You’ve got a great idea. That’s great. Well done congrats. I’m busy, but I am willing to listen, I’ll give ya 60 secs on my way out the office. Pitch it to me…in the elevator.
Like we mentioned in previous blogs a great idea does not sell itself, YOU have to sell it and sell it quick. In the ruthless business world when people will barely give you a minute of their time you have to capture their imagination, capture their attention, you have to pitch to them something they have never seen before. Good luck.
It all comes down to the pitch. No second chances, no invites back. If you don’t impress someone the first time you’re most likely not going to get the chance to impress them a second.
How does one impress in such a short space of time, under such pressure? No matter how good your product is if you don’t pitch it well enough it won’t sell. In fact a poor product pitched brilliantly can gain the upper-hand on its ‘superior’ competition.
In this week’s class our talented employees at eToro had their own chances to present to the class their own business pitches. We heard innovative pitches ranging from ‘how to build your own teddy-bear’ to ‘removing homelessness’. They got a feel of what it’s like to stand on stage and to be judged and scrutinized. Everyone gave their feedback and thoughts as always.
Some basic rules about pitching:
– Make sure your first business pitch is not to someone too senior. The less senior the more willing the employee is to make a deal- to get the ball rolling in their career.
– Pretend you’re pitching to an idiot. Assume they know nothing about your product. Your presenting the idiots guide to your product. However treating them like an idiot won’t get you far…find a balance.
– Pitch when you don’t need money. Don’t do the chasing. People can smell it when you’re desperate. The is the way the world works, just like how your high school crush suddenly fell in love with you when you were in a relationship.
– Be honest
– Know who you are pitching to
– Use visuals, think different, use an ice-breaker if need be, but also be professional, serious and be yourself.
– Your pitching yourself as well as the product. Investors invest in people not just products.
– Use a storyline. Explain the problem, how you going to solve it and how your product will change the world.
– Leave them with facts that make you stand out. Space X has a great elevator pitch: “Launch costs haven’t come down in decades. We slash them by 90%. The market is $XXbn.”
Often a great pitch is like a great date. If you ‘have he or her at hello’ it could be the beginning of a long-lasting relationship…