Whether you’re pitching to would-be investors, potential stockists or customers, you generally have just a few minutes to impress. Caroline Thompson, entrepreneur development manager at the Entrepreneurial Spark powered by NatWest hub in Cardiff, shares her top tips for pitching.
Pitching is a huge part of the culture for the entrepreneurs being put through their paces on the Entrepreneurial Spark programme.
Developing a first-class pitch can really set you apart, so it’s one of the key things we focus on. Our entrepreneurs have regular meetings with me or with Entrepreneurial Spark enablers Rony Seamons and Charly Hagger. We encourage them to pitch every time. We hold regular pitching competitions too so the entrepreneurs can really hone their skills. That’s how important it is to get this part of your business spot on.
It’s all about structure – your pitch needs to be clear and concise. The model we teach uses six key components:
- Build a rapport with your audience and capture their attention right at the start.
- What are you trying to solve? If there is no problem, why would anyone buy your product or service? Look at this from your customer’s point of view rather than your own.
- How does your product or service solve the problem you’ve outlined?
- How big is the slice of the pie you’re seeking? If your audience is made up of potential investors, get them excited.
- What have you already done to your business? Have you already produced your product or service, or made a key sale? Have you put together a marketing campaign to bring in customers and move your business forward?
- The Ask. What is it you want from the people you are pitching to? If they are potential investors, are you looking for £2,000 or £10,000? What are you going to do with their investment?
With plenty of practice you’ll find that your pitch becomes second-nature. We have entrepreneurs who say they end up drawing on elements of their pitch in everyday interactions with customers – which means you’ll always be right on message.
Applications are now open for the May intake to the Entrepreneurial Spark Cardiff hub. Apply here: http://www.entrepreneurial-spark.com/