Creating the perfect pitch is very important in the business world. Almost all successful start-up and business firms have been able to sell the pitch. The right pitch can make or break your idea or you’re your very business. Here, we will tell you a few steps to setting up your perfect pitch. We will also tell you how to hit a home run with your potential backers every time. Then, we will illustrate to you, with a fictional situation, how this could work in a real life situation.
Setting Up Your Pitch
Start by prepping your pitch. Think about the context of your product. Know and be able to articulate what sort of issue it solves. Show your idea or product as a solution. At this point, feel free to show everyone else in the room your product and how it works. Be able to tell and show the advantages your product has over others. Compare them to the current competition on the market. Point out how your idea or product differs from the current options. Then, think about just how many people you could sell such a product to. Know your audience.
Really Selling It
Next, it is time to really drive your pitch home. You do this by showing your potential backers the plans for your product and/or business. Show them what you have already done. Walk them through your plans for your business and your marketing. Be sure to back up your pitch with illustrations of experience and expertise, here. Why are you the best people for backers to support? Show your overall financials and what you have already achieved. Then say what you would like to achieve. Lastly, break down the financials you need and how they would be spent.
Let’s travel back to 1794. Say you are Ely Whitney. It’s time to pitch your idea for a cotton gin. Separating cotton fibers from seed pods is difficult. The cotton gin makes it much simpler. Unlike other types of cotton separating machines, this one is quick and easy to use. It requires little supervision. There is nothing like this on the market. You could sell it to everyone from family farms to large farm owners. Anyone who grows cotton. Such a product could sell millions and revolutionize the industry. Of the few thousand dollars we have raised, we need a few thousand more for marketing.