The Pitch Deck – Something so Important, You Need Two of Them
The Pitch Deck
Something so Important, You Need Two of Them
As someone who regularly helps others prepare to pitch to investors, I see one situation far too often. This may all sound a little too familiar to you as well. You are an entrepreneur who has done everything right. You developed a product or service and turned it into a successful business, that business began generating revenue, and now you are ready and willing to scale, but need investment money to do so. Then, you seem only to hear a resounding NO from the investors you approach.
Why? More often than not, it’s because the investors have no indication of what you are actually offering them. And understanding what you offer comes down to two simple words, with not so simple connotations … “pitch deck.” Yet, if I can share one piece of advice with you, as I do in my book, Pitching to Win: Strategies for Success, it’s that one pitch deck is never enough. If you are serious about scaling your business by pitching to investors, then you must have two pitch decks – one to send to investors and one to use in your presentation (or pitch).
Let me explain. Some investors will not agree to meet with you until they have first reviewed your pitch deck. As such, they may ask you to email it to them before scheduling an actual pitch. And just as much as an email is not the same as standing in front of someone delivering a presentation, your pitch decks likewise cannot be the same.
Understanding how they are similar, and how they are different, is key to getting that next phone call, presentation, or meeting. To that end, I have put together the Top Five Tips for ensuring you have two pitch decks that will get you the right attention when you need it.
Pitch Deck Creation: Top Five Tips
1. Be Proactive
Research the investors who are already investing in similar products or services. If they have similar interests, they are the ones most likely to invest in you. Try to determine what types of questions they asked before and incorporate the answers into your pitch decks from the start.
2. Create Pitch Deck #1
This is also called the “Handout Pitch Deck.” It is the one that you will email to investors when asked for a copy. The key to this pitch deck – it must stand alone. It cannot rely on your verbal explanation of the content because, quite simply, you will not be there to explain it.
The Handout Pitch Deck must quickly communicate with words (but not too many), numbers, and graphics your “Why me?” to potential investors.
3. Create Pitch Deck #2
Use Pitch Deck #1 as a foundation to create Pitch Deck #2. Pitch Deck #2 is the “Presentation Pitch Deck.” This version is based on you delivering your pitch, aided by high-level slides with few words and many images. It does not, and should not, stand on its own. Pitch Deck #2 will have very few words and numbers, if any. Instead, it will function much like a television or movie screen, as your priority is having the audience focus on you and your messaging, rather than reading slides. Remember, at the end of the day, this pitch deck is a sales presentation.
4. Ensure that Both Decks are Concise, Professional, and have Visual Appeal
Pitching is never the time to get into the intricate details of your past experiences or even your product or service. Get to the business of what investors want to know:
(a) what your business is all about and
(b) most importantly, how it is going to make enough money to return
multiples of the amount of money you are asking them to invest.
5. Update Both Pitch Decks Regularly
Consider this scenario: a potential investor asks you to send your pitch deck via email or present it to a group of investors. You respond that you will get it to them in a couple of weeks. Chances are that when you finally prepare your pitch deck, the investor will have already moved on to other projects and entrepreneurs who are ready to take their money.
You want to be able to distribute Pitch Deck #1 or present Pitch Deck #2 at a moment’s notice. Just as every professional has an up-to-date resume to present at any time, a growing entrepreneurial company should have both pitch decks ready to email or present at any time.
The creation and management of your pitch decks are critical parts of the capital raising process. Remembering that the difference between the two decks comes down to your voice is of the utmost importance. Pitch Deck #1 must stand on its own, capturing your voice, without the benefit of you speaking, while Pitch Deck #2 exists to bolster your voice as you present. Barker Associates has extensive experience with assisting companies in preparing their pitch decks. Schedule a free 30-minute consultation with this link to my calendar to talk about how we can work toward getting you the investment money you need.