5 and 15 minute pitches

[Brown and Boris]

Has anybody seen any advice on developing the 5 and 15 minute pitches for a new innovative product?

I have a new product, the concept of which itself is hard to get across before begining the 'pitch' proper because it hasn't got a similar product which has gone before so the notion of, for example 'a new heat pump which reduces energy use' doesn't really help.


I have done a couple of presentations and I have a problem getung the audience to grasp the new concept before describing the product and demonstraing it. Although a demonstration clarifies what it looks like, it doesn't explain how it works and they need to grasp tghis to see how innovative it is. This then confuses people as they all have their own ideas of how it works.

I submit to you as evidence of my inability to put a mesaage across, this post!

[ypauly]

Brown and Boris said:

Has anybody seen any advice on developing the 5 and 15 minute pitches for a new innovative product?

I have a new product, the concept of which itself is hard to get across before begining the 'pitch' proper because it hasn't got a similar product which has gone before so the notion of, for example 'a new heat pump which reduces energy use' doesn't really help.


I have done a couple of presentations and I have a problem getung the audience to grasp the new concept before describing the product and demonstraing it. Although a demonstration clarifies what it looks like, it doesn't explain how it works and they need to grasp tghis to see how innovative it is. This then confuses people as they all have their own ideas of how it works.

I submit to you as evidence of my inability to put a mesaage across, this post!

The presentations course i did was broken down into three steps
1) tell them what your are going to tell them
2) tell them
3) make sure they understood what you have told them

[sploosh]

Rather than describing your product, describe the problem. Then show the product fixing the problem.

Hopefully they'll be interested enough to want to know how it works....

[blot]

Have a look at copy writing, it teaches you how to put messages across clearly.

http://www.drewrys.com/

I went on one of John's courses, thoroughly recommended.

[Brown and Boris]

blot said:

Have a look at copy writing, it teaches you how to put messages across clearly.

http://www.drewrys.com/

I went on one of John's courses, thoroughly recommended.

Looks good, although it looks lke you have to buy an in-house course for £2.5K or £199 for the online audio version?

[blot]

Not sure on the cost details tbh. was lucky enough to do a freebie one day course with John and it has transformed the way I write reports and proposals.

Certainly worth speaking to them

[Puggit]

swerni said:

sploosh said:

Rather than describing your product, describe the problem. Then show the product fixing the problem.

Hopefully they'll be interested enough to want to know how it works....

spot on.

5 minute pitch is just a taster to get them interested.
Focus on the problem it solves and why solving that problem is important to them.

why don't you post some info about the product for us?

It's all called Spin Selling.

As a presales consultant I spend my life doing pitches - if you want some help, drop me a PM

[Puggit]

HQ was in Toronto - until we got bought by the big red N...

[Puggit]

swerni said:

Puggit said:

HQ was in Toronto - until we got bought by the big red N...

check your linkedin

Checked - thread hijack over...

[Brown and Boris]

swerni said:

sploosh said:

Rather than describing your product, describe the problem. Then show the product fixing the problem.

Hopefully they'll be interested enough to want to know how it works....

spot on.

5 minute pitch is just a taster to get them interested.
Focus on the problem it solves and why solving that problem is important to them.

why don't you post some info about the product for us?

It is a new psychometric test which can be used for staff development but also for screening staff whose behaviour could put the organisation at risk of legal censure. Usually such tests tap our conscious thinking but this one taps our unconscious processing which is why the client won't have seen anything quite like it before. When I try to present it they get stuck in the idea that it requires a considered, conscious response like the tests they know when in fact the whole notion is the instant 'gut feeling' response. I know also that because I am close to the product and know all the ins and outs that I tend to drop into decriptions of the mechanics which they also struggle with and I then move to a demonstration which isn't possible in 5 minutes and is pushing it in 15 as there are 8 versions.

I guess there may be 1 problem (the risk presented by them not knowing the level and extent of this predilection) and 2 messages in the problem solving, one for staff development and one for staff screening? The development problem it solves is that as it raises self awareness, for the large the majority of people they can be vigilant for the signs that they sre slipping towards being a risk to themselves and the organisation. We also provide some advice on reducing that risk. Screening wise it can identify the few % of problem employees who present a risk, anad again we offer advice but it may mean retraining or not appointing, promoting or moving someone into a position where they could pose a risk.

[Simpo Two]

Brown and Boris said:

It is a new psychometric test which can be used for staff development

Ah, got it. You give them a broken heat pump and see how quickly they can fix it?

[Brown and Boris]

The first clear advantage is that it reduces the risk of having someone who is a ticking bomb business wise but I fear that because it is 'hidden' that might not get them too excited because they don't know what they don't know in a kind of Rumsfeld way. I could use recent employment tribunal materials (payouts of five and six figures)to reinforce the fact that just because they haven't yet been called to court or dragged through the newspapers, that they don't have the risk. I do have some figures showing the % of people in any group which will present a clear risk (about 1%) and those who present a significant risk (about 5%).

