You want to start a business. You have an idea. You have a business plan. But you need investors. You need customers. You need to pitch: your idea, your business -- or even yourself.
So how can you make sure you're ready to pitch?
The following is from Ryan Robinson, a content marketing consultant to the world's top experts and growing startups.
As a freelancer, entrepreneur, or any other form of hustler, you never know when the opportunity will arise to pitch an idea. I know because I've been there.
That interesting person you spoke with at the coffee shop could turn out to be a big deal investor.
Your gym partner might end up being exactly the type of person you've been trying to sell to.
Or you might have finally heard back from that startup accelerator you've been hounding for months on end about getting a meeting.
The opportunities are everywhere, and unfortunately we can't always control when they come up. Which is why you always need to be prepared to pitch.
As a full-time consultant running my own business alongside multiple side projects, I can't even begin to express the importance of learning how to pitch an idea well--both to potential investors and, even more important, to your early customers.
Through my countless pitches, I've learned there are time-tested rules to successful pitching that you need to follow to have the best chance of catching a big fish.
So what are we waiting for? Let's jump into how to research, craft, and present a winning pitch to both investors and customers.
Before we get into specifics, we need to talk about the basic foundation when it comes to learning how to pitch an idea--what makes a pitch interesting?
As you've probably learned for yourself already, there's no pitching template you can just plug your information into and get the results you want. Learning the art of how to pitch an idea is much more nuanced than that.
However, that doesn't mean you need to start from scratch every time. Good pitches share certain characteristics that you can borrow, emulate, or ignore depending on whom you're pitching to and what you're looking for:
A good pitch balances business and emotional needs. Whether you're pitching to a company, an investor, a customer, or a potential partner, you have to hit a person on both emotional and business levels. Without this, your pitch is almost certain to fall flat.
A good pitch is succinct. In most cases, you only have a few seconds to capture someone's attention and get your point across. Focus and momentum are your friends.
A good pitch tells a story. Humans have been telling tales for thousands of years. Which is why it's a great idea for the flow of your pitch, whether verbal or in a slide deck, to follow a narrative pattern.
A good pitch focuses on benefits. Value beats price every single time. Rather than focus on cost or features, your pitch needs to focus on the value you're going to create for the person you're pitching.
Now it's time to come down a bit from 30,000 feet and look at how to use this information in our pitch.
1. Know whom you're pitching to (and tailor your pitch accordingly)
Even though you're pitching the same service or product every time, you can't just memorize a few lines and go from there.
Each opportunity is different--you'll need to tailor how you pitch to the person you're pitching to, the social situation, and his or her level of understanding and interest.
Author and business etiquette expert Jacqueline Whitmore likens pitching to playing an instrument: "You want to memorize the melody so you can improvise variations and still sound authentic instead of rehearsed."
Jazz might sound like it's being made up on the spot, but there are years of theory and study behind each improvised line. When you pitch an idea, you want the same type of sound: tailor-made for that person, but with a solid backing of thought and attention based on your experience.
2. Understand the person's needs and motivations
To hit the emotional level that will really make your pitch fly, you need to understand just what motivates the person you're pitching to and what his or her needs are.
As a founder or freelancer, you probably love talking about the features of your product or service. But here's the thing: Customers and investors don't really care about features. They care about results.
If you're having trouble clarifying your product's benefits, one way to do this is to look at your product through the "jobs to be done" methodology (JTBD). Created by Harvard Business School professor Clayton Christensen, JTBD says that instead of thinking about your potential customer or investor as part of a demographic, you should instead think of such people as looking to "hire" someone or something to solve a problem they have.
Your product is what they're looking to "hire."
So ask yourself, what "job" does the person you're pitching to need done? And why is your solution right? Knowing these important details will help you focus on the specific value you're creating for the person you're pitching to.
3. Go deep into what challenges your audience faces
Once you understand your audience's needs and motivations, you need to go a step further and look at the real challenges they face on a daily basis. Don't just get a surface-level understanding of this.
You need to be boots on the ground when it comes to truly understanding these challenges. Because once you are, you'll be able to talk with confidence about how you can solve them.
