{"id":1445,"date":"2020-01-28T11:25:25","date_gmt":"2020-01-28T11:25:25","guid":{"rendered":"https:\/\/lucilleossai.com\/blog\/?p=1445"},"modified":"2020-01-29T10:32:10","modified_gmt":"2020-01-29T10:32:10","slug":"how-to-transform-your-next-business-pitch","status":"publish","type":"post","link":"https:\/\/lucilleossai.com\/blog\/2020\/01\/28\/how-to-transform-your-next-business-pitch\/","title":{"rendered":"How To Transform Your Next Business Pitch"},"content":{"rendered":"\n
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You’ve\nbeen doing it all wrong.<\/p>\n\n\n\n

Or\nat least, you’ve been prioritising the wrong aspects. <\/p>\n\n\n\n

Yes, your content is essential, so are your visuals or shiny props. But often, polished business pitches fail to attract funding because the ‘soft’ aspects\u2014stories to trigger emotions, body language cues to increase trust and likability\u2014are relegated to the fringe.<\/p>\n\n\n\n

An effective business pitch should have a balance between the ‘hard’ segment (rationale and data), and the ‘soft’ aspect (delivery) to be memorable, and more importantly, to get you the support you need.<\/p>\n\n\n\n

Last week, I was invited by Kleos Africa<\/a> to deliver a webinar on the perfect business pitch. Kleos Africa operates an online platform that links business owners and entrepreneurs with consultants in different regions who provide various business support services – from business plans and marketing strategies to human resources services.<\/p>\n\n\n\n

After the introduction, I shared the worrisome statistic: 73% of us suffer from some fear or anxiety of public speaking, according to the U.S National Institute of Mental Health<\/a>. The term for this malaise, glossophobia, is well documented. <\/p>\n\n\n\n

But you needn’t fear that you’d be doomed to fail even though manifestations of public speaking anxiety\u2014ranging from the mild (sweating, trembling, increased heart rate), to the severe (panic attacks, being physically sick, and fainting)\u2014are physiological. Such symptoms are a natural response to perceived stress or to the fear of being judged or embarrassed<\/a>. That’s why most of us dread speaking in public.<\/p>\n\n\n\n

And a business pitch increases the stakes. <\/p>\n\n\n\n

But\nthere’s hope. With proper preparation, careful consideration of your content, an\nengaging delivery, and practice, you can overcome the odds of failure. <\/p>\n\n\n\n

Below are the steps I shared in the webinar, which will help you supercharge your business pitch, so you go on to \u2018disrupt\u2019 your field or change your world with your product, service or movement.<\/p>\n\n\n\n

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1) Prepare thoroughly<\/strong><\/h2>\n\n\n\n
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Preparation\nis critical to success.<\/p>\n\n\n\n

Before you walk confidently into the room where you’d be giving the pitch or before you log on (for virtual pitches), consider the aspects below:<\/p>\n\n\n\n

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I)\nAudience & the environment<\/strong><\/p>\n\n\n\n

Who is your audience? What are their areas of interest? And why should they care about your pitch?<\/p>\n\n\n\n

If\nyour potential investor is only interested in tech, then determine how you\ncould expand your agribusiness model by using an app that the investor might\nfind interesting.<\/p>\n\n\n\n

Also, be aware of the pitching environment: would you be pitching to a lone venture capitalist or a panel? If you’d be facing the latter, how many members would there be, and how do you intend to pitch so that each person feels recognised? <\/p>\n\n\n\n

II)\nTime allotted<\/strong><\/p>\n\n\n\n

Investors\nare busy business people and have little patience for time-wasters. It’s\ntherefore imperative that you adhere to your slot.<\/p>\n\n\n\n

Being able to deliver a concise, focussed pitch also speaks volumes about your professionalism. Unless you’re given a shorter timeframe, aim to finish your pitch in less than 10 minutes, as research<\/a> shows that our brains begin to tune off at the 9.59-minute mark.<\/p>\n\n\n\n

