The article is contributed by Mrs. Deepti Sharma, Managing Director, Thinker Place.
Investors are always on the lookout for ideas that are unique and can be of use in whatever sector they are being pitched in. Every idea, irrespective of what the idea contains, can be a great idea depending on the pitching method and the solutions/interactiveness that the idea has with its target audience. Ultimately, it all boils down to the product that you have and the potential – whether prominent or hidden, it contains.
From personal experience, investors always want a thorough breakdown of potential products they are going to invest in. The standard breakdown questions by investors include the following:
What is your idea/product? – A question to check what made you come up with the product and to know the root of development and the thinking process behind developing something.
How does it help? – Products are made for consumers. Investors look for your target audience and the functionality of your product through this question. Products/ideas that provide immediate solutions or benefits to the target audience are ranked higher for investors.
What does it do? – A trick question by investors to know the end-to-end process of a product. This is a critical question where investors check the development state of a product and make decisions on the amount to be invested.
Materials used in the product – Investors today are always on the lookout for sustainability. The materials used in a product give investors a judgment on the cost of making a raw product and can help them determine the selling price. As an entrepreneur, this is also a key moment to display hidden trinkets and other special features that your product may hold.
The “Units Sold” question – After the idea and the products have been pitched, investors ask about the market trend and public reaction to the product. This is a statistical question that is answered purely in numbers, raw data, and through a variety of content.
Additional cost questions – The “make or break” question while pitching. Cost questions by investors look at individual raw material costs, production costs, the team’s cost, and most importantly – sales and marketing costs.
PRODUCT IS KEY. There is no other way around it. Taking an idea and perfecting it to near-perfection is what all entrepreneurs and business owners strive for. On an added note, investors fall head-over-heels for PR activities and recognition that a product or entrepreneur has received. In short, the more recognition or “brand awareness” that you or your product has, the better.
As an entrepreneur, you are not only pitching for the idea and the product that you’ve worked so hard on, it is also a pitch for trust. Investors look at your convincing power, your confidence, your real-world knowledge, your market knowledge, and above all, how far you will go for your product.
Statistically, most investors have already decided whether or not to invest in your startup business based on the first 5-10 minute interaction you’ve had with them.
A quick guide to getting into the good books of investors:
Do your research – Knowing who you are pitching to, their background, their job profile and work history, what and who they’ve invested in previously, and any other details can help you in your pitch.
Dress to impress – There is no excuse for not looking professional. Think of it as a very important job interview. Though the new-found trend is to dress as one sees fit when attending business and pitch meetings, dressing in formal attire is a classic move that can never fail. Professional attire emits seriousness and intent and makes a lasting impression on investors.
Be confident – Pitch meetings can be nerve-wracking. Being anxious and nervous is a natural feeling for most anybody. Displaying what you’re feeling inside can leave a bad impression on your investors. From the moment you meet your investors, your confidence should be on full display. The way that you walk and the firmness of your handshake or head nod can assist you in showing confidence and seriousness.
Being organised – Before you start your pitch presentation, or before sharing your business module with investors, make sure to have all your documentation, gadgets, flashcards, products, and other necessary documents and items organised. One way investors know that you are not-so-serious about having them as investors is by being flimsy with documents and slow with setting up your presentation. For investors, time is of the essence, being organised always goes a long way in assisting your pitch presentation.
Portray yourself as the subject matter expert – The pitch for investment is all for you and your product, so it is only natural that you know thoroughly all about the origins of the product, where your product stands in the market, and the complete inside work of your business. Investors look for the devotion and near-obsession that entrepreneurs have when it comes to their products. This point answers the very important “Why should we invest in you?” question quite clearly.
Quick and logical thinking – Most of the time, based on data and other statistics that are provided to them, investors hunt to find defects or loopholes in your pitch. As such, they come up with scenarios or situations for the entrepreneur to answer. An entrepreneur should have quick and logical thinking based on real-world statistics about their product and should be able to answer all questions smoothly. Roleplaying different situations, and foreseeing or predicting the future of your product and the company is a sure way to answer most questions belonging to this category.
Negotiation skills – Lastly, but most importantly, entrepreneurs need to have a clear picture about what’s the purpose behind the investor pitch meeting. The skill to bargain and negotiate or “not settle” for something that’s outside the expected quotation is vital for success.
