What does Business Pitching Entail?
Business pitching means presenting a company’s concepts to another person. As an illustration, you might introduce your fledgling company to possible investors or your items to prospective clients. To get buy-in, a business pitch must clearly explain your strategy or objectives to the audience. Your goods and business are the subjects of your pitch. It is important to note that sharing your concept is never too early. You must always be prepared to make a pitch that’ll make potential stakeholders (investors or customers) interested your company.
A pitch is a speech intended to persuade an audience to take a certain action. Your idea dictates its purpose and likely outcomes to anticipate. So the following reasons for a pitch are:
- To attract early adopters that will use your service
- To attract investors and/or partners who can help grow your company
- To request funding
Types of Pitches
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. Here are the various types of business pitches:
One-word Pitch: It is important that a word reflects your brand. It is a keyword that summarises the concept of your product or business. It can also give clarity to a first-time hearer about your products/services. 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 have an elevator pitch, allowing you to discuss your product and company’s fundamentals within 30 to 60 seconds. In your speech, you should focus more on the why of your solution. 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 level of business maturity, the size of the market, and your partners. If you can create a large company, investors will be interested.
Customer Pitch: In contrast to investors, customers are looking for the problems that your product and business can help them solve. Get them to talk more about the issue than you do, and 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 pitch or a cold phone pitch can be used to follow up with an investor or a 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 above to capture the investors’ attention. In an investor pitch, you should discuss a problem your business or idea addresses, whereas in a customer pitch, you should allow the customer explain their issue. Tell a story to raise thoughts, and then use pertinent data and facts to convince them of your plan (s) to resolve the issue.
Furthermore, explain your approach to the audience, outlining the functions of your concept and testing processes. Use visuals to depict your product/service. These could be videos, images, or screenshots. Remember that businesses are not without rivals, but your unique selling point offers you an advantage in convincing your listener that your solution is the best one.
Moreover, when making a pitch to an investor, describe your business model to demonstrate that you have a sound strategy for generating income. Your traction is a crucial component of 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 definitely do not want to waste your opportunity to close by being unprepared. Before pitching your business to prospective stakeholders, it is critical that you assess your level of readiness. Here’s what you should do below:
➢ Examine your pitch pattern to make sure it’s standard
➢ Improve your confidence level
➢ Memorise and practice your pitch
➢ Learn to focus on keywords to manage your time
➢ Have short versions of your pitch.
➢ Pair your story with a visual document called a pitch deck
In your pitch session, sell your solution evidently to potential customers, investors and/or partners.