Also, being able to authentically empathize with the problems the members of your audience are facing will make you more credible in their eyes. And as author and pitch coach Michael Parker says, "If they don't like you, they won't buy you." People act on emotion and then justify with reason.
If Stage 1 of our pitching process was getting a high-level view of what should be in our pitch and starting to do the research we need to make it compelling, our next move is gathering the resources and tools we're going to need to actually put this pitch together.
Now, while your product and your personality will be your greatest tools in any pitch, we all aren't passionate and persuasive speakers. The right tools will help augment our pitch, taking some of the heat off of us personally and letting our product do the talking.
Let's look at a few of my favorite tools for pitching:
4. Create a beautiful and powerful presentation
At the very core of your pitch is the presentation or pitch deck.
And while we're going to go deep on exactly what should be in your presentation later on, the tools you use to build and show off your presentation are incredibly important.
PowerPoint is so '90s. If you're selling a modern product to an informed user or pitching any VC, you want something more advanced like Slidebean. I personally like Slidebean, because it lets you create a visually appealing, professional presentation in minutes using curated templates that have worked for Guy Kawasaki, 500 Startups, the founders of Airbnb, and more.
Because 65 percent of communication is nonverbal, Slidebean has built ways to easily and quickly make your presentation beautiful and on-brand, including a huge resource of images, icons, GIFs, charts, and more to make sure your presentation pops.
And because pitching is always a work in progress, Slidebean lets you track the activity of your presentation to see if your prospects are really engaging with it and where they drop off so you can adjust for the next time you send it out.
5. Have an up-to-date rendering or mockup of your product
There's a reason that Apple Stores let you play with every product they have on display.
Behavioral psychologists have discovered that creating an "ownership experience" by letting potential buyers "try before they buy" is a powerful way to close sales. You can use this same technique in your pitch.
If you're still in the design phase, creating a prototype or wireframes using tools like InVision, Marvel, or RedPen are great ways to show off the functionality and design of your tools without doing any actual coding.
If you're making a physical product but haven't actually created it yet, you can easily go to a freelancer marketplace like 99designs, Crew, Fiverr, or Upwork and find a designer who can make a beautiful 3-D rendering for you.
6. Solicit testimonials from current users or investors
Being able to show social proof for your idea is an incredible tool to use when pitching.
It transfers the clout of the person using your product or service to you and shows investors and clients that there is a real market need for what you're doing.
If you have customers, start by asking them to go on quick calls and talk about their experience. Or send out a quick survey through Typeform or Google Forms asking what they think and if it's OK to share their comments with investors and potential customers.
Some questions you can ask include:
Name, title, and website
What problem were you looking to solve when you decided to try my product/service?
What's your favorite feature of my product/service?
Is there anything that can be improved?
Would you recommend it to friends and colleagues?
Not only will this give you important insight into how real people are using your product, but you'll also get some great soundbites you can share in your pitch. Take the example of this testimonial video I filmed with a reputable CEO, talking about my content marketing services, as inspiration for shooting a quick, simple testimonial.
If you don't have any customers yet, you can still get social proof by simply starting a test group of friends and co-workers. Have them try out your service and give you feedback you can share.
7. Film promotional or explainer videos
A picture's worth a thousand words, and a video just might be worth 10,000.
A succinct, entertaining, and informative video showcasing how your product solves the challenges your audience has is another incredibly powerful tool to add to your pitch.
The video can be as simple as a screen recording with recorded audio, or as complicated as a full live-action production. However, know that the cost of putting together a legit video can get steep. So if you're just starting out, you might not need to go all out or make one at all. In most cases, videos are nice-to-haves.
You can find video producers, studios, or animators on the freelance sites I posted above, or check out video-specific marketplaces like Videopixie or Veed.me.
We've done our research. We've gathered our tools and resources. Now it's time to build a winning pitch deck. First, some basics ...
Your deck is a number of slides, usually between 10 and 20, that do all the things we've been talking about so far: They show that you understand your customer's pain point. That you know you're the best solution for it. And that you're better than the options out there. All while telling an entertaining and engaging story.
The easiest place to start is by looking at people who have successfully pitched or who receive pitches on a daily basis.
