Does this sound familiar? Your team worked hard on a pitch, everyone is feeling sure that you will win the new business, there has even been talks regarding the celebration party – only to hear the business has gone to a competitor.
Working on a new business pitch, although exhilarating, can often be a complex, costly and time-consuming exercise. Even with all the passion in the world and the necessary expertise, complications and uncertainty can sometimes distort the outcome.
In the current economic climate as competition heats up, pitching will remain at the forefront of attaining new business for your company. With this in mind, what can businesses do to increase their chance of success in winning new business?
Research, research, research
One of the most important things to do is to get to know the client, this means spending a lot of time researching the client, the project and their firm's approach to pitch presentations.
From phone calls and meetings with the prospect, internet searches, focus groups, reading old case studies and other research, you need to find out everything you can about the client and their organisations needs. If they have a specific project in mind, try to find out as much as you can about it so you can cater your presentation to their specific mindset.
Another good tip is to research the client's corporate structure. This will give you insight on the client’s design-development process, pricing, project management, and protocol. Remember forewarned is forearmed.
The decision makers
Although your main contact will most likely be in marketing, the official selection panel could consist of individuals from the IT department, finance, and production or sometimes even HR.
It’s important to understand the needs and goals of each department; this will ensure you focus on issues relevant to each. Another important tip is to know who it is that makes the decisions and focus on them.
When it comes to identifying key decision-makers, time is of the essence. By identifying the key decision-makers early in the pitching cycle it improves your probability of success as you can then gear your pitch towards the person who will make the final decision.
Matching the right target person with the right message and approach will ultimately bring you success and save you time in the process.
Know who you are pitching to
The fact is, you can find out almost anything you want to know if you approach the prospect correctly. Go ahead and request some face time with them, you have nothing to lose. You could even invite them to your business for a work session.
Allow your potential client to join you at a research / brainstorming session. Invite their CEO (or their most senior committee member) to join your CEO for dinner. Hold conference calls. Discuss your findings with them. Bounce ideas off of them.
The more contact you have with the prospect:
- The more feedback and guidance you'll get on your presentation
- The more you will learn about what makes them "tick"
- The less nervous / more confident you'll be
- The more opportunity the prospect will have to learn about your business and what it would be like to work with you
- The more opportunity you'll have to pre-sell your business
- The better the chances of winning
Think about the pitches you've won. Think about the ones that felt really good. Chances are, those were pitches in which you had frequent contact with the prospect. They were pitches that you technically won before the final presentation.
Sometimes, this state of "pitch bliss" occurs organically because either the prospect is accessible and open to communication or because it's an opportunity that you are very excited about.
Other times, however, you may have to work very hard at achieving this ideal pitch scenario either because the client is inaccessible or because you're not very excited about the opportunity and, therefore, are making little effort.
Under promise and over deliver
A common tendency during pitching is to over promise (the answer to every “can you do this” is “yes”) because ultimately you do want to win the contract. But for a long term sustainable engagement you have to have something in the back pocket to wow your client.
This is easier said than done, but over committing in the sales process only to under-perform on the execution, leads to disappointment and an erosion of trust. Know your own strengths and your company's strengths, leverage these, not what you think the prospect wants. An open, honest approach upfront is not only courageous, but sets the right foundation for successful execution. Sincerity is appreciated and goes a long way in building a level of comfort with the prospect.
Remember clients don’t buy services, they buy relationships
Knowing how to present your company and distinguish it from competitors is key, but in the end, your success in the boardroom depends on how well you connect personally with prospective clients.
The most important part of your presentation is not what qualifications you give or how well you have put together your proposal, but the connection you make with them. You have to build trust during that hour, and a certain amount of confidence because ultimately if they don't like you, they won't hire you.
The ultimate strategy you have is to establish a personal connection to your client and by doing so, emotionally and intellectually they will like and trust you more than your competitor.
Lastly, ask your team what they think, their opinions and feedback may just be the difference between winning the pitch or not. By combining these pitch tips you will not only conquer the art of pitching, you will learn how to seduce potential clients in order to win their business.