Pitch Deck: When, Why, What, and How.
Nov 12, 2020 Over the years, I’ve received countless questions on what to do when starting a business. One of the first things I recommend is putting together a pitch deck. Below are your questions answered on the when, why, what, and how of putting a pitch deck together. Happy pitching fellow entrepreneurs!
QUESTION:
What Is A Pitch Deck? And why is it necessary regardless of company state?
ANSWER:
A pitch deck is a simple guide that outlines what you are looking to achieve in the short and long term. Even before seeking any investment, a pitch deck is necessary for internal alignment (even alignment with yourself). It applies discipline to your thinking. It is an organic document that is always changing, constantly serving as a guide for your business.
QUESTION:
How long should my pitch deck be?
ANSWER:
A pitch deck is an exercise in clear and concise communication. It should be about 10 slides. Ideally, it will use visuals to help tell the story (the fewer words the better).
QUESTION:
What should I include in my pitch deck?
ANSWER:
The 10 suggested slides below are enough to capture the opportunity, the long term vision, and the short terms needs and plans. You can be creative in how you communicate your content; but your content should include the following information.
10 Suggested Pitch Deck Slides:
- Introduction – Who are you? What do you do? What’s your vision? Why is this a huge opportunity? Get us, the readers, excited!
- Market Opportunity – A birds-eye view of what’s going on in this market/industry that makes the your product/solution ripe for success. Showcase research and statistics for outside validation.
- Problem – What problem are you trying to solve? How big of a problem is it? How is it currently being addressed?
- Solution – What is the solution? What makes it brilliant? How and why will it be easily adopted?
- Reason To Believe/Test Case Data – Why should we believe that you will be successful? What test case data do you have to convince us that your vision will be realized? Demonstrate that your rationale is representative of what you expect will happen in the future. Show momentum and how you can take this to the next level.
- Target Customer – Who is your market? How will you reach them? What is the acquisition cost per customer? What is their lifetime value? Who is and how big is the total addressable market verses the served market versus your test market.
- Competition – What is the competitive landscape? Who is your primary and secondary competition? Who are the potential threats? How are you better? How can you sustain your advantage from existing or potential threats?
- Business Model – How will you make money? The numbers need to support your story. Be specific. Do your homework.
- Team – Who are you and why is this the team with the right skill set to get this done?
- Pitch – What do you want, why, and why should you get it? If you are raising money, this should outline the details of your offer including a detailed use of funds. If this is an internal document, this should outline your long term vision and short term plans.
QUESTION:
What format should I use for my pitch deck?
ANSWER
Clear and concise content is more important than format. Use whatever format allows you to communicate in a clear and concise manner.
QUESTION:
What else should I keep in mind?
ANSWER
While the outline above is specific, there is ample opportunity to be creative. Have fun with your pitch and let your passion come thru. You are an entrepreneur; more so than other lines of work, your business is a reflection of you. So let your unique personality shine!
Still have questions? Ping me on LinkedIn.
Playing off the “pitch” in pitch deck, today’s featured artwork is American Gothic by Grant Wood, where the pitch fork is echoed in the man’s overalls, the Gothic window, and the structure of the man’s face. This painting is widely recognizable as rural America, however, its meaning has been debated over the years. You can learn more about the various interpretations here and then visit the fabulous Art Institute of Chicago to see it in situ.
