The Art of Pitching: A Step By Step Guide
The University of Dayton, PNC Bank, Entrepreneurs’ Center and the Greater West Dayton Incubator are proud sponsors of the Flyer Pitch Competition inD Dayton, Ohio.
Pitching your business is an essential skill that every entrepreneur needs to master.
Pitching is the art of conveying your idea, vision, and strategy in a concise, compelling manner to potential investors, customers, and partners. A well-crafted pitch can make all the difference in securing funding, generating interest, and building partnerships.
Here are some key steps to follow when pitching your business:
2023 Flyer Pitch Competitor
Start with a strong introduction: Begin your pitch with a hook that captures your audience's attention. You can use an interesting statistic, a personal story, or a provocative question to engage your listeners. A personal story is an effective way to appeal to the emotions of your audience and avoid confusing them with hard to comprehend data or information. By telling stories and using vivid imagery, you can create an emotional connection that can help sway the decision in your favor.
2023 Flyer Pitch Competitor
Define the problem you're solving: Clearly articulate the problem your business solves and the pain points your target audience experiences. This requires you to identify and articulate who your product or service is meant for. Your target customer should be specific and not too general. For example, a good target customer description could be: young (18-25), single mothers in Ohio. It’s helpful to include demographic information in your description of your customer.
2023 Flyer Pitch Competitor
Explain your solution: Next, describe your solution and how it solves the problem. Be clear and concise, and highlight the key benefits of your solution. Make sure you emphasize how your solution is different and better than other alternatives in the market. This part of your pitch shows the overall strategy of your company. You could either be positioned as a differentiator (a product or service with superior or unique qualities) or a cost leader (a product or service at a low price).
2023 Flyer Pitch Competitor
Demonstrate traction: If you have already launched your product or service, provide some evidence of traction, such as customer testimonials, user engagement metrics, or revenue growth. This helps to build credibility and shows that your solution has real-world value.
2023 Flyer Pitch Competitor
Outline your market opportunity: Explain the size of the market you're targeting and the potential for growth. You can use market research data or industry trends to support your claims. Make sure that the included data is not over complicated or difficult to comprehend as that can draw attention away from the most important aspects of your pitch.
2023 Flyer Pitch Competitor
Highlight your team's expertise: Talk about the experience and expertise of your team and how it positions your business for success. Investors and partners want to know that you have the right people on board to execute your vision.
2023 Flyer Pitch Judge Panel
Provide a clear ask: Finally, be clear about what you're asking for, whether it's funding, partnership, or customer acquisition. Make sure your ask is reasonable and aligns with your current stage of development.
When pitching your business, it's essential to tailor your message to your audience. Investors, customers, and partners have different priorities and perspectives, so you'll need to adjust your pitch accordingly. Be prepared to answer questions and objections, and don't be afraid to ask for feedback. Additionally, depending on why and where you are pitching, the amount of time you have to pitch your business will vary. A pitch can be 60 seconds or over 30 minutes, meaning you will have to adjust the amount of information you share. If it’s a short pitch, prioritize the information that creates intrigue (a problem description, personal stories, your solution, etc.) so they are interested in hearing more.
Practice makes perfect, so rehearse your pitch until it flows naturally and sounds polished. You can also record yourself to get feedback on your delivery, tone, and body language.
In conclusion, pitching your business is a critical skill that requires preparation, focus, and clarity. Follow these steps to craft a compelling pitch that resonates with your audience and gets results.
If you’re interested in seeing these techniques in practice, you can attend the Spring 2023 Flyer Pitch Competition Finals on April 22nd at the Hub. With practice, you can become a master at pitching your business and taking it to the next level.
For further reading, we encourage you to look into these books that expand upon the art of pitching. Pitching Books:
Upcoming Pitch Events:
Launch It: Cincy is a pitch competition exclusively for undergraduate students in the Tri-State Area - stretching from Dayton to Lexington!
Young Entrepreneurs of Color Pitch Competition: The program will provide a one-week paid internship to students and young professionals, ages 15-20, to learn about entrepreneurship and work in teams to pitch business ideas that provide solutions for real company problems.