A number of authors, venture capitalists, startup founders, and evangelists have created different versions of what they consider to be required elements of a successful pitch presentation. Truth be told, it often depends a lot upon the specifics of your business idea, too.
I've gone through some of the most popular and well-known articles and resources on pitch decks and put together this list of the slides you must include in your deck.
8. Craft an exciting intro
You need to start off with a bang to grab your viewers' attention.
And so your first two slides need to quickly get them engaged. Start with your company name, one "hero image," and your tag line or elevator pitch--a five-to-seven-word blurb that distills what your company does.
Make sure to use images that directly relate to or complement what your company does, such as showing someone actively using your product or service, or the situation in which someone would use it. The goal is to bring the audience "into your world" here.
9. Explain the business opportunity
Next, we're going to zoom out from the company and look at the market itself.
The business opportunity section of your pitch deck has three main components to it:
Problem: Here's where the storytelling starts. You're establishing the status quo and convincing your audience that there's a real problem here that you can solve. Remember here all the research you did on understanding their needs, motivations, and challenges. Ideally, you'll present the "problem" in one to four bullet points. Get to the point quickly.
Solution/value proposition: With the problem established, move on to how your product or service will fix it! List the three key benefits your solution provides.
The market: Just how many people need your solution? Here is where you'll talk about the real addressable market for your product and what percentage of the market you're looking to dominate.
10. Highlight the underlying business model
This is a crucial moment in your pitch, and one where a lot of entrepreneurs and freelancers make a mistake.
Your business model can be the most interesting or the most boring part of your company.
After the excitement of seeing a problem, showing the solution, and then talking about the potentially millions of people who will want to use what you've got, going into the details of how you're doing that can be tiresome and cause people to lose focus.
Instead, keep this section short and visual. Explain your business model clearly with as few words as possible. Try to connect what you're doing to a well-known company so that it's easier to understand (e.g., "We're the Uber of dog sitters").
11. Answer why you can beat the market
Now comes the pivotal moment. Why you?
Here you'll need to channel all your confidence and passion to explain to your audience that you understand your competitors and that you've got a trick up your sleeve that will blow them out of the water.
There are three main points you want to address here:
Competition: Who's already in the ring? Acknowledging competition tells investors you're on top of the market and that you have strategies in mind to beat the other options out there.
Proprietary technology: What unfair advantages, IP, technologies, and innovations are unique to your company and will KO the competition?
Marketing plan: How are you going to get millions of users or customers? Outline your long-term plan for customer acquisition and the strategies you're going to use to get people to stand up and take notice.
12. Explain who you are and shape your story
It's now time to get personal.
Quickly introduce the core team, or if it's just you, talk about yourself. What makes you the best person to do all the things you've just said you're going to do?
Show all the skills your team has and how they complement one another. For most startups, the Hacker, Hustler, Hipster combo is ideal. And mentors or advisers? Unless you've got some heavy hitters, they're probably not worth spending too much time on here.
13. Cover your current traction
If your business opportunity and plan was a jab and your marketing strategies were a big right hook, your traction slide is the KO punch.
Pick your best metric and show it in the best way possible--part of this step is just showing that you know how to articulate what your goals are and that you can show progress toward them.
We're looking for the kind of growth that makes investors scream "Take my money!" So don't be shy.
14. Make your ask incredibly clear
Lastly, you need to ask for what you're after.
Is it an investment? A partnership? If so, what are the details of that? This might not necessarily be a slide, but so many people lose momentum by being afraid to make the ask.
If you've done the work, this should be a no-brainer. But you can't expect your audience to stand up and offer you what you're after. Be clear and to the point.
15. Keep it short
This might sound like a lot to cram into just 10 to 20 slides, and that's because it is.
The hardest part about creating a compelling pitch deck is keeping it short and sweet.
You want your audience to feel that they understand your business but still have room to ask questions. Remember, the Gettysburg Address lasted less than three minutes.
What we've just gone through is the typical pitch deck you'd put together for an investor meeting or when talking to a potential client or customer. But there are other pitching scenarios in which you'll want to switch up your style.
Let's look at a few of the most common:
The Customer pitch
Unlike the investor pitch we just showed above, if you're going out and trying to sell your product or service to a customer, you'll want to change a few things.
