HOW TO SELL A PERFECT PITCH ON A FIRST TRIAL
Written by Princess Wilson
Simply put, a pitch refers to convincingly presenting your business idea to another party, and as a startup founder or entrepreneur, your sales pitch might make or break a deal.
Being able to deliver a convincing pitch attracts customers and investors, giving your business a much-needed boost.
However, creating the ideal pitch takes a lot of practice. It is not just enough that your business idea is innovative or better than your competitors. Your pitch must clearly show investors and customers why they should choose you.
It is already a daunting task to generate leads. Converting those leads to sales is just as difficult, particularly for first timers.
This is why we have put together the ultimate guide to help you sell your first pitch and get that sale or funding. From preparing a pitch to ending it, dive in to learn how.
Preparing a Pitch
Conduct extensive research
Unfortunately, only 27% of buyers believe salespeople genuinely understand their business needs.
Whether you are delivering a pitch to a company or individuals for investment or direct purchase, it is imperative that you conduct extensive research on your prospects.
You can do this by researching online or calling the prospects to discover their needs and the kind of solutions they are hoping to find. At the end of your research, you should be able to map out who your prospect is, their industry, problems, competitors etc.
This research would guide you in creating your pitch deck, as you now have a clear view of their problems and how your products or services can help them.
Tailor your pitch to the needs of your prospects
A good element of every sales pitch is that it always prioritizes the problems of the clients. This means that a generic pitch deck that just explains your business idea will simply not do.
Your deck must be presented in a way that shows the exact problems of the prospect and how your products and services can solve them. It must be informative and empathetic at all times.
If the prospect is a company, endeavor to infuse their mottos, mission statement and goals in your deck.
Tell a story
A pitch deck should be an engaging dialogue, not a monologue, and that is precisely what storytelling does for you. Telling your brand as a story converts your prospects from critics to listeners.
Stories clearly show your prospects how your business can help them. It causes them to talk more and ask questions that give you room to sell your idea, and most importantly, it triggers emotions that go a long way in landing a deal.
Don’t forget to back your story with statistics and facts. Add relevant testimonials and case studies to make your pitch more effective.
Use a compelling headline and cover slide
It is one thing to create a great pitch and another thing to make a pitch that people would want to read or listen to.
Recent studies show that the average human’s attention span is currently at 8 seconds, dropping from 12 seconds in 2000.
This means that your opening line goes a long way in determining whether you get a deal. A catchy cover slide also significantly grabs the attention of your audience.
Thus, you need to start strong by using a short and sweet headline and cover that keeps your prospects hooked till the end.
Give your pitch desk a winning structure
As an entrepreneur, you should have an effective format for your pitch that you use regardless of who you pitch to or their industry.
A winning structure typically starts with outlining the problems of the prospects, then a convincing solution your business can provide and a call-to-action.
Regardless of the structure you choose, make sure it is simple, convincing and prioritizes the client.
Practice. Practice. Practice
Although the guides mentioned above will definitely help you prepare your pitch, it is important that you practice as much as you can, particularly since it is your first trial.
Replicate a scene similar to a board room or a stage and have your friends or family members act as prospects to help you practice better. Practicing also boosts confidence levels and calms the nerves.
During a Pitch
Start the pitch with confidence and a good posture
When delivering a pitch, an important thing to remember is that you are trying to convince prospects why they should choose you over others.
You cannot successfully convince anybody if you’re nervous, disoriented, or shy. With an attention span of 8 seconds, you may lose that deal or funding if you don’t start well.
Open your pitch with the right burst of energy and enthusiasm, speaking clearly with a confidence level that will assure prospects about your product/services. Stand tall without slouching and distribute your weight on both feet. This will open your diaphragm and help you speak better.
However, if you do find yourself nervous — which is typical for first timers, take a few breaths and try to maintain eye contact with your audience. Also, do not take caffeine before a pitch, as it is bound to make you more nervous.
Use a simple language
Since your goal is to get your prospects to spend their money, either via investment or direct purchase, you must use simple language that anybody can understand.
Tell a convincing, engaging and yet concise story that is free of buzzwords or jargon. Only use technical terms that are common in their industry.
Show your prospects why you are better than your competitors
Unless your business was born from an entirely new idea with zero competitors, prospective buyers and investors want to know why they should choose you.
Explain why your product or service stands out and how its uniqueness provides a better solution. To effectively pull this off, ask the clients about their experiences with your competitors and then tell them how your products/services can do better.
Do your best not to sound desperate
While a pitch aims to convert prospects to customers or investors, there is a very thin line between persuasion and desperation.
Instead of offering discounts or other incentives if they were to buy immediately, lay down your best argument through your pitch, and let them choose the best step to take.
While pressure selling may seem tempting, as long as your call-to-action is strong enough, a prospect would end up making that purchase/funding.
Give room for your prospects to ask questions
Remember to give your prospects a chance to ask questions and seek clarifications. Not only does this spark a conversation between you and the prospective client, but it also allows you to explain your products/services even better.
Listen to their questions patiently and attentively and address any concerns appropriately. Additionally, ask thoughtful questions to help you understand their needs even better and provide solutions that align with them.
Keep it short
We live in an incredibly “fast” world, so you want to get your pitch in as fast as possible. Only talk about the crucial things — the prospect’s problems and how your business can solve them.
Limit information about your company history or unrelated products and services to a few lines. If the prospect wants more information, they will ask for it.
Ending a Pitch
Conclude with a solid call-to-action
A call-to-action is just as important in a pitch as it is on a landing page. As you wrap up your pitch, inform the prospect of the steps they need to take to meet their needs.
Provide a clear, realistic timeline of how long it would take to see results and the downside of not choosing your brand.
Close and negotiate
Following a strong call-to-action is a confident close. Since your pitch has provided them with the essential information they need, all that is left to do is to ask your prospect to buy what you are selling.
If the prospect is interested, you may get a “yes” or a “maybe”, and this is where your negotiation skills come into play. This is also when offering discounts or trial periods work.
It is essential that you know how low in prices you’re willing to go so you don’t end up disoriented and confused.
Follow-up on your prospect
Statistics show that only 2% of sales are made during a first meeting, and as a first-timer, it might be incredibly difficult to be in this group.
This is when a follow-up comes in. If you did not receive a definite “no”, send a follow-up email within 24 hours to thank them for their time and reiterate your interest in providing solutions to their needs. Be sure to include any next steps agreed on during the meeting.
Whether there are subsequent meetings or not, continue following up until you receive a definite “yes” or “no”.
Handle rejection with respect and ask for referrals
Before going to deliver a pitch for the first time, you need to realize and accept that it is possible to get rejected.
It is also possible that your prices won’t match the prospect’s budget. Being aware makes it easier to accept rejection.
Thank the buyers for their time and depending on the kind of relationship you have built with them so far, you can ask for a referral.
Referrals are great as they already carry some form of credibility, increasing your chances of landing a deal.
Conclusion
Delivering a compelling speech on your first try might be difficult, but it is definitely not impossible.
To gain better insight on selling a great pitch and other resources you need to succeed as an African founder, register for our free Startup Academy.
Startup Academy is a training platform created by The Bulb Africa to equip founders with the skills, tips, and insights they need to scale. Applications for a new cohort are now open for a limited time!