@corey: Did you get any link for LOI?
I'm sorry to say, I don't see this practice aligning with industry best practices. 10 years ago, when the ERP lifecycle was 10 or so years, MAYBE. Back when we had waterfall projects that lasted 2 years to implement, this could be a thing. Now days clients typically issue an RFI/RFP and invite companies to submit proposals. Those RFIs are requirement based, meaning the company lists out a bunch of pain points asking for the IT industry to provide solutions. In some ways, it means they aren't happy with their current provider.
Perhaps your vertical is isolated and still has a really long lifecycle? Does your product fall into any of the magic quadrant data sets?
If I was your investor, I would much prefer seeing revenue. What's stopping you from engaging with a client now? You have a technical team, right? If you have and ERP, you must have a vertical specialization. Leverage your industry knowledge and go get a customer. You only have to make it through the demo! You can be honest and upfront disclosing to clients that your product (like all software) is ongoing development. Microsoft has now rolling updates on D365. from every few years, to a few times a year, to now constantly.
Follow industry best practices. They are there to protect you. If you showed me something like that and I was expecting to see a sales report, I would have some follow up questions.