Startup ABC #8: Pitch

Not least because of the TV show “Die Höhle der Löwen,” the term “pitch” is on everyone’s lips—and not just in business circles. Even as a casual viewer, you can quickly and intuitively tell who’s pitching well and which pitches are more of a flop. It’s a bit like “Who Wants to Be a Millionaire?”: sitting in front of the screen, you always know the right answer—and, of course, you know everything better than anyone else. But rather than just complaining, if we want to get to the heart of the matter, it’s always best to start by checking the facts.

1. Problem

What is the specific problem you want to solve with your startup idea or product? Also explain who your target audience is—in other words, who is the customer who currently has a problem that, of course, can only be best solved by your product. To make it even more tangible, you can also bring the customer’s “pain” to life through a short story.

2. Solution

Now that the problem has been clearly defined, the next step is to present the solution to this customer problem as vividly as possible. It’s important here not to get lost in overly detailed, technical intricacies, but rather to focus on the overarching benefits of the product for the customer. Ask yourself: How does the product make the customer’s life easier?

3. Call to Action

Finally, you should consider what you want to achieve with your pitch. Depending on your goal, your “call to action” will look slightly different. In any case, it should be precisely worded and tailored to your audience. Only then will they know what your goal or specific objective is.

In addition to the three essential elements mentioned above, you can share other interesting information depending on the intended length of your pitch. Exactly what that information is depends on who your audience is and what you hope to achieve with your pitch. The following list outlines some possible additions:

• Your business model: Depending on what defines your product or business idea, it may make sense to mention the core aspects of your business model in the pitch. Which aspect is essential to the success of your business model—or, to put it another way, what makes your business model special?

• Finances: Think about what might make your business financially attractive to your audience. Do you need a significant investment, or can you even promise a good return on investment (ROI) in a very short time? Even if that’s not the case, there are surely good reasons for it that will be of great interest to the potential investor. Don’t be afraid to be honest! Even good business ideas don’t turn a profit right away in the first fiscal year. Think of Elon Musk and Tesla, for example…

• Timeline: To further build trust, you can also inform your audience about your product’s upcoming milestones. On the one hand, it’s interesting to know where your business currently stands, but also what the outlook is for the coming years. Do you perhaps have follow-up products or complementary services planned? Fantastic! That shows you’re also thinking about the future development of your business.

In addition to the hard facts, a good story can round out your pitch and captivate your audience. Why is this so important? People love stories because we can learn from them, because they bring us together, and, not least, because they help us remember. It’s much easier for our brains to remember facts and understand connections when they’re woven into a good story. So: Make your pitch something people can experience and feel!

As in every area of life, staying authentic is the key to pitching.

That means:

• Find your own style!

• Stick to the truth.

• Don’t pretend to be someone else—and smile every now and then!

Good luck with your own pitches! :)