You need to know the type of pitch, it is very important to understand
the type of pitching that you are going to pitch. Technically there are three
types of pitch. The famous one is the elevator pitch, there is a 30 minutes
pitch and there is a “investor deep pitch”; this is when investor has given you
the total attention and need to hear about your idea or product intensively.
Most of the time is when the investor is attracted to your idea.
You need to know characteristics of
each pitching technique, when it is elevator pitch 5 minutes or less is all you need to make
your point clear. It should cover very few topics. Within those 5 minutes you
should be able to make the investor knock is head and say yes this is the good
thing. 30 minutes pitch provides a room of short but detailed explanations and
rooms of questions so be prepared. Investor deep pitch this is when you get
your facts together, most of the time you can carry your study of the market,
product statistics in terms of usability, ROI and so on.
Three things each pitch should have, the pitch is never complete if it misses these three things first, problem that you are
solving, why is important to solve this problem and proof that you have enough
experience and resources to solve that problem.
The biggest mistake in pitching; first is practicing to pitch during
the pitch session. We never practice pitching in front of real investors you
have thousands of people to try your pitching simulations. Never jump into the solutions;
investors are not interested with the solutions. They always want to hear
stories and real time user experience and how users have embraced your product.
Questions you pitch should answer, any pitch should answer the
following questions, why should I put money in your product, problem or
opportunity you have seen, how this opportunity matters to the users and what
is the best solution that you have come up with.
Structure of the pitch, in one statement any pitch should
contain problem, solution and team. It doesn’t matter how you rotates those
stuffs they can give you the perfect structure you need to attract investors
into your products.
Pitch practice, never practice pitching with the
investors remember there is only one first impression. Practice pitching with
your trainers, co workers, team members, friend and family. Sometimes look for
people who always criticize you and hear what they have to say about your
product. Only a strong flame can make a fine steel.
Investors
and their numbers, “over 200,000 users just one month of operation” these are
the type of statements investors expect and like to hear during pitching but whatever
you do, make sure you know what you are talking about. Fake statistics they won’t
help you at all.
Crazy pitch, singing your product like a new
released song of Psquare. You need people to know your product and to say
something about it. At early stages these are among the best ways to draw
people attentions towards your products although some might think you are going
mad.
Jumanne Mtambalike
Tech360 Founder