Would you believe that the sales pitch you’re using today may not be your best at generating sales? In a study conducted by the sales consulting company, Corporate Visions, more than 86% of the companies surveyed said they used sales pitches that were different than what they judged to be the most effective.
So what is a good sales pitch? There are up to nine elements worth including.
WHAT YOU’LL LEARN FROM PAUL HEAGEN OF DEFINING MOMENTS ABOUT THE ELEMENTS OF A SALES PITCH.
#1 – WHAT’S THE PROBLEM? (2:52 in)
In Paul’s words – A solution in search of a market isn’t going anywhere if you have to convince the market to use your product or service. People do respond to what looks like a fix in their life or business.
Insight – By identifying a solution to the problem in your sales pitch you’re helping rather than selling the customer.
#2 WHY DOES THAT PROBLEM MATTER? (4:09 in)
In Paul’s words – Our attention goes to our big ones.
Insight – If you help them realize the importance of fixing the problem, you’ll get their attention and trigger their desire to fix it.
#3 WHY HASN’T THE PROBLEM BEEN ADDRESSED BEFORE NOW? (5:16 in)
In Paul’s words – It sets you up for your differentiator.
Insight – This question is a set up to introduce your product or service. The customer acknowledges what may have been tried before hasn’t worked or admits the problem has been ignored.
#4 WHAT HAVE YOU FIGURED OUT THAT NO ONE ELSE HAS? (6:13 in)
In Paul’s words – If you come to a discovery, an insight that other people have, there’s tremendous value in that. Let me tell you something we’ve discovered, that invites curiosity.
Insight – For entrepreneur’s in search of capital, knowing your position in the marketplace is necessary.
#5 HOW DO YOU KNOW THIS IS GOING TO WORK? (7:47 in)
In Paul’s words – I need some confidence that what you’ve set up is really going to work. Will the customer or market understand this as a solution.
Insight – If you have to take a great deal of time explaining to your customer how your product or service works, you need to re-think your presentation and simplify.
#6 HOW WILL YOU MAKE MONEY? (9:31 in)
In Paul’s words – What’s the path to profitability? (for an investor or customer)
Insights– Value can be defined as money or time savings, efficiencies, and multipliers which generate money.
#7 WHY ARE YOU THE BEST AT DOING THIS? (10:38 in)
In Paul’s words – Can you execute on the idea?
Insights – Consider bringing into the pitch other team members responsible for executing the idea that make the customer confident in your ability to deliver.
#8 WHERE ARE YOU NOW? (13:08 in)
In Paul’s words – Sell new stuff to old clients. Sell old stuff to new clients.
Insights – If your pitch is to an investor, you’ll need to be clear on where you are in your development of the business. For old clients it’s a chance to expand your relationship. For new clients you introduce them to something you have delivered previously.
#9 WHAT DO YOU NEED? (15:30 in)
In Paul’s words – In a sales presentation it’s ask for the deal. Here’s what the relationship would look like.