Pitching is a vital skill for getting the right business opportunities and NatWest knows from supporting thousands of entrepreneurs that perfecting the right pitch can be a challenge.
This is why NatWest developed the NatWest Pitch app to help entrepreneurs build confidence in, and fine tune, their business pitch.
The app allows users to record different parts of their pitch separately and then put them together to create the perfect business pitch. The ready-made structure is set out to make sure entrepreneurs include all the important pieces of information to keep their audience interested and then allows the users to share their pitch with others to help raise their business’ profile or send to potential investors.
Darrell Irwin Founder of Cre8ion and previous resident of the Entrepreneurial Spark hub powered by NatWest hub in Bristol said: “Networking could increase your net worth and having a pitch in the pocket really does open doors. Pitching is an extension of yourself and an opportunity to share your story. The ready made structure enabled me to get my story across quickly and simply. Entrepreneurship is not denying fear but learning to deny its negative influence by facing it.”
Gordon Merrylees, Head of Entrepreneurship at NatWest commented: “The launch of NatWest Pitch is an exciting step for our bank. It’s important that people can deliver a clear, concise and memorable pitch that describes themselves and what their business does. We continue to be inspired daily by the entrepreneurs we support and this demonstrates how we have been truly innovative ourselves by building this app. I look forward to seeing the many examples of how the App is utilised to create pitches which assist entrepreneurs in achieving their ambitions and help them start, scale and succeed.”
NatWest provides six steps to a successful pitch:
Hook - The first step is to have a good hook - grab the attention of your audience with a hard-hitting fact or figure.
Problem - Talk about the problem you are trying to solve. People buy solutions to problems so define the problem and be clear as to who it impacts.
Solution - Clearly move on to your proposed solution. Explain your idea and how it solves the problem by discussing the benefits you create for others and what differentiates you from the competition.
Market - Talk about your target market and explain how many people experience this problem, the size of the market you are targeting and who your key competitors are in this space
Traction - Once you have convinced the audience that there is a market for your idea, investors in particular will want to know how your idea will make money or drive improvements. Explain your business model and be very clear. Don’t overestimate your forecasts but be confident in your expected returns. If your business has made any traction already, be sure to mention that. Don’t forget to talk about your team. It’s promising if a team is working together on your idea and there’s a range of skills and experiences involved.
Always end your pitch with the big ask. Give your audience a call to action - how can they help you? It might be a specific amount of money, a key contact they can put you in touch with or just sharing your idea.
Contributed | what does this mean?