As an enthusiastic entrepreneur, you may want to speak volumes about your business plans and operations. However, while pitching your business idea to investors, you not only need to keep it focussed, but also crisp, summarizing the business’s novelty, or USP, its capabilities, the customer base outlook, competitor mapping, etc.
Finally, you need to show them the justification of why they should buy your product/service. This is not all that tough as it appears. The golden rule is to create an elevator pitch that is short, simple and up-to-the-point because you usually have a very short amount of time to ‘pitch’ it. We have consolidated some must-haves for your business pitch –
What is your product/service?
Explain the product/service to your client. You need to be specific here, highlighting the key problems that it solves and the business value it delivers.
Why will this idea work?
Most ideas come out of one’s own experiences. Though a good base to start with, your personal experience alone won’t sell the product. Validate your idea with your audience; tell them about your business’s capabilities, what the market opportunity is and the value proposition you are bringing to the table. Show data or case studies to back up your claims.
Who are your competitors, if any?
If it’s a unique idea and there’s not a similar concept in the market, you may have smooth sailing. But in case of competition, be prepared with a competitor mapping; who are your existing competitors, their strengths and weaknesses. Also, you need to showcase what is it that your product can give to the customers that they aren’t already getting from your competitors.
How will your business solve your customers’ needs?
The customer’s need is at the core of your product development.
• Be creative while explaining why your product/service is better over the existing ones in the market
• Explain the USP of your product; follow it with proof that your product solves this problem better than any other product in the market
• Combine a strong product story with sales data and you will surely catch the prospective client’s attention