Okay so you have come up with a brilliant business solution that solves a problem, attracts new customers, improves processes or grows revenues, you’ll need buy-in from those who need your solution and possibly outside investors to turn your vision into reality.
Effectively pitching an idea can mean the difference between, well, swimming with the sharks and being eaten alive. These tips can help you create a winning pitch:
Develop a Short, Precise Pitch
Do not overwhelm your audience in irrelevant facts and details.
Create three PowerPoint slides with pictures and less than three words on them. Spend no more than one minute explaining each one and how it relates to these three things:
• The opportunity or problem you’re trying to solve
You must first establish the need for your solution or your pitch will fall flat. Clearly state the business pain you’re trying to solve, and the problems end users or customers are facing; gain agreement from decision makers before connecting customer needs to a technical solution.
• How your solution works
Investors and executives need to identify with the problem and feel human pain before they’re motivated to take action. You need to clearly articulate the client’s pain and why they view this as an urgent need to get approval.
• The economic benefits
Having a great idea isn’t enough. You need to arouse passion to get an investor or executive to part with the company’s money.
Paint a Picture
Explain how your solution will solve the problem that you outlined, what it will cost and the economic benefits. Your presentation should address pertinent questions such as:
• How large is the potential market or opportunity?
• What are the projected user adoption rates?
• How will you spend the funds?
• What’s the timeframe for achieving ROI?
• Transform your pitch from mediocre to memorable by addressing issues and concerns that are relevant to a particular audience.
Most audiences have a short attention span. Just hit the highlights and let the audience dive deeper if they’re interested. At this point no one wants to hear all the technical details.
Since most investors and executives tend to avoid extreme risk, they will be more inclined to give you the green light if you anticipate potential roadblocks and have solutions at-the-ready that will help you meet deadlines, milestones and budgets.