Powerful Pitching
…and how to use it to make your startup stand out!
This is the sixth article of our Monday session series where we share our intern’s experience from Red Brick Accelerator’s weekly coaching sessions.
Find the previous articles here:
- What I learned about startups in just one evening
- The mindset of an entrepreneur and methods of experimentation
- Why do we want to hack growth?
- The power of branding
- In the footsteps of the digital customer
This week the Red Brick team and I met with Yuliya Salorenko who held a session about pitching. We spoke not only about building a professional pitch but also why pitching matters. Yuliya’s session was a great pitch itself, as she used her own tips during the workshop to show us how they work. I had been looking forward to this session, as I have always been aware of the significance of pitching and how much impact it can have on the success of a startup.
Why does pitching matter?
Let us face it — whatever industry we take, whatever country we are in, there are a lot of startups and businesses. This is a beneficial situation for customers, but it can be intimidating for new startup founders breaking through. I think in some cases the sheer immensity of competition can put them off altogether. But every new startup has to pitch itself to the customer and investor, and this is where the real chance to stand out arises. In other words, there can be five startups with the exact same offering, but only one will move forward solely because it was successful in pitching. This is how a professional pitch can be the first major step towards success.
The elements of a good pitch
Yuliya shared with us her own approach to creating a successful pitch. She believes that any pitch needs to include only 10 slides. This amount is what it takes to convey the main messages without overloading. I believe it is a good idea to keep in mind a certain limit to the volume of the pitch because it will make the person pitching be selective with the contents.
Each slide is designated to one agenda point of the pitch. It is really important to accommodate all the information about each topic on one slide. Yuliya has her own system of distribution of topics across the pitch. For example, it is important to start the pitch with the problem rather than the solution itself. This is going to keep the interest of investors and stakeholders alive throughout the whole pitch.
The rulebook of a professional pitch
In addition to the pitching structure, Yuliya shared with us her seven fundamental rules of building a great pitch. When all of them are followed, the result is a professional and highly convincing pitch. For example, before the session started, Yuliya ran a short survey asking us some basic questions related to our background and experience. That is a simple and quick thing to do, but this way she was able to make minor adjustments to her session right on the spot. Also, overall research of the audience is in the rulebook. Its results will tell the person pitching which points to raise and where to put emphasis. Naturally, a pitch for an investor will be different from one for a corporate customers (B2B) or consumers (B2C). Another important issue is the language.
The basic idea is that the sentences must be short, whereas the word must have a strong impact. Sometimes it is even possible to tell the viewer everything about a startup in one sentence. This is Yuliya’s scheme:
Other than this, Yuliya stressed to us the power of personal connection in a pitch. One of the ways to establish contact with the viewer is storytelling. Even if the style of storytelling should be casual in most pitches, the choice of a story is far from a casual activity. It requires the research of the audience which goes back to my point about prudent preparation.
Once and for all, an online pitch is a fully-fledged pitch
Pitching has moved online, but it is as relevant as it has ever been. The online mode poses certain challenges, and Yuliya gave us some tips on how to make a strong pitch from home.
First off, eye contact remains important even if the participants of a meeting are miles away from each other. Good eye contact can be achieved by looking straight into the camera as often as possible.
Secondly, the main challenge of an online pitch is the loss of the attention of the audience. This can be addressed by extensive personal interaction — less content, more engagement.
Thirdly, the workspace must look professional. The best lighting in the room must be behind the camera, and the desk must be kept clear.
My takeaway:
In summary, a good pitch tells the customer or investor why this startup is worth working with them. There is no escape from the fact that the market is oversaturated with all manner of products and solutions, therefore a good pitch must be nailed. It is usually short and concise, and particular emphasis should be placed on personal engagement with the recipient of the pitch.
· Professional pitch is a great way to get a meaningful distinction
· Ten slides is the perfect format for a pitch deck
· The problem slide is the most important one, it discusses the problem we are solving and gives the idea for whom it is
· The general rules of a good pitch revolve around conciseness and good preparation
Red Brick Accelerator offers intense coaching and mentoring for your idea and early-stage startup. Go see here when the next application period starts!
