By Pavlo Phitidis
Any business owner, anytime and always has learnt that you have to constantly be pitching your business. Whether it’s to possible investors, customers or collaborators, you and your team will pitch your business every day, and to multiple audiences. Getting your pitch right, throughout all levels of your business, is vital. A poor pitch erodes credibility, trust and faith.
On this week’s, The Money Show with Bruce Whitfield, we considered the importance of your pitch
The five elements of preparing your pitch
There are several essential items that create a good pitch. Being able to answer these questions, confidently and insightfully, will help you prepare your pitch:
Who is your customer?
Defining the customer, and therefore the audience you are pitching to, is essential. The more accurately and succinctly you can define this, the stronger your pitch will be. By responding exactly to the customer you are pitching to, you’re able to make your pitch about them, and not about your business. Remember that a pitch is not built to make a sale – it’s created to initiate a relationship.
What problem do they have?
Your customers, possible investors or collaborators are not buying your business – they are buying your solutions to their problems. By accurately defining the problems they are confronting, you can gear your solution, and your pitch, towards them.
What’s the cost of the problem that you solve for your customer?
A well-defined problem can be solved, while an ill-defined one cannot. The cost attached to the problem that your customer is facing is a defining element of it, and one that you need to solve. Your pitch is not about your business, but rather how your business can solve a problem, and eliminate this cost.
What is your solution to their problem?
By building and outlining a solution that effectively responds to, and solves, your customer’s problem, your pitch is shaped around initiating a conversation that will eventually lead you towards making a sale. Selling your solution, up-front, does not build a relationship first.
What’s the emotive hook in having their problem solved or not having their problem solved?
Your pitch preparation should feel like a massive exercise in empathy. Through that, you’ll be able to understand and know how your customer will feel when their problem is solved, and how they will feel if their problem goes unsolved.
What does a good pitch look like?
A good pitch does not punt a product. Rather, it’s an invitation to initiate a relationship. Designing your pitch to flow in accordance with the five strategic pillars mentioned above, within the framework of a 40-second delivery time, will help you create a solid, effective pitch.It includes:
• The first ten seconds to stating the problem and facts around it. Including a number, figure or statistic here will help you to grab your customer’s, or possible investor’s, attention. Ensure that your facts and figures are credible and true;
• The next twenty seconds to introducing your solution, while making sure your offer is understood and,
• The final ten seconds towards leaving an emotional memory.
The very best outcome of a pitch is not a sale – it’s an invitation to continue the conversation or initiate the relationship. That’s the moment where your customer, or possible investor, becomes intrigued by your pitch and wants to hear more from you.
Do you need assistance with pitching your business, or your next big idea? A pitch is not simple; it's built on the back of your entire strategy! Aurik can help, as we work alongside you, to build your business into an Asset of Value.