To conclude, getting an investment is like a game of chess. Playing the right move at the right time to pique the interest of your investors and to keep them always occupied with you and your product is the key to a perfect pitch. What really matters is convincing investors to trust you and your product and to see the vision that you have. With the right attitude and confidence, getting investors on board is easy.
It is not a new fact anymore that the world is staying home. Everything has taken the shape of a work from home model. We all started staying home when forced by the pandemic but now most of us are liking this change. The covid 19 pandemic has led us into rethinking our choices.
We are renegotiating our living, our careers and every factor that leads to a good life. We now include time as an important asset. Many are leaving jobs commitments to shift to less commitment work, or freelancing. You are not bound in time in freelancing.
This change has led to a lot of change, therefore. There has been an increase in the number of freelancers in the world. This is a good thing but it can also be a difficult thing. As a freelancer, you have to find work for yourself, you cannot expect work to come to you.
Only when you are an established person in a domain, will people offer you jobs automatically. You have to pitch yourself to get gigs. This article revolves around pitching and finding a freelance gig. We will discuss how to pitch, write a pitch email, also known as cold emailing, and how to write a cold email.
Freelancing is now probably the most famous job in the world. It is working on a project with no commitments of a normal corporate job. It is portable and can be done from anywhere in the world.
Imagine a freelance writer, he/she can work from anywhere with a computer and an internet connection. Think of a freelance website developer, who is good at developing great websites, he can get a freelance job and after finishing it he is not entailed to more jobs from that employer. So, freelancing is working for someone in short runs of time for which you obviously get paid.
As the pandemic began, the demand for freelancers began too. Everything became remote, and our homes became our workstations, a school and a personal gym. All that transformation led to many changes.
One of the changes was that people started reconsidering their work-life balance. Eventually, people began choosing their careers in the freelance industry. It is not the best option but it gives people the freedom to choose their work timings.
Pitching to Prospective Employers
Imagine someone who is a freelance writer. He is good with words and explanations. He thinks that he should earn something with this skill. At this stage, it is not good to expect someone to offer you a job, without you having gained some experience. So you have to seek a job, a project or something that adds value to you as a writer. This is when pitching comes to mind.
Pitching is seeking work by any means. It can be via an email or a cold call or reaching out to any of the potential employers. As a writer, you would like to work with editors and blog managers. You have to ask them for an opportunity matching your skill sets. This is what pitching is. It is seeking opportunities.
The most common way by which people pitch their ideas is by sending emails to prospective employers. As emails are easier to find online than numbers. It can also be the other way round.
Why do Freelancers Need to Pitch?
Simply because freelancers have to find work. You cannot expect ‘work’ to find you, you have to reach out to prospective or potential employers who can provide you with an opportunity.
As a writer who is freelancing, you’ll need to pitch articles if you want any writing gigs. You could be a significant famous writer but if you don’t find work, work will not find you too. It doesn’t really matter much if your writing or research is strong, you have to seek opportunities to make it work.
When we say seek work, it does not necessarily mean that you have to struggle to get some opportunities. There are fair opportunities out there, you just have to find a place for yourself.
There are many publications out there that don’t have enough resources or budget to hire full-time writers. Publications like these try to have people with short term job roles and they employ part-time writers or freelancers. Organisations like these spread to each and every domain, be it writing, coding, graphic designing etc. In this article we will take the issue of a freelance writing pitch, it is however to be noted that every other field has the same, or almost the same pitching rules and checkpoints.
Let us see how people pitch and how you as a freelancer can pitch for opportunities. There are many checkpoints that you have to keep in check, a few of the most important ones, we are listing them below. Give them a read for better understanding.
Personalisation has a Plus Point (Personalised Emails)
When we talk about personalisation, most people will be scared as hell. We don’t really put in the effort in that domain. An editor or any employer gets thousands of emails every day, what sets you apart from those thousands of anonymous people? This is when personalisation became a necessity. You cannot expect someone to give you an opportunity if you reach out to them very bluntly, speaking only about yourself and your work skills. It does not quite show efforts on your behalf.
What we mean by personalisation is simply that you have done your homework in finding something about the potential client. We are suggesting that you know about the prospective client thoroughly in and out.
