In business, pitching means presenting-company concepts to another person. As an illustration, you might introduce your fledgling company to possible investors or your items to prospective clients. A business pitch must clearly explain your strategy or objectives to the audience to get buy-in.
Read more about Business
Your goods and business are the subjects of your pitch. Beginning to share your concept is never too early. You must always be prepared to make a pitch to impress or excite people about your company. Pitches are target-based to either investors or customers.
A pitch is a speech intended to persuade an audience or listener to take a specific action. The idea of your speech dictates the purpose of your pitch and the likely outcome to anticipate, so the following reasons for a pitch are provided: to attract early adopters who will use your service, to attract investors, and partners who can help you grow your company, request a reasonable sum based on maturity and the stage of your startup.
Kinds of Pitch
Today, it is not uncommon that investors lack the patience and time to listen to traditional pitches where you reel off all the benefits of your product and then make a “great deal” to close.
One-word Pitch: It is essential that a word reflects your brand. It is a keyword that summarizes the concept of your product business. The elements of your brand can stimulate that word that becomes a key of clarity to a first-time hearer. This keyword is often coined from the mission/vision, goals, unique point or even the solution offered.
Elevator Pitch: This is your go-to pitch for networking events, social media, and elevator rides with potential clients. Every salesperson is expected to carry around a pitch like this. Within 30 to 60 seconds, your product’s and company’s fundamentals are discussed. You risk boring your listener whenever you’re outside. In your speech, you should focus more on why you give a particular solution than what solution you propose. This presents the concept of your product and company more persuasively.
Investor Pitch: Here is a speech that describes the issues you hope to address as part of your investor pitch. You should not use industry jargon when presenting; it is exclusively for your pitch deck. In an investor pitch, you describe what you do, the business maturity level, the market size, and your partners. If you can create a large company, investors will be interested.
Sign up for the Connect Nigeria daily newsletter
Customer Pitch: The customer pitch is that, in contrast to investors, customers are looking for the problems that your product and business can help them with. Get them to talk more about the issue than you do; only then can you determine the appropriate remedy. Presentations can contain industry terminologies because it is considered that the audience is aware of the market.
Follow-up Pitch: Here’s a reminder of a concept you’ve already pitched to a listener who hasn’t yet lived up to your expectations. This needs to be handled respectfully and with courtesy. A postal or cold phone pitch can be used to follow up with an investor or client.
Presenting a Pitch
Firstly, when giving a pitch, begin with a short, friendly introduction and a memorable slogan to pique the audience’s interest. Note that you should keep your opening slide up longer as your investors’ attention is filtered by it.
Next, in an investor pitch, you would continue by discussing a problem your business or idea addresses, whereas, in a customer pitch, you would allow the customer to explain their issue. Make up a story to raise thoughts, and then use the pertinent data and facts to persuade or convince them of the issue. Taking a moment will help your pitch’s dramatic impact.
Furthermore, explain your approach to the audience, outlining how your concept functions and how you have tested it to support it. Use visuals to show how your product or service looks in an investor pitch. These could be videos, images, or screenshots. Remember that businesses are not without rivals, but your unique selling point offers an advantage in convincing your listener that your solution is the best.
Moreover, when pitching to an investor, describe your business model to demonstrate that you have a sound strategy for generating income. Your traction is crucial to your pitch because it details your past successes. Telling your investor how you intend to expand goes a step further. This demonstrates your maturity and where you see your firm going in terms of attracting customers.
You do not want to have a fantastic product or idea but waste your opportunity to close by being unprepared. Before presenting to a prospective investor or consumer, it is critical that you assess your level of readiness in a few actions.
➢Examine your pitch pattern to ensure it matches your expectations.
➢Be sure to sound assured.
➢Pitch-matching with a note is improper.
➢Your pitch should be memorized and practised.
➢Be mindful of your time and focus just on keywords in your pitch.
➢Have brief versions of your pitch.
➢Pair your story with a visual document called a pitch deck which you deliver while pitching.
You might also like:
- How To Refine Your Startup Sales Process
- How To Gain High Value Contacts At Your Next Networking Event
- Business Growth Tips: 5 Sales Strategies to Help You Grow Your Revenues
- 5 Channels For Founders to Measure the Impact of Their Value Proposition