The answers you give during your pitch’s Q&A need to satisfy the VCs asking them.
Your answers should always be concise, relevant, believable and relatable. The best answers are constructed with the key elements. These 3 elements are:
Answer Statement – Many people make the mistake of only including this element in their answer. The answer statement, as it suggests, is the direct and simple answer to the question being asked.
Proof Points – The proof points are the evidence that supports your answer. This is the detail and the justification as to why you answered the way you did. Proof points add credibility, substance and weight to the answer you provided. Using proof points decreases the likelihood that the VC will feel the need to ask for a follow-up.
Link to Soundbites – If you are not relating your answers to one of your key messages then you are missing a trick. The sales job doesn’t end at the end of your formal pitch.
The Q&A time is just as big of an opportunity to restate your key messages.
If you have been pitching for a while to different VCs and are yet to receive funding, then take a moment to reflect on the questions you are being asked. If you find yourself being asked the same question from different VCs then it may suggest that there is a gap in your pitch and offering.
Use these 3 elements to give the fullest answers possible to your VCs. Don’t leave opportunities on the table to restate your key pitch points and soundbites.