Business

The Art of Pitching: Getting Your Business Plan Noticed

Published

12 months ago

May 14, 2023

In today’s business landscape, having a brilliant business idea is crucial to success. But, being able to effectively communicate that idea is equally important. In this article, we’ll explore the art of delivering an impressive pitch and discuss the essential steps to get your business plan noticed.

Understand the Audience

Crafting a winning pitch starts with understanding the target audience. Conduct research on the intended audience before creating a business plan and ask these essential questions: who are they? What are their needs and wants? What motivates them? Obtaining an understanding of the target audience can result in a pitch that is tailored to their specific interests. To better understand their motivations and preferences, consider seeking the assistance of a business plan consultant.

Focus on a Value Proposition

The next essential step involves honing in on a unique value proposition. This is the attribute that distinguishes the business from competitors and represents the key benefit that is offered to the customers. To effectively convey this concept, consider tackling these key questions:

What problem are you solving?
What is your unique solution?
How will your solution benefit your customers?

When pitching, emphasize the unique selling point from the start. This approach can capture the attention of the target audience and keep them engaged.

Keep the Pitch Simple and Concise

After crafting an effective value proposition, practice keeping the pitch simple and concise. Focus on the key components of the business plan and prioritize them in the pitch. Use simple, easy-to-understand language to convey your message, and avoid using jargon or technical terms unless they are crucial to the presentation.

Demonstrate the Market Opportunity

The next crucial step to a winning pitch is demonstrating the potential market opportunity. This includes analyzing and providing evidence that the proposed solution will be successful in a given market and provide value to customers. To accomplish this, include data points on the size of the target market, potential growth rates, and any competitive advantage offered by the business.

Highlight the Team’s Expertise

An effective pitch is not just about presenting a business plan. Highlighting the team’s expertise is crucial to convince investors that they have made the right decision. Demonstrating each team member’s relevant experience and skills ensures investors that your team has what it takes to succeed and successfully execute the business plan.

Incorporate Storytelling

Incorporating storytelling is a powerful way to capture the attention of the intended audience. A compelling narrative can set the tone for the pitch and evoke a response from potential investors or customers. When creating a business plan, focus on developing a gripping story that accentuates how the suggested solution has created positive change and will persist in doing so in the future.

Use Visuals

Another way to enhance the pitch is by using visuals. Visual aids, such as slides or infographics, can help to break up the monotony of the pitch and keep the audience engaged. When creating the visuals, keep them simple and use images that reinforce the value proposition or market opportunity.

Use Data and Statistics

For a more persuasive pitch, include data and statistics to back up claims. Relevant data points can be used to demonstrate the potential market size or growth rate of a proposed solution. Additionally, using case studies from previous customers or investors can provide credibility for the pitch and help to build trust with potential investors or customers.

Demonstrate a Long-Term Vision

The next step involves demonstrating a long-term vision for the proposed business. Showing potential investors or customers that the business is committed to achieving its goals and providing value over time can help to build confidence in the pitch. Additionally, include strategies that will be employed to ensure the long-term success and sustainability of the business.

Provide a Clear Call to Action

Now that the essential components of the business plan have been identified and presented, provide a clear call to action. This can be as simple as asking for an investment or providing contact information to follow up on the pitch. A clear call to action will help potential investors or customers take the necessary steps to move forward with the proposed solution.

Practice the Pitch

The final step towards delivering a solid pitch is practice. Rehearsing the pitch in front of a mock audience will help to ensure that each component is clearly communicated and that it flows naturally. Additionally, practice can help to boost confidence when presenting in front of potential investors or customers.

The art of pitching is an essential aspect of business success. This allows a business idea to be effectively communicated and noticed in a competitive market. By following these essential steps, you’re one step closer to turning a business idea into a reality.

World

New Class-Action Lawsuit Accuses Rivian of Making Materially False and Misleading Statements

Published

12 hours ago

April 25, 2024

Manoj Nair

New Class-Action Lawsuit Accuses Rivian of Making Materially False and Misleading Statements

Electric vehicle manufacturer Rivian has been slapped with a lawsuit which alleged that the company misled the investors with false claims regarding its business, operations and prospects.

The class-action lawsuit made a number of allegations which included overstating the demand of its Electric vehicles and also not making it clear how it will handle the negative and near-term macroeconomic impacts.

The lawsuit also revealed that Rivian’s business was experiencing reduced demands as well as increased customer cancellations precipitated by inter alia, high interest rates.

The orders had significantly reduced and this has significantly reduced the profits and the manufacturing of vehicles in 2024.

Rivian Faces New Class-Action Lawsuit Alleging Deceptive Statements

The lawsuit also alleged that the Company’s public statements were materially false and misleading at all relevant times.

Rivian’s stock, like all other EV startups, has been tanking and this has angered the investors who saw a major portion of their investments eroded and a number of law firms like Bernstein Liebhard LLP announced this week that it has filed a securities class action lawsuit on investors’ behalf.

The lawsuit stated that the EV manufacturer had violated the Securities Exchange Act of 1934 and has asked investors who had bought shares of Rivian Automotive, Inc. between March 1, 2023, and February 21, 2024, to join its suit.

The company’s stocks have fallen and one of the primary reasons was the high interest rates. Rivian’s products are beyond the reach of an average income household.

Also Read: Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

The Rivian’s Electric vehicles target customers were wealthier clients and the spurt in order cancellations means this class is walking away from Rivian’s product.

The stocks of the company were popular for the investors but the reduced demands caused by higher borrowing cost have hit its stock prices badly.

