Startups are a committed, driven team which thrive to achieve their ideas into a real growing organization and business. In order to bring the documented concept into reality, startups not only require an excellent idea that is directly related to their target audience but also requires funding and then comes in the pitch decks.
The startup pitch deck should be near to flawless to convince the investor for raising funds. Often the startups end up being called a ‘not so good concept’ startups as they fail to pitch in the investors.
The most common pitching errors are listed below:
Vague Problem Explanation
Reaching to the problem as soon as possible should be the focus of the pitch as often with in-depth market scenarios, the probable investor gets bored and out of sync with the main idea of the startup concept. The investor should not be confused with too much information as they often end up perceiving that the goal is unclear. Also identifying the target audience is important as not every service is suitable for every section of society. Two important factors that instantly grab attention are time and money. Both are precious. Both factors should be in favor of the investor to believe in your idea.
Missing the USP of the product
Customer satisfaction evidence plays a key role in pitching in the client. Customer quotes, facts, stats and user engagement metrics that prove a good experience should be highlighted. Competitive advantage over other options, in the long run, should be focused on so that the investor doesn’t assume that the idea can be easily copied. The pricing and numbers must be reflected in the projections for a good business model.
Over or Under design
The deck should be user-friendly and appealing to the investor as we humans tend to be biased sometimes towards things that look pretty. To avoid an initial negative experience, the deck should not be under-designed. At the same time, if the deck fails to provide what it intends to, and only looks good, there is no point of the deck itself.
Poor Communication Skills
If the idea is conveyed in the manner it should, the whole point of pitching fades away. Communication skills should be very effective which includes the pace of speaking, using correct and simple words so that the investor is left with little doubts. Encouraging the investor to discuss any issue or doubts they have.
Not listing benefits and poor selection of target audience
Identifying the target audience is important as not every service is suitable for every section of society. And the customer only cares what’s in for them. So, listing benefits along with features is crucial.
Not presenting in front of the audience in the right way
Make use of an impressive PowerPoint presentation templates. If the presenter is not able to present a pitch deck efficiently in front of the audience then the efforts may go waste. So, the presenter should prepare well before presenting it in front of the investors to get funding for a business.
Avoid the above-listed mistakes and your startup is a way to go.