It is like creating a world view from their perspective and then writing your pitching email. You have to find out how that client sees the world, what are the things which interest them and what they most want.
Once you develop a theory of their mind maps, it will be easy for you to reach out to that person. It also shows the other (receiver end) person that you have invested some time to investigate and you are really interested in opportunities.
This point also makes it clear that you have to make it clear why you are emailing them. Research shows that people are far more motivated to help others when they feel uniquely qualified to do so. This can be achieved by showing them your place with probably a short story and why you fit where you fit. This will help them understand more precisely what you do and why you should be chosen for work.
Stand with Credibility
When you research someone and find something interesting about them, it is important that you have some credibility. This will help them recognise you in the first instance, which will increase your chances of getting the project.
Remember, when you do some research or investigate the employer, you know about them but they don’t really know about you. They have to get some points which make them believe in you. They have to know who you are and why you should matter to them. This is what is called the “Showing credibility” act. Editors are busy people, and they aren’t willing to spend a long time verifying things.
You need to make it clear that you are credible and they can trust you. There are many ways to do that. You can mention someone you both know, a mutual friend. It is in fact by far the best way to start a stranger conversation.
You mention someone directly who is common in each other’s network. Even when you mention someone who is mutual, it entails that both of you are not strangers anymore. The point is to figure out some common relations/ thoughts/ goals so that you become less of a stranger to prospective clients. This is good to start a conversation from zero. This will make you a little more important than a stranger. The more important you are, the more you will have the chance to get a reply.
Provide them with Something they want
This is a very basic thing to know. There is no free lunch. It is a question on why the recipient should care about your email. Why does this person take his busy time out to read and respond to your email? You have to make sure that you are adding the value of some sort.
It is important because if you are adding value, only then there is some chance to get a response, otherwise not. If you cannot add value, then you should probably refrain from sending any pitching emails as it will degrade your views in front of the employer.
Once you are clear of the fact that you are here to add value, begin at once. Knowing your value will also help you to reach a certain level of respect for the work that you do. If you are of some value, show that. Show that explicitly. It will help the employer to judge you on the basis of your value addition to the organisation which is the best measure.
Keep it Concise and Actionable
As a freelancer, all you are doing is simply increasing the response rate of an email that you type with all the good words you know. It is very crucial then, that your email is small, concise and quite actionable.
Just make sure you are clear and actionable. You call someone out on an email and then you ask them for an opportunity. This is a great thing, asking for help in real life is amazing and in fact, you are giving them the chance to feel good about themselves.
Now when they see your email and they know what you are asking about, that means you are clear enough. Then, it becomes easy for them to take action and all the resistance in between seems small. Your email should also be small. This is very important as a small email has a better chance of being read, than a very long email.
No one has the time or a big enough attention span to look through your thesis on why you should be given an opportunity. So keep it short and increase your chances of being seen and read. This also is to be noted that if you are counting your words, make every word counted. Precise does not mean a small paragraph but it means a clear and to the point reply.
Vulnerability and Appreciation
You are emailing some random dude who you don’t know and you are emailing that someone for a favour. This is hard to grasp. Don’t make it a hard thing for the receiver, a hard thing to grasp. Make it clear and show some vulnerability.
When I say vulnerability, it does not mean to shed all your weapons and appear like a kitty. Rather be mindful and appreciate the fact that they will help you out. That can be packaged in a form of gratitude but it is the same thing.
Respect them with a little power and status and hope that they will return the same favour to you. When writing to a prospective client, you can use phrases like “Thank you so much” or “I am really grateful” to sound grateful. This will increase the chances of getting a response.
You can also add that they can choose to reply at their own pace or they can ignore the request. This will make them more obliged to answer your email. Simple, simple things but can add layers of protection.
Things You Should Know Before Pitching as a Freelancer
Research before you pitch
It is important that you target your pitches and you research about them, not researching to write an autobiography on them but to make sure that you know them thoroughly. This will help in a more tailor-made approach. Also, make sure that the people/organisation to who you are pitching lies in your skillets.
The topic of your article/email should relent to the prospective clients. It should be within the style of content that they produce. If you are a writer, know their publishing domains. Then match the pitch accordingly. This will help you as well as them to sort pitches and pick prospective clients.
