6 Things You Need To Know Before You Can Pitch a Product
At least if you want to close the deal...
A good sales process is like a work of art.
It consists of multiple little steps that can be broken down further into tiny individual brushstrokes. One line of an email here, one text there – and every process is different, just like every sales rep is different.
But at a broad level, if you zoom way out of the picture, a sale can be sliced up into three main parts.
You have your research/discovery period in the beginning, and then at the end you have your follow up/close – or, as it’s more commonly experienced: the ghosting period.
And right smack in the middle, like the patty between two buns, is the “NFL Turning Point” of sales. The seesaw of it all, if you will.
The pitch.
When you compare the time spent performing the actual pitch against the time spent doing everything else – research, follow-up, etc – it seems like an insignificant piece of the puzzle.
But the magic of the pitch, much like Dorothy’s Wizard, is all about what happens behind the curtains. And the success of your entire process hinges on this seesaw.
But here’s the interesting thing about the pitch – it’s not necessarily about how you pitch. It’s about how prepared you were when you did it.
If your process is a work of art, your pitch is when you finally put brush to paper. And you don’t want to start that before you have all your supplies.
1. How Can They Use Your Product?
It sounds elementary, but this is absolutely crucial, and the first step towards being ready for a pitch.
And please, stop with the “to entertain their clients” bologna.
That’s an entry level sales line that gets your email deleted and buries you at the bottom of the sales board.
If you want your pitch to be successful, the “how” has to be real, and it has to be specific.
It very well may be for entertaining clients, and that’s great. But which clients are they entertaining? Why are they entertaining them? What do they hope to accomplish by doing that?
These are the types of questions you need to be asking yourself, because it gives you more ammunition when you present the product as a solution.
For example, instead of telling Bert’s Construction that he can “use these club seats to entertain his clients,” paint the picture. Tell him he can use those front row seats as a way to help win that bid he’s trying to get at the new high-rise going up downtown. And he can divvy up the rest of the games to his project managers as a thank you for the work they’ve done this year.
See the difference?
You need to extract real details during your initial conversations. The more details you have, the more personable your recommendation becomes, and the more likely they are to take it.
2. Why Do They Need Your Product?
I’m not talking about want.
I’m talking about need.
Everyone wants to buy those nice club seats you’re selling. Shoot, I would love one of these Super Bowl suites I sell every day.
But the AMEX only comes out when they need them. You feel me?
You’ll notice a common trend among companies and individuals that spend a lot on sports tickets. They don’t just want them – they need them; for one reason or another.
Let’s flip the script for a second. Think about yourself. Do you want a brand-new TV? Well, sure. Why wouldn’t you? It might not make sense to actually drop $800 on one right now since the current one works great, but maybe someday.
But when your TV isn’t turning on anymore and it’s 10am on a football Sunday, that changes the conversation. You don’t just want a new TV – you’re already in your car going to get one.
It’s no different for sports tickets, or whatever you happen to be selling. Maybe they’ve decided that it helps them run their business. Maybe it generates more revenue. Or maybe it’s just an ego play. Whatever it is, there’s something that takes them from want to need, and that’s when the credit-card comes out.
More often than not, however, the prospect isn’t just going to blurt out why they need your product. That’s for you to find out, and it usually takes some digging.
This is where it takes some really tactful sales work. Asking the right questions and uncovering small details about your prospect will really help here. And it leads well into the next point, which might be the most crucial of all…
3. What is Most Important To Them?
This is it, folks. The holy grail. If you can figure this one out, all the rest of the steps become that much easier.
“If you could wave a magic wand, what would you change about your business?”
It’s a super cheesy question, but that’s basically what we’re trying to figure out. And the answer to this question usually lies within all the answers you’ve gotten throughout your entire dialogue. And typically, it’s going to take takes some creativity and analysis to figure out.
Sometimes it’s more personal. Sometimes it’s strictly professional. Or sometimes you can just ask the damn question straight up – I know it’s cheesy, but you’d be surprised at the answers you might get…
Is it about being closer to the field than their competitor? Is it about generating an additional X of monthly revenue so they can afford a new office space? Is it finding new clients? Is it about employee retention? Generating referrals among clients? Having great seats to take his son on the weekends?
This is really where the great reps can separate themselves from the average ones.
Every CEO is different – but for the most part, they are all super passionate people. That’s why they’re in the position they are. They’re passionate about their company, and about its success. And it’s up to you to uncover what exactly makes them tick.
