What is it?
The Pitch is the last pillar of your house, the finishing touch that can give the decisive edge to transform a good business idea into an exhaustive, appealing, convincing project for your managers or investors. It is a message, a speech, a presentation that in a few minutes concentrates everything you have included in the BUSINESS MODEL CANVAS and in the Business Plan to make your idea viable, sustainable and a winning one. In addition to business data, you have to put all your passion and ability into reaching those who listen to you.
Take the elevator to the sky
The perfect Pitch literature is very wide. Be aware, a perfect one does not exist. Or rather, there is no way to give an objective assessment. The variables involved are so many that they make everything very relative. Who is the investor audience you have in front of you? What is your business idea? Why did you decide to invest in this sector? Why did you launch your company? If you cannot answer these questions and delineate the scope of action, you will never be able to convey your passion to those who listen to you, to convince someone of the worthiness of your project, or find lenders for your dreams to come true.
Elevator Pitch, the Americans say. In this case, it is the only objective parameter to evaluate your performance. If in the time frame of a trip in the elevator you have not “broken through”, then it is sure that your Pitch was not so perfect.
How to prepare it?
Once you have completed the BUSINESS MODEL CANVAS, you will already have all the data to prepare your Pitch. You will need a speech and a keynote or PowerPoint to present it, your passion and your zeal to convey it. The following are the sections that should be touched on.
Key Partners
Schematically define the partnerships you have chosen to create the value to offer customers. Explain who will do what, when, how and why the partner you chose to take accompany you along the path for a time is the right one.
Key Activities
List the activities you will perform, explain how you will alleviate the distress of your customers and solve their problem. To do this, you can use a demo or a video that captures the attention of your listener.
Value Proposition
Represents your business idea at its best. Explains who you are, what you do, what need you fill or what problem you want to solve, who your ideal client is, why your approach is better than that of your competitors, why you can help your customers achieve their goal.
Customer Relations
Briefly sum up how you plan to acquire and keep your customers, what your marketing strategy will be and what kind of communication you will use to reach, retain, and indulge your target audience.
Customer Segments
Quickly present the segments into which you have divided the market, which of them you have decided to contact and why.
Key Resources
Outlines what resources you have decided to use to reach your goal. Who the people are who will accompany you in your business and why they are the right people. Which technical and financial resources you will put into action.
Channels
Summarise the touchpoints, sales, distribution and communication channels chosen to reach your target.
Revenue Streams
Summarise the expected revenues and their origins in a few figures. You can generate a chart to allow the listener to quickly view key data.
Cost Structure
As for revenues, the costs that you will have to bear for the success of your business project must be graphically summed up so as to be easily understood.
Financial Sources
Who will your lenders be? Where will you find the money for your business? Indicate what all sources are. Again, use your creativity to say it quickly and clearly.
Competitors
Present visually who the main competitors are in your market, but remember that in the end, you have to be the winner.
Tips & Tricks
The perfect Pitch does not exist, but there are some good tips to get off on the right foot.
- Pitch is not just a document, but a presentation in front of a person or, often, as in the case of startups, before an audience of investors. You have to put your entire being into it. Public speaking will be fundamental, the tone of voice that you use, the colloquial and informal language, yet accurate or precise. Look to establish visual contact with your interlocutors, look them in the eye, demonstrate confidence in what you say and in what you present. Your idea is the best, but don’t be obnoxious or arrogant.
- If you talk to a group of investors, focus on the opportunity that your business project represents for them to invest in and the value it can create compared to competitors. If you are in front of potential customers, keep the focus on the reasons why they should choose your idea, your product, your service.
- Avoid common mistakes that are made on keynotes or PowerPoint. In the slides that accompany your Pitch, there must be only a few words and well-chosen. Insert impact images and information graphics.
- Take all the time you need to prepare the Pitch well. It is not a joke, it is everything. Read and reread your speech, try it out several times, record your voice, correct yourself.
- Find the right phrase, the effect phrase to open and close the Pitch.