Think about your specialisation and pitch people according to that domain. Know that the world always respects specialisation and you can benefit from your domain. If you have experience in one specific domain then it can be largely used to pick the next pitch and next project.
Demonstrate your Skills
Show your writing skills and prove that you are worthy but don’t be too wordy. Yeah just like the Marvel movie ‘Thor’. You have to prove that you are worthy and only then do things become easy and worthwhile.
If you have prior experience, show that, showcase that experience explicitly and properly. It will explain your exposure and will make you stand a better chance of getting selected. Make sure you are not too overconfident. Make it subtle, the employer is not here to read all your victories. He just wants to get his/her work done.
Avoid Templates
There is one more thing that is silent in pitching. That is, you dare not use a template. You can google cold email templates and you will find hundreds and thousands of them but that does not set you apart.
The world is filled with templates, what it needs is a trailblazer and a person with courage. Have some bravery and carve your own template, this really shows the other person that you have the nerve. Moreover, it is impossible to personalise a template according to your target client. It is hard because it has already been set with some general idea of a pitching letter.
Proofread and make sure that you don’t comment on any grammatical problems. It is a huge red flag. If you’re applying for a writing pitch, a grammatical error can literally end the whole hope for you. Make sure that you are clear and clean of errors.
Respect the other person
You are pitching an idea and asking for a favour from a random dude. You don’t know the person, you only know the email address. That person has no reason to take you seriously. He can just delete or ignore your hard work of writing a pitch. Give them a reason to take yourself seriously. It is like meeting some stranger in real life.
You start by introducing yourself and then you appreciate what they want to say and have. That is how you build a relationship with literally anyone, this is almost the same scene here.
You write an email with an introduction, you mention some point of contact or mutual person and you go on to build a professional relationship by appreciating what the other person is saying. Simple and straightforward.
Follow up
This may sound simple but most figure this out very late. If you are applying somewhere, remember to take a follow up after some time. Employers and clients are humans too and they can also be left behind with the pressure of work.
Don’t take it too soon or too late. If the client hasn’t replied for two weeks, then take a follow-up. Check by asking if they have had the chance to read your pitch email. Even then, if you don’t get a reply, then you can safely assume that your pitch is lost somewhere in translation and others. Have patience but take proper follow-ups. The time of both parties is important.
Embrace failure
It is not that you will not get selected anywhere and it is the end of the world but embraces trying and work. Even if your pitch is not accepted, be grateful and work on the next pitch with perseverance. There is no failure, only lessons in disguise.
Conclusion
In the above article, we discussed the art of pitching. Obviously, there can exist more than one way of pitching to your favourite workplace. Keep in mind your perspective, the industry and the recipient.
We went from explaining what a pitch is and why it is important. To a more comprehensive approach to writing a perfect pitch. It is always important to take care of what you write on that email/any other means of seeking.
Your pitch should sound interesting — if your hook piques the editor’s interest, they know it will pique their audience’s interest, too. If you’ve ever written for the publication before, Showcase those writing skills and explain why you’re a good fit. It is important to provide some common touchpoints.
Once you and the prospective client are on the same ground, it becomes easier to negotiate. It is however important that you should be able to add value with your skill sets. Developing a rapport with prospective strangers and showcasing value addition becomes the recipe for a perfect pitch.
FAQ
What is considered a successful pitch?
A successful pitch is when you hook the editor in the first few seconds and get your points across.
How do you start writing a pitch?
Research about the company or publication, Write an appealing subject line for your email pitch, Explain how are you different from others and why should the publication publish your story.
When you don’t have the necessary funds to launch a startup, the pitch you deliver to potential investors can make the difference between a dream come true, and one swept under the rug.
At the end of the day, the profitability of your business idea weighs the most in the eyes of an investor, but that’s not the only factor you should keep in mind. Affluent investors can receive dozens of great business opportunities every week, and in that case, it’s the quality of the presentation that balances the scales.
Although not all of these common Powerpoint music mistakes are fatal, it’s always a good idea to be prepared. You only have one shot at a good impression, and you don’t want an otherwise brilliant startup idea to go to waste because you didn’t put a few extra hours into your pitch.