Your intro and problem/solution are still very important, but you can probably lay off the market talk (the customer is the market after all).
And while your business model might be interesting to the client you're going after, it's probably better to spend most of your efforts explaining why you're better than the competition.
The Demo Day pitch
Another common pitching situation for startups is Demo Day--the event at the end of an accelerator program where anywhere from 10 to 30 companies get onstage and spend three minutes persuading a room full of investors to throw money at them.
Due to the short, high-pressure nature of Demo Day, you'll want to condense your pitch into a few short sections:
Catch attention with a question: You've got five seconds to capture the investors' attention. What question will make them look up from their phones and lean in?
Show how much money you can make: We're not going for subtlety here. (Remember to know your audience: VCs pretty much only care about growth.) Quickly talk about some impressive numbers like month-on-month growth, lifetime value of a user, total user base, or your annual run rate.
Now it's time for the problem and solution: It's also time to get into storytelling mode. Show your problem and solution through a story about an actual user. Show the problem the person had, the solution you provided, and the benefits he or she received because of it.
Business model, market, growth: Momentum is key here, so move quickly but confidently through your model, how big the market is (and how much of it you can realistically capture), and the strategies you've going to use to grow.
Team photo! Show the beautiful people behind the product. It's probably smart to stick to just the core founders here and not talk about mentors or advisers unless it's important.
Lastly, you'll want these slides to be much more visual than a usual investor deck. You're presenting to a whole room, and having people squint to read text will lose their interest in a heartbeat.
The Elevator pitch
You didn't think we'd forget about the mother of all pitches, did you?
Although we've been going deep into all of the decks and pitches and tools you can use to present your idea, it's always good to put together a solid elevator pitch for those times when you don't have a captive audience, but you don't want to miss the opportunity.
Your 30- to 60-second pitch needs to do a number of things in a very short amount of time. Here are a few pointers:
Have a clear goal: You don't have time to wax poetic. Get to the point as quickly as possible.
Be personable and natural: Even though you're on a time constraint, you don't want to sound like you're just regurgitating memorized lines. We want jazz, not classical.
Focus on results and benefits: Don't make it about yourself. Show benefits. Tell stories. Prove you and your idea have value.
Include a call to action: Offer the person a chance to follow up with you later. The secret to selling is to leave the prospect wanting more.
The pitch doesn't stop after your last slide.
If all goes well, you'll be facing questions and comments from investors and customers eager to get on board with what you're selling. As part of your pitch preparation, you need to be ready for questions, objections, and pushback.
16. Anticipate and answer key questions (before your audience asks)
"I know what you're probably thinking right now ... "
Your audience wants to be confident that you've thought your idea through. So show them you've come at it from all angles by anticipating their questions and answering them in your pitch. To do this, try going through your presentation with "beginner's mind."
Forget everything you know about your business and the market and growth and strategies. Just look at it like you're seeing it for the first time.
What questions do you have? Write these down and see if you can answer them somehow during your presentation.
17. Be ready to deal with objections and tough questions
Objections and tough questions aren't necessarily negative.
In fact, they show that you've made your audience think critically about what you're saying and what you're offering.
However, to get them closer to saying yes, you need to be able to handle their objections with grace and ease. So before you head into a pitch session, try this five-step exercise from Close.io founder Steli Efti:
Write down the top 25 objections you're facing in your market.
Write down your best answers to each objection.
Limit the answers to a maximum of three sentences.
Have at least 10 people review your answers and give feedback.
Test yourself to know these answers by heart.
Once you've gone over the objections that are likely to pop up during your pitch, addressing them in real time with your audience will be a breeze.
18. Rehearse, rehearse, rehearse
Confidence is key when it comes to pitching.
Before you step on any stage or into any office with your presentation, you should know it front to back. Try it out on your co-workers. On your partner. On your parents. Hell, try it out on your Starbucks barista. The more times you go through it, the more natural it'll feel.
And when you're practicing at home, speak out loud. Record yourself presenting and play it back. What sounds weird? Where do you make mistakes?
It's easy to skip over these issues when you're reading silently, but when you actually hear them, they become more and more noticeable.