum.
- A good pitch conveys a story. That’s why it’s a good idea to follow a narrative rhythm in your pitch, whether it’s vocal or in a slide deck.
- A good pitch emphasizes the advantages. Every time, value triumphs over price.
The above-mentioned points will enable you to understand why having a pitch is so important. If you are looking to learn more, attending entrepreneur workshops to gain more insight is recommended.