How to Pitch an Idea – It is another thing to come up with a brilliant business idea, and another to sell it to total strangers. For the latter, sales executives, marketing managers, and entrepreneurs make great efforts but are often rejected by the decision-makers. Why is that?
A while back, I made a call on the Spectrum Customer Service phone number. Upon knowing that I am a stay-at-home mom, they instantly came up with a list of packages and channels for kids. I never told them that I want to subscribe to cartoon channels, but that is the first thing that came to their minds. That’s categorizing. Yes, people categorize you and your ideas pretty quick.
Research shows that humans can categorize in less than 150 milliseconds. Imagine that! So why not take advantage of this little psychological edge you have over the decision-makers. Read the tips to know-how!
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Stick to the Point
You must be well aware of the fact that the average period of an individual’s attention is shrinking. Be it books, broadcasts, movies, or blogs. That also goes for presentations. Nobody has time to waste. When pitching via slides, your starting point is crucial. Don’t go for lengthy preambles. You have to come up with a compelling proposition to hook them up, and then you can gradually build your case up by adding quality content.
Go for Fewer Slides
Make this a pitching rule to live by. Every pitching expert will advise you to do the same. The minimum the number of slides in your presentation, the lesser is the chance of you getting astray with the content or losing your audience’s interest. Precise, yet detailed, your slide content can guide you about where to lead with your pitch. Use it as an outline map.
Register the Need
When a decision-maker or a potential buyer listens to your idea, the first thing that comes to their mind is how that solves their problem. Tread here carefully. You must establish a need here. State the problem, and make them believe that your idea is the solution to it. Demonstrate how it can bring change to peoples’ lives.
Map Out a Plan
Even if you are pitching an idea that is very complex, try to map it out for your audience by simplifying it. Practice pitching your idea before you do it, and calculate the time it takes. Minimize it. Create a catchy headline, followed by stating the key advantages. Later, you can use examples and statistics to reinforce your idea.
Add Different Levels to Your Pitch
You can add further value to your pitch by adding levels to it. Use time as a measuring device to set the levels. In his book How to Pitch an Idea, Scott Berkun has divided the levels in 5 seconds to 30 seconds, leading to 5 minutes. You should give 5 seconds to the explanation of your basic idea. When you have 30 seconds, you can pour in a few more details, just to clarify your idea further. Now that you have gained their attention with the short introductions, you can use your 5 minutes to explain your idea further. Use them wisely.
Be Clear about Your Competitors
This is very important. What advantage do your competitors have over you? You have to use it to your advantage. Prove that what you have to offer is better than what your competitors are offering. You can also talk about potential competitors and your defence strategy to counter them. This will portray a well-prepared pitch.
Include a Catchy Phrase
Most of the people are prone to forgetting statistical details, but nobody forgets a good pun. This is what keeps your idea stuck in their minds long after. Keep the phrase simple and meaningful.
Let Them Know Your Team
No pitch is a one-man show. You have to convince your audience that your idea is going to be perfect because you have a strong team to look it through. Don’t go into much detail about the team’s or individual member’s accomplishments. Keep it precise, and add pictures for relevance too.
Understand the Value of a ‘Yes’
A good salesperson will stop selling their idea when they feel it has hit its mark. If you continue talking after a certain point, your idea will lose its worth. You might also run the risk of changing their minds altogether. Stop at the right point.
For example, when I called to get a subscription to my Spectrum Double Play package, the guy on the other side knew exactly when to stop convincing for a bigger one. I instantly bought the subscription.