The answer to this question is quite literally the key to the entire process.
Once you know what’s most important to them, you can find a solution that will mean something to them.
And if you can do that, the chances of them agreeing with you skyrocket.
4. Why Might They Say No?
The first three were obvious. This is the one most reps seem to miss.
You can have all the why’s and how’s in the world at your disposal – but if you’re not ready for the objections, you’re walking into an ambush.
I don’t care how much research you’ve done, how many perfect questions you’ve asked – there will always be objections.
I mean, shoot – when you’re making decisions on your own, there are objections. I can’t even decide what I want for dinner without arguing against myself. So now this CEO is going to drop $200K without pushing back at all?
Keep dreaming, slick.
The good news is this – if you’ve done a good job handling the conversation to this point, none of the objections should be surprises. Most of those have been flushed out already, so you need to prepare accordingly.
One terrible habit a lot of sales reps have is pretending the objections that come up early in the process don’t exist. They pitch without referencing any of the potential hurdles, and then are shocked when the prospect says no.
Seriously? They told you that would likely be a problem. And you ignored it.
As painful as it is, you need to revel in those early objections. They are super helpful down the line. Take notes. Ask questions. Find the why behind the no. Really dissect those problems early on.
It’s too expensive. There are too many games for their office to manage. It’s not in the budget. All of the above. Whatever you think this particular prospect’s pain-points are going to be, you need to understand them. That way, when it comes time for the pitch, you already have all the answers to the test.
5. Who Else is Involved in the Decision-Making Process?
I know, I know. This is Day 1 sales stuff. But be honest with yourself. How many times have you pitched someone, only for them to turn around and say “Sure thing, I just have to check with my wife/boss/friend/partner/cat/etc”
The answer is all of us. Even sellers who have been in the business 10+ years. And sometimes we do everything right, and still wind up in that position. It’s just the way things are nowadays. Nobody makes decisions on their own. I can’t even make a fantasy baseball trade without texting 3-4 friends first.
I promise – this one will really help save you a lot of time and unnecessary effort.
Always do your best to find out who else is involved in the decision making process early on. Is it a few other members of the C-Suite? Great, let’s try and make sure they’re on the pitch meeting.
Is it the wife and brother-in-law? Excellent. What are their emails and I’ll forward the ZOOM invite their way.
Again, this one sounds simple, but you’d be surprised how many people forget this step, and then wind-up chasing someone for weeks while they talk to their therapist about those club seats.
It’s an easy step, and it will save you a lot in the long run.
6. Do You Believe It?
Alright. It’s gut-check time.
By now, I can only assume you’ve done everything else on this list correctly. You’ve gathered all the information you possibly could, set up the ZOOM, put on your best shirt (pants are a maybe of course, but nobody will ever know), and you’re ready for the pitch.
The last thing you should do before you actually start the pitch is simply ask yourself:
“If I were them, would I buy it?”
I know it sounds silly, but it’s an important part of the process. And the answer can’t just be “yes of course I would, these seats are sweet…Go Braves!”
I want you to seriously pitch yourself. Write a pros/cons list. Make a ven-diagram. Whatever you need to do, but I want you to actually pitch yourself as if you were the client.
Would you buy it? Does it make sense for you? Does it accomplish the objectives that were laid out early in the process?
There are a few reasons why this is helpful.
You come up with your own objections and solve them in real time. This will help you be better prepared for when they come up in the actual discussion
I find that sales conversations are much easier to have when I 100% agree with the solution. It just comes off as more natural. Selling something you don’t believe in is a sure-fire way to not close a deal.
Practice makes perfect. You don’t want to overprepare but taking an extra five minutes to make sure you can connect all the dots will make the pitch that much smoother, and more likely to succeed.
Look – there’s no scientific rule of when exactly to pitch your product. Anyone who tells you otherwise is trying too hard to put things in a neat and perfect box. The reality is, each prospect is different. Each conversation is different.
Some of the best pitches I’ve ever had happened during casual dialogue. Some of them even on the first call.
Not to get all Smokey the Bear on you, but only you can know when the time is right. It’s all about having a feel for the process. Again, you’re the artist of your own sale. Pitch too early, and you’re firing an empty gun. Pitch too late, and the prospect’s excitement may have waned, and your window has closed.
Trust yourself. Trust your process. Run through this checklist, and make sure you can convince yourself that it’s a good fit.
Then, and only then, can you start to pitch.
And not a minute earlier.