In TV shows, such as the BBC’s Dragons’ Den, you even get three minutes<\/a>. For the U.S version, Shark Tank, a televised segment typically lasts one hour<\/a>, but realise that includes the audience’s interactions.<\/p>\n\n\n\n

Bottom line: be strategic in the use of your time.<\/p>\n\n\n\n

III)\nIT tools<\/strong><\/p>\n\n\n\n

Nothing can derail your pitch and ruffle your confidence more than IT glitches. Whether it’s your USB suddenly developing a virus and not working, your clicker freezing, or your laptop dying (because you forgot to charge it beforehand and didn’t take your cables) – IT fails, for the most part, can be prevented.<\/p>\n\n\n\n

It’s your responsibility to ensure you’ve backups, cords, adaptors, etc. Save your presentation deck in the cloud as an additional precaution. Still, realise that sometimes, despite your best efforts, your equipment would fail you.<\/p>\n\n\n\n

And\nyou’d better know your content inside out to be able to pitch without the visual\naids.<\/p>\n\n\n\n

IV)\nStructure of your pitch<\/strong><\/p>\n\n\n\n

Use my three beacons of effective communication: simplicity, brevity, and clarity to structure your pitch.<\/p>\n\n\n\n

Your product or service, despite whatever complexities, should be simple<\/em> to explain. Note that the investors might not be knowledgeable about your field, and no one will invest in a business they don’t understand.<\/p>\n\n\n\n

Ensure that your pitch is brief<\/em> (and doesn’t go off on a tangent) as this is a foolproof way to keep your audience interested. They’d appreciate your precision.<\/p>\n\n\n\n

Finally, your pitch should be clear<\/em>. You must explicitly state a call-to-action: what you want the investor to do, and how the partnership should run. Your pitch shouldn\u2019t be a so-what event.<\/p>\n\n\n\n

V)\nQuestions<\/strong><\/p>\n\n\n\n

You can realistically predict questions potential investors will ask, so formulate them beforehand. Practise answering them as simply and concisely as possible.  Get a friend to role-play being the investor, and rehearse your responses.<\/p>\n\n\n\n

Don’t go easy on yourself; prepare to answer the toughest questions you can imagine. In this way, you’d be better prepared.<\/p>\n\n\n\n

VI)\nPractice<\/strong><\/p>\n\n\n\n

You can’t do this process poorly or skip it altogether. Practise the entire<\/em> pitch (yes, from beginning to end) until you don’t get anything wrong.<\/p>\n\n\n\n

Practice begets confidence. <\/p>\n\n\n\n

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2) Organise your content <\/strong><\/h2>\n\n\n\n
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Your content, the ‘meat’ of your pitch needs careful consideration. Contemplate the questions below to help you craft a compelling pitch. <\/p>\n\n\n\n

I)\nAre you pitching alone or with a partner?<\/strong><\/p>\n\n\n\n

Determine if you’re pitching alone, with a business partner, or with someone involved in the business. It’s essential to play to your strengths. If you’re not a ‘numbers person’, then take along your accountant or financial advisor. But don’t feel that you must pitch alone.<\/p>\n\n\n\n

If pitching with another person, you must be clear about when the other person should speak and what he\/she should refrain from commenting on. You should also rehearse with your partner to ensure order. One person speaking over the other causes confusion and weakens the presentation.<\/p>\n\n\n\n

If\npitching with a co-founder, you should present a united front at all times and\nnot contradict each other. Again, rehearse together.<\/p>\n\n\n\n

II)\nIs your content relevant?<\/strong><\/p>\n\n\n\n

Articulate what makes your idea, product or service unique, and explain why an investor would want to include it to his or her portfolio. <\/p>\n\n\n\n

For this reason, you must know the point of your pitch and then sell it.<\/p>\n\n\n\n

Joel Schwartzberg, author of ‘Get to the Point! Sharpen Your Message and Make Your Words Matter’, recommends the ‘I believe that’ test<\/a>\u00a0to hone your point. <\/p>\n\n\n\n

For\nexample, you could state:<\/p>\n\n\n\n

(I believe that) Our X Watch will detect the earliest signs of heart disease by daily monitoring your blood pressure, heart rate, and other cardiovascular indicators while you sleep. With the data collected, we could reduce incidents of heart attacks by y%.<\/em><\/p>\n\n\n\n

