Market research is a great information source for determining a product's success with potential customers. Because of this, it is a common component of any business plan. It helps shape business plans into well thought through strategies that will guarantee success. But, they are not only useful for business plans, they can be extremely helpful for conveying information in your pitch deck.
Give the audience what it wants
A Pitch Deck is a presentation used to provide an overview of your business, most commonly used to impress investors and gain funding. There are a few ways in which it can achieve this. For example, one of the most important things for investors is ROI. Therefore, showing that early on in your presentation is a guaranteed way to get their attention. Investors avoid taking risks, and using market research to show that your company has a firm ground to stand on and a potential for growth will do the trick.
Sizing the competition
Market research is a process in which information is gathered from potential customers in order to predict future success of a product or service. It is usually conducted through surveys, product testing or focus groups, either done in house, or through a third party company.
The feedback collected from the customers can be used to determine the company's position in the market compared to its competitors in the industry. Showing that your business can compete in the market and not fall behind the competition is valuable information for the investors.
Quality over quantity, fact over fantasy
While both pitch decks and business plans are depictions of your business and its overall operations and goals they are not the same. Business plans are lengthy and comprehensive documents, describing your business down to the smallest detail.
However, pitch decks are designed to be short presentations. And because of the difference in their format, the information used for a pitch deck needs to be carefully curated. They should not be too long, or you will risk losing your audience’s attention, and consequently their fundings. Averaging on about 15 slides is enough to include all the necessary information. However, many experts suggest even less, so make sure to include just the right data.
That is why pitch decks require quality information over quantity. Investors do not just want to hear bold statements, they want to see proof. Market Research will help you substantiate your claims. It will provide the numbers and valuable data, which will give investors reassurance that your business has high value and potential for growth.
Being in the loop
Because the market is fast changing, being on top of those changes is crucial for your business growth and relevance in the industry. Showing investors that you did your homework proves that you know your customers wants and needs, and that your business is able to cater to them. Market research can show the investors that your business can solve a problem in the market that no other companys (or very few) are addressing. This shows potential for a high revenue, and a ROI for investors.
Market research is not just for business plans. It can be a useful tool in attracting investments. Therefore, using it for Pitch Deck can greatly help you impress investors and gain fundings for your business. It shows investors exactly what they want to see: a potentially successful business that is a low risk investment, with a lot of room for growth and a high profit margin.
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