You will never know when the opportunity will arise to pitch an idea. A pitch could make or break your business and it’s always good to have one prepared up your sleeve in case you ever have the chance to speak to potential stakeholders for your business!
Here are 5 tips on how to pitch a business idea!
1. Know who you are pitching to
Are you pitching to investors? Are you pitching to sell your product?
If you are pitching to investors, you want to spend less time talking about the product and features and more on the company from a holistic point of view. Do not become too product focus, as these investors also want to know the company’s market size, competitive advantage and potential investment opportunities.
Each group of the audience will be different and be drawn to different topics. You need to tailor each pitch differently to suit their interest and tweak your pitch to become more compelling and interesting to that particular audience.
2. Use a winning pitch deck
Your deck should be between 10-20 slides long and show that you understand your customer’s pain point well. You should show your audience that you’re the best solution for your customers and the best option out there.
Use the below picture as a rough guideline to what you should use in your slide deck:
3. Communicate clearly what’s your business, business model and what makes you unique!
1. Start with what is the business? Here are some pointers:
Problem: Tell a story. Show that it is a real problem and you can solve it. Show that you understand the user’s needs, motivation and challenges. Get to point for this part.
Solution: What is your product/ service and how it will solve users’ problems? List at least 3 benefits.
The Market: How many people need your product? Who are you targeting? What % of the industry do you want to dominate?
2. Explain your business model clearly with few words.
Connect your business model to other well-known companies so that it is easier for others to understand.
3. WHY YOU?
Let investors know how to create a competitive edge over other companies out there. What makes you unique and how do you assure them that your idea Is different than whatever that is currently in the market?
4. Keep it concise
Time is precious. You need to be able to communicate your idea in the best way possible in the shortest time. Keep your pitch under 10 minutes, and if they are interested, they will ask more questions.
5. Do your research and be PREPARED!!!
One of the biggest tips to pitching effectively is to know your product well, the industry inside out and be prepared to answer questions that investors might have. By being able to respond to them with thought out and persuasive answers, it places more confidence in the investors that you know your company well and that they should invest in YOU!
Lastly, remember that the first impression is everything! Make sure you dress well, practice till your pitch is perfect and smile while delivering the pitch 🙂
All the best!
This article was written by Ee Kaye Lin Tanya, a first-year Business student from the National University of Singapore. Tanya is currently a Campus & Youth intern at SNCF, passionate about creating new ideas and innovation. She enjoys adventures and spending time with her dogs.