If you had to get up tomorrow, or a week from now, and pitch your idea to an audience, how would you go?
Dell Women’s Entrepreneur Network (DWEN) recently gave four women the opportunity to pitch in front of a panel of judges (Dragons’ Den style) and an audience of about 60 other business owners. These four entrepreneurs weren’t pitching for money, but were none-the-less expected to do their best to convey their message and provide enough information (but not too much) about what they were offering. In exchange, they got some business advice to help them improve their pitch and further their ideas. I was on the panel, along with James Stevens of Roses Only and the delightful Lindley Edwards of AFG Venture Group. Four courageous women took the stage:
- Nikki Hills, founder and managing director, Mouths of Mums
- Michelle Teague, entrepreneur looking for her next venture (Invisible ink name badges!)
- Angela Elliss, founder and managing director, Australian Home Design Directory Group
- Julie Ankers, founder and managing director, Statement Pieces
Overall, they all did a great job pitching their ideas.They (obviously) knew their business and were very passionate. Some of the areas that they could have done better at were clarity of message, succinctness and being specific about what the outcome of the pitch was. Despite the evening event being a great networking night for a bit of fun, the women did get some great advice from the panel, including these four areas below:
Four Ways to Improve Your Business Pitch
Length of Pitch. How Long Should Your Pitch Be?
Most presenters exceeded the suggested time limit. If you have an audience (whether with your bank manager, investors or a potential business client) and they have allocated a certain amount of time for a meeting – then stay within the boundaries. It shows you respect their time. It’s easier to speak for a long time than to speak succinctly for a short time. So, practise, practise, practise. Say what you need to say with the most punch and fewest words. If you’re compelling, you can ask for extra time to expand, but don’t take it without checking in or you risk losing people’s focus.
A Clear Message Cuts Through
It was not always clear what the intentions was behind the pitch each woman gave. What do you want the audience/panel to do? be very clear in your outcome and state it. For example:
Today I’d like to tell you enough about our 2012 plans to convince you to share our message with you clients.
or
I’m looking to raise $10,000 for marketing. Over the next 10 minutes, I’ll present our marketing plan and I’ll then ask for your input on our ideas.
Tell Your Story – Set the framework
Your personal story adds colour and life and allows us to see behind the person that is doing the pitch. When I was a panelist on the Dragons Den TV show, we dragons signed up equally on the likability of the person as well as the message and numbers. People like to do business with those they know and trust, so let the audience know you. Similar to the clarity of message point above, tell your story, but don’t get carried away. We don’t need to know your history and every detail – just enough to make a decision or follow a call to action.
Know your facts and study your competitors
If you’re going into a new market then learn about that market, your competitors and who your competition is. As much as we like to think sometimes that we have no competition, we always do. It just may not be obvious. If you’re bringing out a new telephone (I know – extreme example) then the iPhone is not your only competition – not is every other phone – it’s actually every other way that there is for people to connect with other people. Also, the whole market is NOT your market. There’s usually a subset of the big group who you can effectively address. (This is your ‘addressable market’.) When it comes to the numbers, get really crystal clear about what it will cost to implement a plan. If you’re not good with numbers then it’s difficult for investors to have confidence in you. Run the details past your accountant and, again, practise talking about them so that you’re comfortable if asked questions. Remember, you may only have one opportunity to pitch in front of a particular person or group. Pitching is an art and a science, so look to improve your skills as a presenter, speaker and do your homework. And, good luck. Suzi P.S. I recently interviewed Lindley Edwards about narrative in business storytelling. You can listen to the interview here on tune in on iTunes.
About DWEN
The DWEN community is an invitation-only, global community established to bring together an influential group of female CEOs, presidents, founders and business leaders to share best practices within the unique and challenging world of running high-growth businesses. With the Dell Women’s Entrepreneur Network (DWEN) and other related initiatives, Dell is spotlighting female entrepreneurial success and creating an atmosphere where women can connect with one another, share best practices, build business opportunities and recognise female influence in business and technology.
DWEN Annual Conference: Dehli, India
In 2012, Dell’s annual conference will be at the cultural mecca of Delhi, India from June 17-19. Attendance is by invitation-only. To learn more join the DWEN “Women Powering Business” Linkedin Community: visit www.dell.com/dwen Being part of the DWEN community creates unique opportunities to connect, share best practices, build business opportunities and recognise female influence in business and technology. In addition to the annual DWEN Conference, the community holds webinars, Tweetchats and face-to-face networking events throughout Australia.
