Pitching your business is a skill, but one that is important to develop, no matter how small your company is. Capturing the concept of your product or service and conveying it in a compelling manner can win you your next investor, business partner, or customer. If you fail to deliver, you may never get a second chance.
Pitching will be one of the hot topics in the upcoming Black Enterprise Entrepreneurs Summit, happening May 17-20 in Houston. At the event, there will be a Pitch Lab where pitch-winning entrepreneurs will share tips, as well as a fast-paced pitch competition with a grand prize of $10,000! I recently discussed this in a Facebook video, where I shared three best practices for delivering the perfect pitch.
3 Best Practices for the Perfect Pitch
1. Be Short and to the Point
Although the amount of time you are allowed in pitch competitions can vary, the one thing they have in common is that they are SHORT, typically between 30-90 seconds. You do not want to deliver a hurried presentation, so this means you must boil your message down to the essentials and practice telling it in a way that will capture the listener’s attention and make them feel confident that you have an attractive and marketable business idea.
2. Articulate Clearly What Problem You Solve
Your business pitch should convey your understanding of the customer; what their pain points are and how exactly your product or service addresses those pain points. Make sure to emphasize how you are solving the problem in a unique manner to demonstrate how you differ from the competition.
3. Understand the Rules of the Competition
Each pitch competition will have its own unique elements, so it is important that you understand what you are signing up for and practice accordingly! Rules may include who can enter, how long the pitch should be, what the pitch should address, and how voting is calculated.
Do you think you have what it takes to win a pitch competition? The 2017 Elevator Pitch Competition for the Black Enterprise Entrepreneurs Summit is currently taking entries! The deadline is Monday, March 13, 2017, at 11 p.m. EDT and you can find out how to submit your entry HERE.