27 Sep 10 Tips for creating a great Sales Pitch
So, you’ve taken the time to create the ultimate business, with a sure fire plan for success – now you need to define your entrepreneurial pitch. This is one of the hardest and at times, painful presentations to make. You have a great idea, and you want someone to give you an investment to get started or make it happen.
The problem is, that investors, or ‘Angels’ or rich Aunts and Uncles are already fine tuned to be opposed to your idea. Why? Well it’s simple, 99.5% of these ‘opportunities’ or pitches sound like a prescription for disaster, and they are quite confident that you will squander their money.
In saying all that – don’t lose hope, as all is not lost. If you are attempting to make a sales pitch to an investor group, (or family team) for venture capital think about applying the following guidelines:
1. Can you explain your business?
Without running a mile in a minute (at the mouth) – explain your business in the first 30 seconds. Don’t waste time giving too much information, as odd as it may seem as too much data equals confusion (or yawns). Equally, too much background information equals head scratching “What exactly does this business really DO?”. Get your business definition down to a 30 second pitch. Don’t lose people in the details.
2. Who is your ideal client?
Share with your listeners who your customers will be based on their ‘pain point’. Paint a clearly vivid picture, by using 2 to 3 characteristics to get your point across. My ideal client is someone who ….
Tell a 10 second story on who you will serve – with laser focus on what they need and how you can help
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3. Why you?
Explain why your clients/customers will use your services. What makes you different from the next business? Keep it Simple! Getting comfortable talking about yourself can be easier for some more than others. If you’ve helped others before, incorporate a case study to your conversation on challenge vs solution. It’s easy when you still to the facts so that you don’t create a false sense of value and over sell your solution.
4. Who is your competition?
Identify who your immediate competitors are. Explain your differences in 2 short sentences. If you articulate you have zero competitors, it’s a clear sign you haven’t done a complete analysis on your market. Don’t appear swollen in the chest, everyone has to start somewhere.
5. The Right Person at the helm …
Explain why “you” –are you the right person to “make this happen”. Show humility, but also passion for what needs to happen. It’s “OK” to be passionate about something you care about.
6. The art of emotion …
The art of emotion and centering yourself. If you aren’t enthusiastic about discussion your business or are guessing & shouting catch phrases – why should your listeners or investors be? Don’t have a false sense of energy…as it’s not infectious… it’s absolutely disappointing (you’ve seen it in action at some point) it’s yucky to watch and slightly annoying… it’s just universally just wrong.
Be real – be confident, and be open to discuss as well as answer questions. If your defense indicator light is on – this is not going to go well. Mentally regroup, and center yourself.
7. Don’t use the ‘bean stalk’ approach …
When discussing or creating an image of your business. This simply means that it’s not going to happen overnight (this massive flux of sales and operational deliveries takes time to cultivate). Don’t try to sell ‘smoke and mirrors’. Similar to point 5 & 6 – take a realistic approach to discussing your business objectively.
When you’ve discussed your service plan, explain your starting initiative. Be honest, so that you build real rapport with a prospect or potential new follower. An honest foundation creates real momentum for real relationships that are long term.
8. Have you done your research?
Who is your audience? Research your audience, and understand who they are. If you are in a formal setting, looking for investors it would likely not be ideal to have a casual conversation. If you do not know “who’s” in the room – and your junior in presenting (unsure how to work the room to feel out the group), it would be ideal to take a formal approach.
Also, as of right now – you are representing your services. So BRING IT! Turn on, your inner warrior and “show up” by fully representing your enterprise.
9. Ask …
Feeling shy? Not feeling worthy of setting a real price point due to how new you are within the industry?
Ask for a specific amount of money. If all you do is ask for money, then you can’t complain if an investor gives you $4.25 for a latte. Be specific with the amount you need.
Tell prospects exactly what they are going to spend the money on. Have a plan that identifies, how it will be used, and when. Yes – they have a right to know, and need to be confident that you are trust worthy. Transparency builds trust, and will allow you to easily transition your pricing into big ticket pricing.
10. Chatting with investors …
Whether your potential investors are, friends, family or an actual investment group/firm – Dress well, be confident, and mentally willing to accept funds or support from the standpoint of a strategic partner. There is value in both – not all support needs to be monetary. So true – Don’t allow your emotions for funding to lead the meeting/discussion.
Finally, allow each presentation or pitch to serve as a guideline for your next. Yes, you will need to pitch a few of these, and should always be in this mindset. When or if you have questions from each presentation/delivery – write them down, and commit/follow thru with getting answers. This will help you to understand the investor thought process or area’s you need to be mindful/aware of during your presentation. It will also assist you in tweaking your pitches., write down all of those questions and make sure most of them are answered in your next delivery so that the next group doesn’t have to ask them.
Keep pitching and keep moving forward. Eventually it gets easier – and it’s worth the initiative for your businesses overall success.
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