By An investor asks, "What's your CAC?" The founder says, "So, it's a great question, and it depends a bit on the channel, because in the early months we were doing a lot of organic..." By the third sentence the investor has written a note, and it is not the number.
Explain first or answer first
- "It depends a bit on the channel..."
- The number arrives in sentence five
- The investor writes a note
- "₹420, blended, last quarter"
- Qualification second
- Story only if they stay
Questions in a pitch are not requests for context. They are checks. The investor already has a rough number in mind and wants to see whether yours is close, whether you know it and whether you can say it under pressure.
The rule
The numbers above are an example. The shape is what matters. The answer comes first, the qualification second, the story third. If the investor wants the story, they will stay for it. If they only wanted the number, you saved them a minute and showed you know your business.
If they wanted the story, they'll stay for it.
When you don't know
Say so in the first five words too. "I don't have that split today. I'll send it tomorrow." Then send it tomorrow. A clean "I don't know" with a follow up builds more trust than a long answer that circles the number.
Words before the number
Practise it
Write down the ten questions you are asked most. For each, write the five word answer. Say them out loud until the number comes before the explanation every time.