The price war has also affected the EV sector and the company also with its competitors like Tesla has been uniformly affected.

The EV sector marked value has tanked by more than 57% year-to-date.

The chance of a fall in interest rates is not expected since the Federal Reserve will not lower the benchmark interest rate since it could lead to a bout of hyperinflation.

Also another factor which will discourage the Federal Reserve to lower interest rates is the soaring energy prices caused by the war in Ukraine and the Middle East.

Also Read: Lawsuit Claims Kennywood Concealed Steel Curtain Closure to Boost Sales

World

Lawsuit Claims Kennywood Concealed Steel Curtain Closure to Boost Sales

Published

15 hours ago

April 25, 2024

Manoj Nair

Lawsuit Claims Kennywood Concealed Steel Curtain Closure to Boost Sales

Kennywood’s Steel Curtain roller coaster will not be available this 2024 season, and this has miffed a Kensington man to the extent that he has filed a lawsuit against Kennywood and its parent companies, alleging that the officials had known this fact long before but withheld it to boost season pass sales.

Lawsuit Against Kennywood

The lawsuit, filed in the Allegheny County Common Pleas Court by Joshua Miller and his attorney, John A. Biedrzycki III on Monday, alleges that it was a deliberate attempt to hide the fact to accrue financial benefits by boosting season pass sales.

The lawsuit alleges that Kennywood has created advertising campaigns targeting consumers like Mr. Miller and others to purchase the 2024 season pass under the belief that the benefits included myriad park attractions, including the Steel Curtain.

In the lawsuit, it was revealed that Mr. Miller bought his season pass under the assumption that all rides would be operational.

However, on April 17, three days before the park opened for the season, it was revealed that Steel Curtain would be closed for the season.

The announcement was made by Ricky Spicuzza, the park’s assistant general manager, and the reason for the closure was cited as the coaster undergoing an “extensive modification project.”

Ricky Spicuzza said,

“We understand the frustration many of you have felt not being able to experience the Steel Curtain. On behalf of our entire team, we absolutely share that frustration with you.”

However, the lawsuit contends that the fact was known long before last week that the 220-foot-tall coaster would be out of commission.

The lawsuit states,

“The company withheld this information from season pass purchasers so as not to lose season pass customers, or, alternatively, so as not to offer a discount on season passes due to the unavailability of the Steel Curtain.”

The lawsuit also details numerous violations of the state’s unfair trade practices and consumer protection law. This includes failure to disclose the Steel Curtain’s closure with the full knowledge that the consumer believed that it would be functional for the 2024 season.

The park offered varied passes, which ranged from season passes priced from $109.99 to $239.99.

The lowest endowed pass was the bronze pass, which provided unfettered admission except on certain blackout dates.

The premium range included the platinum pass, which offered year-round admission to Kennywood, Sandcastle, Idlewild, and Palace Entertainment’s Dutch Wonderland in Lancaster.

Additionally, it also offered free parking, discounts on food and retail, and three free guest tickets.

Also Read: Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

World

Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

Published

1 day ago

April 24, 2024

Manoj Nair

Prime Energy, the sports drink from Prime Hydration, has been hit by a number of lawsuits for containing excessive amounts of caffeine and PFAS. Another lawsuit was filed on April 8 in the Southern District of New York, accusing Prime Hydration, the parent company which manufactures the sports drink, of engaging in misleading and deceptive practices.

Prime Hydration was founded by two Logan Paul and KSI in 2022, and the products became very popular thanks to the huge followings of the YouTubers. However, the company is now facing a slew of lawsuits over the ingredients in their energy and sports drinks.

New Lawsuit Against Prime Hydration

The latest lawsuit, filed on April 8, accuses the company’s 12-ounce energy drinks of containing 215-225 milligrams of caffeine, exceeding the permissible limit of 200 milligrams. The lawsuit was filed by Lara Vera, a resident of Poughkeepsie, New York.

The lawsuit details that the plaintiff had purchased Prime’s Blue Raspberry products on numerous occasions in August 2022 for about $3 to $4 each, unaware that the products contained caffeine beyond the permissible limits. The plaintiff is seeking damages of $5 million from the company. Lara Vera’s lawsuit alleges that Prime advertised 200 milligrams of caffeine, which is equal to six Coke cans or two 12-ounce Red Bulls. One Red Bull can could contain 114 milligrams of caffeine.

Also Read: Johnson Controls subsidiary Tyco Fire Products to pay $750 mn to settle ‘forever chemicals’ lawsuit

The suit also alleges that there are no safe limits of caffeine for children and that caffeine has been indicted for causing tachycardia, headaches, convulsions, tremors, upset digestion, and adversely affecting mental health.

Earlier, Senator Charles Schumer, D-N.Y., had asked the Food and Drug Administration (FDA) to investigate Prime energy drinks in 2023 after reports that the products contained high levels of caffeine. The Senator also accused the company of using vague marketing tactics focused on young people, influencing parents to buy the caffeine-laced drinks for their kids. The lawsuit by Vera also quotes the Senator’s call to the FDA.

Prime is also facing another lawsuit filed on Aug. 2, 2023, in the Northern District of California by the Milberg law firm on behalf of Elizabeth Castillo and others. The lawsuit charges Prime’s products with using flavors containing PFAS, or “forever chemicals.” Forever chemicals are a class of chemicals that are not degraded in the human body or nature and have been indicted as a carcinogenic substance. Independent third-party testing has confirmed that Prime Hydration grape flavor contained PFAS.

Also Read: California mother files lawsuit against Tesla after her 2-year-old child starts Model X and runs over her