Look. Let’s assume your startup offers a marketplace for renting apartments from locals. Start to consider your target market's pain point for a minute. What are the main frustrations, obstacles, or unmet requirements that your product/service addresses? You thought about it when you came up with the idea for your startup, so you need to picture this in people’s minds first. As you might have guessed already, the example we gave above was about Airbnb, but you can adapt it to whatever startup you have right now or in the future.
Tell a story that shows the problem and why it is critical to fix it. And don’t forget to incorporate statistics or studies to back up the importance of the problem you're attempting to solve. This can prove highly important if done right! You need to have the data to back your arguments.
But one thing is for sure. You will attract the attention and interest of your audience and help them realize the value of your business by clearly articulating the problem and the demand for your solution. In some cases, when this storytelling part is done right, people actually realize there is a need for something like your product or service without you even mentioning it yet.
But how can you do that? Well, for starters, begin by emphasizing the distinct aspects of your product or service that set it apart. Talk about the differences between your product and the competition. Then point out the value that your startups bring to the market. Even more so, use statistics, reviews, and real data to back up your arguments.
And make sure you’re really delivering what you’re saying. After all, nothing is more powerful than the power of word-of-mouth. So, attracting people with some promises that you are actually delivering, and why not even better than you promised, will make them talk. And let’s be honest - many huge companies that reached our ears did so through a friend of ours that heard it from another friend, and so on.
Remember to stress your solution's benefits rather than just pointing out your product features. Make it clear to your audience how your product or service will make their life simpler, better, or more profitable. If you illustrate the value of your solution, you will increase your chances of recruiting possible investors or partners.
First of all, make sure you explain your price strategy and how it compares to your competition. Explain why your pricing plan is appropriate for your target market and how it will aid your company's growth and success. Fair and simple!
Also, remember to emphasize the size of your target market as well as prospective growth prospects. Why? This will assist potential investors or partners in better understanding the scope of the opportunity and the possible return on investment.
Your business model is an essential component of your pitch deck. Don’t leave this one out! Explaining how your company will earn money and how it fits into the market can boost your chances of obtaining funding and partnerships.
No pressure there! But jokes aside, it is critical to make reasonable and conservative estimates. If you inflate your stats or overstate your growth potential, you might damage your reputation with potential investors or partners. Instead, explain how you intend to use the funds, whether for product development, marketing, or other company needs. This will help potential investors to understand how their money will be utilized. Transparency is key, folks!
Make sure that your financial predictions are well-organized and simple to comprehend. Your forecasts should be more accessible to your audience. Use charts, tables, and graphs to demonstrate them. Easy peasy!
And there you have it. By now, you should now have a compelling idea about the elements of a solid Pitch Deck. But remember one more thing - keep it short, somewhere between 10 and 30 pages, and be creative! Even more so, be memorable!