Your content will be irrelevant to an investor’s interests if you can’t persuasively communicate your point.<\/p>\n\n\n\n

III)\nHave you researched the market?<\/strong><\/p>\n\n\n\n

Know your competitors and their weaknesses so that you can position your product or service as the obvious solution. Or, if you’re launching a novel innovation, highlight the future benefits.<\/p>\n\n\n\n

Know your figures (or get your partner to handle this section) and decide on the equity you’re willing to concede to the investor.<\/p>\n\n\n\n

IV)\nHave you included visual\/auditory\/kinesthetic elements?<\/strong><\/p>\n\n\n\n

Including\nvisual or multimedia elements or displaying props enrich your pitch. <\/p>\n\n\n\n

Moreover, some investors might be inclined to the visual aspects (images and graphics), the auditory (verbal\/sound), or the kinesthetic (touch), so make provisions for your pitch to stimulate the senses.<\/p>\n\n\n\n

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3) Sharpen your delivery<\/strong><\/h2>\n\n\n\n
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Realise that it’s not about you.<\/p>\n\n\n\n

This point might sound counter-intuitive, but the stress of your pitch should be on the value that your product or service would bring, and not on pandering to your ego.<\/p>\n\n\n\n

Still, even the most relevant, polished content (with the ‘hard’ attributes mentioned at the beginning) must be delivered in an engaging way to connect with your investors. That’s why your delivery is paramount to success.<\/p>\n\n\n\n

First, take note of your appearance; dress appropriately for the audience you’d be facing, and walk into the room confidently. <\/p>\n\n\n\n

During the webinar, a participant shared how she had to carefully consider her attire before facing conservative investors. That’s why you should enquire about your audience beforehand. Negative perceptions, which could be formed within moments of seeing you, are difficult to change. <\/p>\n\n\n\n

Then\nconsider the steps below:<\/p>\n\n\n\n

I)\nStart in a memorable way<\/strong><\/p>\n\n\n\n

Open\nyour pitch with a bang: a shocking statement, statistic, story, personal\nanecdote, etc. Just avoid the drab and the predictable. According to the\nprimary-recency phenomenon, people remember most the first and last things you\nsay. Therefore, make your beginnings count. <\/p>\n\n\n\n

Use\nthe “Imagine…” technique<\/strong><\/p>\n\n\n\n

One\ntechnique I regularly use at the beginning that captures the attention of the\naudience is “Imagine…” Use it to paint a picture of what the ideal\nworld would be with your product or service. That word mentally transports your\naudience to your dream and causes them to place value on what you’re advocating\nfor.<\/p>\n\n\n\n

Just\nensure that after your ‘imagine’ phrase\/sentence, that you pause (to give your\naudience the time to visualise), change your tone, and take a step closer to\nthe audience. Then ask a clarifying question or make a declaration.<\/p>\n\n\n\n

The ‘Imagine…’ technique also works well for other parts of your pitch and keeps your audience engaged.<\/p>\n\n\n\n

II)\nUse your body language cues to create excitement or generate trust<\/strong><\/p>\n\n\n\n

Likability, often underrated, is an asset in any public speaking stint – pitches included.\u00a0Smiling, maintaining eye contact, listening attentively, varying your tone, volume and pitch, and other \u2018warm\u2019 nonverbal cues make you likeable, which increases your persuasive skills.<\/p>\n\n\n\n

Gestures also communicate passion and credibility when used organically. Switch gestures between the \u2018passionplane\u2019 (open palm gestures in the chest region indicating that you’re passionate about your content)\u2014and the \u2018truthplane\u2019 (open gestures at navel length signalling that you’ve got nothing to hide and can be trusted)\u2014to bond with your audience. Mark Bowden, body language expert, author of four books on the topic, and co-founder of Truthplane<\/a>, the communication-training company, explains in the video below why gesturing in the truthplane is the universal signal to gain trust.<\/p>\n\n\n\n

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