Negosentro | Keeping It Simple: 5 Tips to Sales Pitch Success | When starting or expanding a business, you may need to reach out to new investors. As you prepare for your meetings, simplicity is key to ensuring potential investors understand and are excited by your product and company. Follow this guide to help you keep it simple and not overshare when putting together any business presentation.
Know Your Product
It may seem obvious, but knowing your product is vital to success when making a sales presentation. Part of this knowledge is understanding both what your product does and what it doesn’t do. Take the time to make sure you know what makes it stand out when using. For example, is it simple to use without excessive training? You should know what makes it tick, and you need to be able to discuss it. This knowledge will show that you not only understand your product, but you are excited by it. Investors are more interested in working with someone that is passionate about their work than someone who shows only a passing interest in it.
Recognize Your Market
Knowing your product is just the first step in preparing for your presentation. You also need to define your market. When a potential investor or buyer asks, and they will ask, who are you selling to, you need to have the answer. You already know your product, so start thinking about who will benefit from it the most. As you identify your market, keep in mind the age, careers, how the product will be used and how much it can cost your users. Gathering this information will help you prepare your pitch and know how to answer any market questions. Don’t forget to include the answer to the question: why is this product necessary to this market?
Study Your Competition
It may seem obvious, but you need to know your competition in the market as well. Start by performing a competitor analysis. Competitor analysis helps you not only understand your competition’s strengths but also their weaknesses, allowing you to leverage this information to your advantage. When preparing for your pitch, you will need to know who owns what share of the market. Additionally, take the time to research how long they have been there. Next, look at what strategies your competitors have implemented. Look for what has worked and what has not for them. Part of your analysis needs to include looking at any new companies entering the market as well.
Review Your Numbers
Once you have interest from investors, you need to keep them hooked. You can maintain their interest by knowing the numbers for your business. These numbers refer to a range of information from the basic price of a product at production and sale to the customer acquisition costs and recurring and one-time revenues. Investors are looking to see if you aren’t pricing yourself out of the market before you even start or setting yourself up with unreasonable expectations. With a little preparation, you can have this information ready and catch any potential risk areas before they start to become real problems. Finally, be prepared to explain any other investments you have received, so investors know who their partners will be.
Keep It Simple
After studying your product, defining your market, analyzing your competition and reviewing your numbers, it is time to put your presentation together. Your presentation should include details about your product, your market, your competition and your numbers. As you prepare the slides to go with your presentation, remember the rule: keep it simple. Your slides are there to help guide the structure of what you are saying not show every word. When you are presenting, you can provide all the details you have not included in the slides. If you are feeling stuck, you can always refer to examples to help check that your presentation is on the right track.
Good luck as you start down your path to business success.