How to perfectly pitch your idea to win more business?
The art of communication is intricate and exciting. And it is certainly not everyone’s cup of tea. And yet, when you are starting a business, your success depends on it. Communication is spread across all areas of your business, from pitching your idea, to speaking to your audience, from managing your team efficiently, to using social media to leverage your business and more. How would you perfectly pitch your idea?
So let’s start at the beginning. What does it take to make the perfect presentation, one that will have the investors eager to put their money behind you? Research shows that most of the times before you even enter the meeting room, the investors have already made up their mind about whether they are going to work with you or not. So it’s really up to you to change their mind. How exactly are you going to do that? Let’s break it up here:
The first impression
Your appearance goes a long way in making a good impression on the audience. It’s important for you to be smartly dressed, as that indicates that you take pride in yourself and your appearance. This shows you are serious about yourself, and your work.
Know your audience
Everything you need to know about the company or the people you are meeting can be found online. Do your research well, and you will find little nuggets of information that will help you personalize your pitch effectively.
In this fast-paced age, attention spans are miniscule. It is likely that the person you are talking to already has a fair idea of the industry and is experienced enough already. So get to the point you are trying to make quick, while still throwing in important facts to show you have done your homework. And keep it short leaving room for questions and answers at the end.
Identify the gap
When you want to make an investment, the first thing you will ask yourself is, how is this product/service filling a gap in the market? Make sure you answer this question for your audience. Use whatever information or examples you can to show definitively that there is a need for what you are offering. You also need to know who your competitors are, and what they are doing right or wrong, for a successful business plan. And your investors need to know you understand that.
We are all protective of our ideas, and there’s always the fear that the company will use your ideas and inputs and cut you out. Learn to strike the balance between giving them just enough to show them what you can bring to the table and pique their interest, and putting all your cards on the table.
The next step
In order for your investor to have confidence in you, you need to have a plan. Once you take his/her money, what are you going to do with it, is what you need to have on paper, point by point. And be honest about the challenges you are expecting, as that will humanize your plan, and make it more believable.
Once you get that positive response, you will be on your way to set up your business, and experienced enough to make presentations for your future ventures or growth.
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