3 ways to pitch your business
Effective communication is still the most powerful instrument used while running business conversations. Here are three methods to reach your objectives whether you’re a businessman who deals with win-win situations, an entrepreneur who clearly pitches an idea, or a CEO/VP Strategy who explores new opportunities.
Old as the world itself, the win-win method is highly intuitive to some people. The following example took place recently after a short speech I gave at a private event. Meir: I’d like to invite you to give lectures on entrepreneurship in front of various international groups, we have a budget aimed to great speakers. (WIIFM) Beside my real-estate activities, I’m in charge of various European business groups coming to discover the Israeli ecosystem. (White Blouse) Also, I’d like you to know an apartment similar to yours in your street was just sold at ($attractive number), meaning a value appreciation of 70% within only 6 years. Would you like me to introduce you to a potential buyer? (Call to Action) The communication process is perfect.
WIIFM: First, our interlocutor started with a gain that he kindly suggested. Indeed, I very much like to share entrepreneurship tools with business audiences. This is called the WIIFM which stands for What’s In It For Me. Start every conversation with something to offer.
White Blouse: Then came the credibility. If he is in charge of European groups, he is the right person to suggest me such an offer. We call this step the “white blouse”. The white blouse is a metaphor exemplified when we see a surgeon wearing scrubs. His uniform gives credibility that he is a surgeon, and thus allows us to trust him to operate on us.
CTA: Last, the Call To Action. It’s about the action I invite you to initiate. It is a very precise question that invites a specific objective you want to achieve. In this case, it was about selling an asset after suggesting an attractive WIIFM. Smart strategy.
Do you have a meeting in the following hours/days? Answer these 3 questions:
WIIFM: What can I offer that will benefit the person I
am meeting?
White Blouse: Why am I the right person to conduct
this opportunity?
CTA: What very precise action (what, when, where) I
invite you to do?
1. The WIN-WIN Method (for business)
When presenting an idea, it is very important to be short and impactful. Here’s a real example of how not to do that.
“We have an excellent idea. We will surf on the existing local telephonic antenna and allow users from all over the world to benefit from 3G permanent connection anywhere. Meaning James from Australia will surf on the 3G package of Laurenz while staying in Germany. We checked the legal aspects of our 3G connection sharing (with the infrastructures ministry) and there is no problem using local telephonic operator’s infrastructures. As telecommunications engineers, we will build a reliable cross platform to fit between the local 3G lender and the international 3G borrower….”
Quick analysis: No word on the precise target answers, nothing on the real added values, no mention of the problem they solve, and nothing regarding the competition. Now, we’ll have a look on the perfect pitch structure, defined by Geoff Moore in 1999.
For..............................................[target audience]
Who are dissatisfied with....... [the current offering in the market]
Our idea / product is a..........[new product/idea category]
That provides..........................[key problem/solution features]
Unlike ......................................[the competing product]
Our idea / product is ............[describe 3 key added values]
Here’s an example of a big introduction for innovation & design thinking services:
For CAC 40 INDUSTRY LEADERS,
too heavy to innovate quickly, we build industrial startups
to increase their market shares.
Unlike the Big 4 consulting firms,
MYK-Strategists
• Build the innovative product/service concretely (A to Z)
• Charge only when you are satisfied with the results
• Establish a dedicated long-term innovation team
We don’t advise HOW, We build WITH you.
Another example of a service called “the MYKCelerator”:
For prestigious BUSINESS SCHOOLS,
whose 70% graduates will inevitably become
entrepreneurs, we run the MYK-Celerator.
Unlike other European Incubator Programs,
The MYK-Celerator is:
• Managed by entrepreneurs for entrepreneurs
• The only incubator with EMEA & African existing
infrastructure
• Based in the most active start-ups ecosystem in the
world
• Supported by the biggest consulting firm worldwide
We observe the following key elements:
1. The target audience has to be as defined as precisely as possible (CAC 40 is only the top 40 industrial companies based in a specific country)
2. The pain we solve is well known by big industries (too heavy to innovate quickly)
3. The service is reliable and attractive (we build startups for your company)
4. The gain is clear (increasing market shares)
5. Competition is well-defined (4 prestigious consulting firms)
6. Added values differentiate our value proposition from the competition (we build a product vs they leave a plan; we charge on success fees vs they require fixed fees no matter what the result is; we train teams to constantly innovate vs they advise and go)
2. The Pitch Best structure (for entrepreneurs)
3. Opportunities presentation (for innovative teams and CEO’s)
A third kind of pitch is aimed to present an opportunity we’d like to explore. Given it’s aim to engage collaborators, seduce investors or convince partners, it’s crucial to follow a structured format to quickly expose the reliability of your idea. Here’s mine:
O — Communicate the opportunity
M — Mention the mean clearly
E — Expose your secret sauce
G — Give your business model
A — Activate your go-to-market plan
Here’s an example of an opportunity we explored in the past:
“A business cycle between a leader company and a top consulting firm takes on average 8 months and costs both
both parties more than $250,000. We will build a matching platform where the TOP 100 industry companies constantly meet the TOP 10 consulting firms. Our secret sauce will be triple: a gain in money (offering competition between firms), in quality (more choices presented), and in time (business cycles reduced to a few days).
MYKonsulting will charge 10% fees on each transaction (meaning at least $100,000 per closing) for strategic services.
Our first target audience – Aerospace companies – will be subscribed to the platform by personal contact at “Le Bourget” (Biggest Air show worldwide) taking place in 15-20 June.”
How does that sound?
Here are the elements we’ve carefully emphasized:
The opportunity we’ve identified and others still haven’t, through what mean (platform) we’ll make this matching happen, and the secret sauce (triple gain in money, time, quality) we’re offering. Once the opportunity sounds attractive, we clearly mention how we will make money and through what exact sales channels we’ll reach our first customers.
Conclusion
Whether we offer a deal, deliver a pitch or present an opportunity, the key is the way of structuring our offer to make maximum impact.