The research is done, the design is complete, the prototype is in your hands, and now it’s time to demonstrate your product to your investors. But what does that entail? How can you make sure your one-of-a-kind idea makes it out of the conference room and into the marketplace? Here are some tips on how to tailor your product demo to the investors in front of you. Pre-Game Research It never hurts to check up on your investors. What do they tend to sell the most of? What ideas have appealed to them in the past, and how can you talk about your product in those terms? It’s also a good idea to figure out who in the group you need to focus on the most. It’s not always true that there’s one specific person who’ll make the final decision, but there’s nothing wrong with directing your demo to the top dog or dogs. Develop a narrative Rather than simply talking about what your product is or showing people what it can do, you might have a more appealing presentation if you can tell a story. It might be about how a person uses your product in their everyday life, or the vision you had in creating it. Your background research could come in handy here, too. What do your investors like to hear about when they see a product demo? What are the key facts about the product that you can use for your story?
The Q&A
Once the demo is done, staying on your toes for any potential questions an investor might have is crucial. If there’s someone on the fence about whether or not to invest, how you handle their questions could be what pushes them over the top. And don’t be afraid to ask for clarification if it’s needed. Remember, this presentation needs to leave a little doubt as possible in your audience’s mind, so there’s nothing wrong with choosing to seek more information before answering. In fact, it might be helpful not just to have a comprehensive knowledge of your product, but to try to think about what questions you might be asked afterwards. There’s nothing wrong with practicing the answers either. Details, details As fascinated with all of the technical aspects of your product as you might be, there’s usually no need to go into too much detail in your demo. Once you’ve shown what the product can do, the “how” of it can wait until the Q&A. Any extensive explanation of how your product was made or how the more intricate aspects of it work could potentially bore your audience. Keep this in mind for any visual aids you’re using, as well. It’s easy to overwhelm investors with too many bells and whistles in your PowerPoint or laptop visuals. Keep it lean and concentrate on what your product does.
Going off script
So now that you’ve researched your investors, honed your message, focused your visual aids and anticipated the questions, it’s time to work on your flexibility, so you’re ready for anything. Your ability to improvise, and to roll with where the presentation is taking you, could create some serious appeal with your investors. There’s nothing wrong with following an idea or question off on a tangent that might create another use for your product. You might know every possible aspect of what you’re demonstrating, but at the same time, someone else with a fresh point of view could have a different idea. And a new way to use your product might be exactly what encourages investment. Remember, a demo can both dazzle and educate, but the oldest idea in show business is to leave them wanting more. Keeping things tight, but flexible, while demonstrating a working knowledge of your product and audience will all move you closer toward getting that positive response. Pivot can help you get that product just right before you demonstrate it. Learn more about our product design services here.
