Whenever an investor or a customer doesn’t go for our pitch, we often spend hours contemplating what went wrong and where. We go through the entire episode again and again so as to make sure that we don’t do the same mistake ever again. While this is for sure an important exercise to do in order to rectify one’s mistakes, you don’t need to spend your precious time doing the same. We, at IndianWeb2, decided to help out our entrepreneur buddies identify some of the basic mistakes that they might be committing while making their pitches to their investors or customers.
1) You don’t believe in Yourself
First things first, in order to make others believe in your product, you need to first make them believe in you. Remember, when you pitch, you’re representing your brand. Their first impression isn’t your product or your company, it is you. Hence, believe in yourself. Have confidence in yourself and your talent, even if the sailing gets rough. If you start questioning yourself even at the slightest bumps on the road, maybe you aren’t meant for this. So, believe in yourself no matter what. This would give you confidence to crack through even the toughest of the crowds.
2) You don’t care about who is investing their money in you
Just because someone has big pockets, that doesn’t mean they make an ideal investor. Before making the pitch, do your due diligence on the company, institute or the people with whom you’re planning to get in bed with. This would help you in knowing if they make a good fit for your startup. When it comes to investors, always think long term. Make sure that the deal does justice to them too, and isn’t just all about you because if it is, they will see right through that and you will lose your chance then and there. Hence, do your homework and make it a lucrative deal for both the parties involved i.e. you and the investor.
3) The Message of you and your brand conflict
A teetotaller will find it twice as hard to sell beer than someone who actually drinks it. Case in point, you and your brand shouldn’t demonstrate conflicting ideologies. If you and your brand are completely opposite in nature, it somewhat makes it difficult for people to place you and your brand and makes it hard for them to trust you. Hence, make sure your brand and you are fully in sync and send out the same message.
4) You can’t differentiate your brand from the crowd
The competition is tough in each and every sector. Whether it’s ecommerce, real-estate or tourism industry, there are multiple players in the arena trying to get to the top. Hence, your brand should be able to differentiate itself from its numerous competitors in the market. In order to do this, one needs to meticulously study their potential market and offer them something that they aren’t getting currently. This will give you an advantage over others and capture the interest of your potential investors.
5) Your Team isn’t efficient
At the end, you might have an excellent business idea but if you don’t have an efficient team to successfully execute the same, everything goes down the drain. Don’t hire anyone just for the reason that they are your relative or an acquaintance. Everyone on the team should be able to justify their role and have talent that some way or the other contributes towards the development of the startup.
6) You Don’t Believe in Your Brand
Passion is what makes all the difference in the startup world. You should have the utmost passion for your brand. No, it is not like you need to think about it or work on it 24 x 7, but if you wake up one fine day and don’t want to go to work, maybe that’s a wake up call for you. So, the point here is, that one needs to themselves believe in their brand in order to make others believe in it.
7) Your reputation isn’t that good
If you have a bad reputation in the market, then this might be acting as ‘THE’ problem for you to cracking that deal or landing yourself the investor you’re eyeing. The business world is circular in nature, you’re bound to run into your previous customers/investors sometime again in the future. Hence, always try to maintain a good reputation in the market and always think twice before making a wrong move.
8) You don’t see both sides of the table
While you know what you’re looking for in an investor, you should also invest some time in researching what your investor wants. You don’t need to ask them directly. You can do your own research and see with whom they do their business and whom they have turned down in the past and why. Do your homework and always be prepared.
9) You’re not fun to work with
If you’re an unpleasant person to work with, this might serve as a huge disadvantage for you and your business. It has been found that people don’t mind spending money with people who they have a good time with.
10) Dissension Amongst Your Ranks
Things can turn really ugly for you if there is dissension amongst your ranks. Always make sure that you and your team settle your issues inside the office rather than in front of a client. If a client sees that you can’t work as team, there’s a good chance that they won’t trust you with their money.
While there could be many other reasons which could be acting as roadblocks for you, but this list would give you a good place to begin with.
[Top Image- gatherforbread.com]