Pitch win rates are an important metric for businesses looking to secure new clients or partnerships. A good win rate indicates that a company is effectively communicating the value of its products or services and successfully persuading potential clients to invest in them.
So, what is considered a good win rate?
It varies depending on the industry and the type of pitch, but generally, a win rate of 35-50% is considered to be good. However, some industries may have higher or lower win rates. For example, in the highly competitive world of venture capital, a win rate of 5-10% might be considered to be good.
Now, how can you improve your pitch win rate? Here are a few tips:
Understand your target market: Before you begin pitching, make sure you have a clear understanding of your target market and their pain points. This will help you tailor your pitch to address their specific needs and increase the chances of them investing in your products or services.
Create a compelling narrative: Your pitch should tell a story that captures the attention of your potential clients and makes them want to invest in your company. This includes highlighting the unique value proposition of your products or services and how they can solve the problems of your target market.
Practise, practise, practise: The more you practise your pitch, the more confident and polished you will be when delivering it. Rehearse your pitch with colleagues and get their feedback to improve it. You wouldn’t see someone walk onto the stage in the West End without rehearsing. Same for your pitches.
Start well: When you pitch, make sure that you have as strong a start as possible. If you manage to make people feel something in the first minute, you’re much more likely to convert them into a client.
Follow up and personalise our follow up: After a pitch, make sure to follow up with potential clients to address any remaining questions they may have and to keep your company top of mind. Make the follow-up specific to them. What issues were raised in the room that need addressing?
By following these tips, you can increase your pitch win rate and secure more clients for your business.
Are there ever any circumstances in which you’d want a lower win rate?
Yes. You can win every pitch at £1 each. But win one in two pitches at £3 each are you’re quids in. Being willing to lose pitches is a breakthrough moment in your career. It’s freeing when you realise that winning one in two pitches at the right price is often better than two out of two pitches at the wrong price.