For every 1,000 pitches an investor hears, he or she will fund only 100 of them. Statistically, the odds for success are not great. You can beat the statistics, however, by crafting a pitch that that turns heads and gets funded.
What are the ingredients of an ultra-compelling, irresistible, outstanding, and unforgettable pitch? We’ve put together 10 things every great pitch should cover.
#1 Have a target audience
Your app can't just be, "for everyone". It's a vague and uncertain statement. Not only will it impress your audience if you have a clear understanding of what kind of audience you’re aiming toward. Who’s passionate about the app you’re providing? The more prospective customers you pitch to, the more feedback you gather, the more idea about what pain points you’re addressing most importantly. Through the process, creating personas of your target audience and honing in on them completely is of absolute importance throughout the process.
#2 Practice makes perfect
There's nothing more embarrassing than stumbling your way through a presentation. Practice, practice and then practice some more! A little (read: a lot) of practice can go a long way.
#3 Explain the problem & solution
The reason any business innovation exists is to solve problems and make our lives better. This can easily unite with your prototype, which falls under what is known as a, "pitch deck". Bootstrapping? You can skip creating a pitch deck, but identify your problem and solution. Helping your audience understand a problem and your new-cool solution is a commonplace business move. It's practically the foundation of infomercials.
#4 Ideally, have a prototype
Any investor worth their salt is going to want to see representation of what they're buying. If you’re bootstrapping, you should also compile a prototype--however basic. Visualizing what you'd like your audience to be able to do, feel and achieve is a good direction towards getting your product in line with your customer's needs. If in doubt, a prototype lets your target audience test out the idea in real time! Ask. A great idea is always impressive, but it's of little use without physical representation. (Hint: Builder helps you to create this with our Build Card feature.) Further, creating a site and domain name will also further your cause. It demonstrates just how serious you are.
#5 Have your financial estimates prepared
Investors are gathered in the room for one reason. They want to know what they stand to gain. Having some kind of estimate based on your prototype can help illuminate this. They are just estimates, but be realistic and straightforward. If you’re investing in the first stages of your endeavor, know how much you’re planning to invest. Knowledge gives you the power not to burn out your financial or emotional investment.
#6 Learn about your investors
For those bootstrapping, feel free to move past this point. Find a business portfolio about the people you’re pitching. Know their previous investments, as it will teach you what interests them. Play your strengths to their passions and interests. Understanding your investors (and importantly, your apps’ target audience) may alter your pitch from room to room to keep it fresh and attractive.
#7 Have a development plan
Once your prototype has been laid out clearly, the question is where to go next. Builder is there to compliment your prototype idea with an actual UI prototype and clear budget with our Build Card and development completion date. With one final price and set date of completion, you’ll feel confident it’s the development process. Once the app is in place, knowing how to successfully market it is equally important. And during your pitch, you may be asked about marketing. So let’s get into it.
#8 Know your competition
For every application, there are countless imitators. Social media apps past and present have been in constant competition. Understanding just what your product is up against will impress those in the room. It can also force you to consider what you have to offer--what makes it exceptional? What makes your brand stand out?
#9 Know your total budget
Not only do investors want to know gains, they also care what they spend. When bootstrapping, your budget will be all the more important. As previously mentioned, a lot of your budgetary needs rely on personal skills. Factoring in marketing will also play a role. The app market is different from most others, as the platform is busy with around 2.5 billion smartphones in use across the globe.
#10 Be a salesman
According to Appster, investors spend less than four minutes listening to an opening pitch. Online, your target audience must be enthralled in the first few seconds. Much of what sells your product is your own charisma and energy. This means you should love what you’re doing and devote time to yourself not to get burnt out through the process. Find and retain what makes you believe consistently in your product. Hold it dear. Don’t let go. You can do it!We believe in you and can’t wait to hear your pitch.