Can you explain your business in 5 min or less?

Have you ever watched a startup pitch or listened to a company presentation and 10 minutes later, still have no idea what they do?

Amid the plethora of business conferences, trade fairs, and startup pitching events, you’ve probably seen someone give a 10-minute presentation on stage, ending in total confusion.

Often, the presenter spends so much time discussing the massive market size (usually speculative and rarely based on real data) or highlighting the features of their platform that the audience is left in the dark.

I always find it surprising that some of the brightest minds in the world who are creating the next-gen technologies that will shape our future have so much trouble articulating themselves.

Why?

I think there are 4 primary reasons that this happens:

1. Misconceptions

No one is more passionate about a company than its founders. Yet they often assume that their business is such a game-changer that everyone else must feel as equally excited as they do.

This is a giant misconception.

2. Not understanding the audience

Who is your audience? Connecting with them is just as — if not more than — important as educating them.

People don’t care about your product. You have to give them a reason to.

Ask yourself - does your company or product:

• Make something cheaper, faster, or more efficient?
• Simplify a cumbersome process?
• Solve a real world pain?

Identify your audience and target your message to provide something of value.

3. Lack of objectivity

The longer you work on a project, the more intense your involvement becomes. While in the beginning, your perspective is fresh and objective, this changes over time. Gradually, you lose your neutrality.

A great way to reclaim an objective view is to bring in a third-party or create a network of beta testers. Simply having a colleague or friend listen to your presentation or having outside parties test a product can help reclaim that objectivity.

4. Timing

People have short attention spans. If it takes more than a few minutes to explain what you do and what value it brings, that’s far too long and you’ll lose your audience’s interest.

So how can business leaders ensure they incorporate the right messaging? Here are some best practices.

Simplify it. Then simplify it some more.

I once heard someone ask, “How would you explain your business to your grandmother?” Present your company in simple terms. Stay away from popular buzzwords. Resist the urge to sound too techy and instead give it to people straight.

Here are a few simple examples:

“You know how when you go to the supermarket, you have to wait in line and …? My company fixes that problem by __.”

“Isn’t it annoying when your internet connection goes down in an elevator or when driving under a tunnel? Our startup solves that with __.”

“I bought some pants and wanted to exchange them for a different size, but I couldn’t find the receipt. I wish there were a digital version that made in-store returns easier. That’s what we do at __.”

Timing is everything

Practice, practice, practice. If it takes longer than 15 seconds, go back to the drawing board.

Have a friend or someone outside of the company listen to your presentation, then ask them to explain what you do. If they can’t explain it simply and quickly, that’s a sign that your message needs to be fine-tuned.

Identify the audience

Assumptions are the worst. Never assume anything. Whatever the company or its product, don’t assume that the audience understands the technology or the market.

If you’re presenting at an engineering conference, then by all means — go for the detailed tech focus.

If you’re pitching your product at a marketing event, forget the tech and talk about value.

Headed to an investor meeting? Discuss the product, its value, the team, and strategy, but focus on the market opportunity because that’s what interests investors.

Really think about who the audience is and what they care about.

Get outside help

Find someone who can not only offer a fresh perspective, but really hone in on the best way to get the messaging across in a simple, but impactful way.

Most people wouldn’t try to fix a washing machine by themselves, so why would you leave your business presentation to just you? Hire an expert.

Once the messaging is clear, concise, and interesting, you’ll be in a better position to make far greater impact.