Why The Right Pitch for Startups / solopreneurs?
This is normally used in relation to the presentation seeking investment in any venture. This term has a place in baseball game also. Right Pitch is critical for winning the baseball game. Similarly, any startup entrepreneur should have the skills for the right pitch to acquire resources.
Learning how to pitch properly takes dedication, an understanding of the mechanics of pitching, and a love of the game.
This should result in convincing the other party. Convincing Skills,
Clarity of purpose and buy in.
If you’ve ever seen me speak at an event, you
have probably noticed that I get very excited and passionate about pitching.
There’s an excellent reason for that. I believe that a great pitch is useful in
so many walks of business. As the CEO of a company, you’ll be pitching your
startup morning, noon and night. Short, 90-second elevator pitches. Three- to
six-minute pitches as part of a demo day or a pitch competition. And finally,
the Holy Grail: in a VC’s office, for a 30- to 60-minute explanation of what the
future looks like, if you have anything to do about it. Becoming a truly great
pitch artist takes a lot of practice, which I encourage you to invest time in.
1) Prepare, prepare, prepare
.2) Practice your pitch in front of real people first.
3) Tell a great story, and make an emotional connection
.4) Promote yourself as a savvy business person.
5) Make your presentation visual and interactive
6) Highlight product validation by talking about early sales.
7) Come in with a negotiation strategy.
8) Keep your cool.
Read the full blog at https://blog.hubspot.com/marketing/perfect-business-pitch-shark-tank
Know your numbers.
"I can’t count how many times we've met with companies who don’t even know their own numbers. Take the time, make the effort and know the ins and outs of every facet of your business. You have to know where you stand financially in order to take the next step forward."
Be open, not oppositional.
"When someone comes in to pitch and just doesn’t want to hear what we have to say, that's challenging. Just because you don’t like the feedback you’re receiving doesn’t mean it’s wrong -- or right, for that matter. Be open to other people’s perspectives. When an entrepreneur doesn’t hear us out and instead gets defensive or aggressive, I know we’re not going to get a deal done."Relax, breath, repeat.
"Remember to slow down and tell us a story. You’ve got to relax, take deep breathes, watch your pace and calm your mind. Tell us your story, and let your passion for the business shine through. Control those nerves."
Read full blog at https://www.entrepreneur.com/article/301175
An illustration for right pitch to a
customer who has limited budget
The BIG problem is the Vision — e.g. if you don’t get a website, then all of your competitors will get a better one faster and you’ll miss out on an enormous audience.
The SMALL problem was their budget. Even big companies had none. So undercharge the competition and meanwhile help the client figure out how to impress the budget-makers enough to increase the budget for this.
2.The following statement from rightpitch.com can be considered as a pitch to promote Digital Marketing
We strongly believe everything is, if not will soon be, digital. We understand the global consumer who has gone digital and devise strategies to increase engagement/ loyalty.
3.Secret Sauce of Startup Success
PITCHMAN, BE CRAZY- Vivek Singhal
Remember, you own your BRAND and you have to be CRAZY (on the verge of it really). You are the PITCHMAN. You are essentially, selling yourself, not your venture, at least initially. This is connected to your PASSION. It has to SHOW.
The episode “Safe Catch is a good illustration on how the lack
of strategy and focus repelled shark tank investors. The level of mercury is
high in tuna fish and the owners have developed a technology to detect the
level of mercury and using this fish with unacceptable limit can be rejected. Their
main business is selling Tuna Fish in cans which are safe or the mercury level
is within acceptable limit.
They pitched for an investment of $ 600000 for 3% equity stake.
They failed to get any deal.
1. They have already lost insane amount of money
2. As pointed by Daymond John the valuation sought is for technology but the business is B-C retail/ whole sale business.
Watch the full episode to learn how one should avoid WRONG PITCH .was made.
The art of right pitch is skill. Like any skill the mantra to learn is to Practice, Practice and Practice. There are many coaches who can help you to learn and pick holes in your pitch.
This skill is invaluable for any solopreneur as besides investment, hiring critical skills, seeking partners, supplier negotiations etc. will get a boost.