Perhaps every entrepreneur out there has fantasized about bumping into an investor in the elevator and convincing them in 60 seconds that their idea is the next big thing. Unfortunately, this is the kind of elevator pitch is one-in-a-million scenario that creates unrealistic expectations.
In reality, you should never deliver a pitch without the investor agreeing to a meeting in advance. Investors are busy people, and they won’t be impressed by your gesture.
Even if you send an unsolicited pitch via email, in 99% of cases, it will go straight to the spam folder, so, to be safe, schedule a meeting to make sure your pitch is actually heard and given the investor’s undivided attention. Also, always make sure you prepare a short and engaging pitch about yourself.
Having a limited Understanding of your Business scope
The worst moment to realize the flaws in your business model is during a pitch meeting. No matter how great your idea sounds in theory, the moment when an investor realizes you don’t know your product or the market, they will lose interest.
Not doing your research comes across as unprofessional and lazy and raises red flags – especially if you don’t have prior experience. So, know your audience, know your product and your competitors because you will 100% be asked about these things and, it will help you deliver a perfect pitch.
Not bringing enough materials
Even if your pitch is short and sweet, the investor will still need documents to back up your claims, provide a roadmap of business development, and expand on aspects that couldn’t be addressed in the meeting. Even if the investor did not request anything specifically, you should still bring with you the following:
Executive summary (a shortened version of the business plan)
Revenue forecast, cash flow, and operational expenses
Resumes for members of the upper management, detailing their experience in the field.
To be extra safe, you should have both digital and physical copies of these documents. Referring to them during the sales pitch shows that you’ve done your homework and that you’re committed to your idea.
Lackluster Presentation Skills
A great presentation can’t turn a bad business idea around, but it can prevent investors from losing interest and forgetting your file in a drawer. Unfortunately, not everyone was endowed with Steve Job’s charisma and presentation skills, which is why the more you rehearse at home, the better.
You never know how you react under pressure, so having a script to refer to can save you from all those umms and errs that weaken your language and make you sound like an intimated high school student. It also helps to keep your presentation short.
Don’t show up to the meeting with a 50-slide presentation filled with large blocks of text. Instead, keep the number of slides to a minimum, use appropriate Powerpoint music, and focus on strong, impactful visual elements. The PowerPoint presentation should include key figures and ideas, but you’re the one controlling the conversation. In general, 15 to 20 minutes is more than enough for the investor to understand your business idea, so structure your pitch around this interval.
Pitch meetings aren’t a one-way street. The investor won’t give you a yes or a no after you delivered a monologue. On the contrary, expect lots of questions and don’t panic if they insist. What makes your idea so special? Why should they pick you out of all people? Can you guarantee that customers want your product? It’s just a way for them to check that you know what you are talking about and clarify some of the things they should know before going into business with you. And, when the questions inevitably get tough and touch on vulnerable points (after all, no business is immune), don’t react negatively.
By working with you, investors are taking a risk, and it’s normal for them to address problematic topics. If you become too defensive, rude, or downright avoid the questions, you may come across as unprepared or difficult to work with. Instead, try to answer difficult questions as transparently as possible and avoid the scripted “I’ll get back to you on that later.”
Making the pitch without a demo
You can’t make a demo for every business idea under the sun but, if your business model allows it, then creating a demo, even a rough one, can make your pitch more persuasive – especially if it’s technology-focused.
First of all, a demo helps investors visualize concepts that may sound difficult in theory. And secondly, it shows that you already have a capable team and that you went the extra mile and that you’re serious about your product.
Many times, investors meet up with entrepreneurs who only have an idea but don’t believe in it enough to put it into practice, so a demo helps you stand out from the crowd.
Forgetting to follow up
No matter how the pitch meeting went, you should take the time to send an email to the investor, thanking them for their time. Avoid generic, template messages and personalize your follow-up in a way that’s relevant for your interaction. It’s a small gesture, but it goes a long way.
FAQ
How long is napkin elevator pitch?
A good elevator pitch should last no longer than a short elevator ride of 20 to 30 seconds.
What is a common mistake of pitching?
The most common mistake you should avoid while pitching is not overloading your audience with information.
How do you end a pitch?
A great way to end a pitch is to ask them to join you on a mission or journey.
Damini Bhandary
