While you might have a great product or team, it will come to nougat if you lack clarity with the problem/solution fitment.

Your pitch is your company’s first chance to make an impression. To make it one that converts, you need to think like an investor; and this means 360 degree clarity on the what’s, why’s and how’s. The simple question is: If you were an investor, would you be convinced enough to invest in your own startup?

Here are some of the most important factors to consider.

What problem does my solution address?

The most important point of contention for startups is identifying the problem they are trying to address via their product/solution. While this seems like a given, we often notice many startups falter as they either try to do too many things, do not address a given problem completely, or are just one of the many other solutions that are already available in the market. A solution must be demonstrated targeting the customer’s pain  points or making an aspect of their life easier. If your product is niche, it is all the more important to provide data or evidence to support your claim.

Who is my target user?

A solution must always cater to a specific audience. The question is not about how broad or narrow your target audience is, it is about how well you understand them and offer a solution that solves their problem/s.  In order to achieve this, the most important step is to truly understand your target user. This includes a thorough understanding of the user persona, their buying behavior’s, psychograph, or their individual  characteristics, thus enabling you to build and market the right product at the right time.

What is the current state of the market?

An analysis of the market scenario is vital to position your product right and ensure you are not lost amongst the crowd. How big is your target market? Is it restricted by geography or trend? How large is your potential audience and customer base? Does it have the scope to scale? Do you have existing buyers?

The market does not have to be big. The more specific or focused the target market, the better it is to start with. Furthermore – the competition that exists, how long the competitors have been in the running, and what it is that your solution offers that others don’t — are critical for success. Investors are forever looking to get a sense of the opportunity in your startup space, understand your start- up’s potential, and gauge the product’s reach.

According to Marquee Equity’s blog, “No market need” is the second highest ranked
reason for a failing startup.

What is your image as a founder?

It is said that 6 out of 10 investors choose the founder over the product. Investors are constantly on the lookout for passionate entrepreneurs, ones who truly understand what their product uniquely offers and can convincingly make the sale. Also true is that they are looking for founders who are willing to invest their own money. This is an indication that you believe in your offering enough to invest in, and have it in you to take the business off the ground. A founder’s work ethic demonstrating their readiness for the challenges they are bound to face, goes a long way in establishing that they will work on continuous business growth and not stop soon after the first big success.

What are your next steps going to be?

A clear vision is the biggest driver for any organization. Communicate your ideas and plans for the future, with evidence of why you think it will work. Go into the nitty gritties of why you should choose a certain solution, and project the numbers. A well-informed founder who has done their study can never be ignored. Hand in hand goes the plans for the company’s financials. How much has already been invested, what is the expectation, how and on what is the investment going to be used, what are the short term and long term investments plans – these are key contributors to a company’s image.

How are you planning to market your solution?

Last but not the least, the go-to-market strategy! As good as your offering is, no product or service will make profitable returns if not well-marketed. Here are some aspects of a progressive GTM strategy.

• Outreach : Marketing strategy focusing on pitching your business to influencers of your target audience
• A/B testing: Split testing experimental technique that helps you make a result-based decision between two plausible options
• Campaigns and Promotions: Activities that aim to make users aware of a product, service or brand as a whole to entice audiences.
• Process Automation : Marketing process automation which brings together marketing tool and technologies, and automates the process of creating digital campaigns to build traction

The process of creating a pitch deck starts much before you start building your prototype. Answering the questions discussed in this article is the first step to setting up a successful business. Clarity of thought in the initial stages will translate to conveying the right information, attracting the right people and making the right sales.