The second is fluffier and revolves around staff development. It could link into the first on the risk issue but people can't manage the risk for themself and amongst other employes unless they know who is in which risk group (and who is in the very low risk group). The idea is that most people are low risk (about 80%) but that unless they and their managers are vigilant the borderline people are vulnerable to slipping into the riskier groups when the going gets tough.

Set against that there is the low cost of use ( starting at about £7 compared to £30 for a basic personality test), little or no training required for use (personality trests need a person qualuified at a cost of £1000 plus).

I have copied Steve's post into a word doc and will develp the 15 minutes around that.

Many thanks guys.



I will give a bit more detail on the product as soon as I sign the licensing/publishing agreement, which should be imminent.

Edited by Brown and Boris on Tuesday 16th December 09:43

[johnfm]

Have you read 'Blink'? A great little intro to subconcious behaviour.

[Brown and Boris]

johnfm said:

Have you read 'Blink'? A great little intro to subconcious behaviour.

I have indeed and the many books it feeds off.

In fact;

Compared to our unconscious processing of information, our conscious processes are both smaller and less efficient. Zimmerman (1989) and Norretranders, (1998) report that our brains can consciously process around 45 bits of information per second (a few words) and just 30 bits when we read aloud. When we calculate two numbers in our head this falls to just 12 bits per second. By comparison, our unconscious capacity dwarfs this, as we can unconsciously process over 10 million bits per second, meaning the unconscious is 200,000 times more powerful.

As humans our unconscious processing is activated well before any conscious process. Magnetic Resonance Imaging (MRI) scans show that though it takes around 300 millisecond for our senses to perceive and process a new sight, our unconscious processes are triggered at around 80 milliseconds, before our brains have even registered the picture. They are particularly sensitive to and efficient at processing images with which we hold an emotional connection.

[Brown and Boris]

swerni said:

As puggit pointed out, have a look at SPIN.
Although you can't use it in the classical way, what it will do is help you frame your pitch.
Situation
Problem
Implication
Need pay off.

What you need to ascertain is what the problem you are solving is.
You then need to put the problem you are solving in context for the audience
What does it mean to them?
is it
saved money
saved time
staff retention (see saved money)
You then need to look at the implication
what is the net effect of solving the problem (or not solving it) to both the audience and their business.
You then need to look at the return to the business.
The implication stage helps people crystallise what the real effect is of doing something / nothing
In effect you are widening the gap between where they are and were they want to be (or where you want them to be)
The bigger the gap the bigger the problem is / seems.
The bigger the problem is the more important the solution is.

This is not about a product, don't get dragged into it, assume you are pitching to a nice old biddy who has no knowledge of your industry or the jargon used in it.
You are pitching a solution to a problem. Your audience only care about what it solves and how it helps them.
They don't care how it works.

If you want to drop me an email am happy to go through in more detail.

Steve

I have the financial stuff;

Employment tribunals costs employers over £210 million in legal costs each year and employers also pay out over £4 million in compensation to claimants. Two thirds of SMEs believe that the cost of an employment tribunal could spell bankruptcy for their business. The financial costs are only the tip of the iceberg. Damage to organisational reputation can lead to lost business with some customer groups and difficulty in future recruiting. Coupled with additional training costs, all make an ET an expensive occurrence. They can also undermine staff confidence and damage the morale of managers, trainers and HR professionals. Although organizational policies are sometimes at fault, often it is the behaviour and attitudes of people working with those policies who are the true cause of the claim.

[Brown and Boris]

swerni said:

Brown and Boris said:

swerni said:

As puggit pointed out, have a look at SPIN.
Although you can't use it in the classical way, what it will do is help you frame your pitch.
Situation
Problem
Implication
Need pay off.

What you need to ascertain is what the problem you are solving is.
You then need to put the problem you are solving in context for the audience
What does it mean to them?
is it
saved money
saved time
staff retention (see saved money)
You then need to look at the implication
what is the net effect of solving the problem (or not solving it) to both the audience and their business.
You then need to look at the return to the business.
The implication stage helps people crystallise what the real effect is of doing something / nothing
In effect you are widening the gap between where they are and were they want to be (or where you want them to be)
The bigger the gap the bigger the problem is / seems.
The bigger the problem is the more important the solution is.

This is not about a product, don't get dragged into it, assume you are pitching to a nice old biddy who has no knowledge of your industry or the jargon used in it.
You are pitching a solution to a problem. Your audience only care about what it solves and how it helps them.
They don't care how it works.

If you want to drop me an email am happy to go through in more detail.

Steve

I have the financial stuff;

Employment tribunals costs employers over £210 million in legal costs each year and employers also pay out over £4 million in compensation to claimants. Two thirds of SMEs believe that the cost of an employment tribunal could spell bankruptcy for their business. The financial costs are only the tip of the iceberg. Damage to organisational reputation can lead to lost business with some customer groups and difficulty in future recruiting. Coupled with additional training costs, all make an ET an expensive occurrence. They can also undermine staff confidence and damage the morale of managers, trainers and HR professionals. Although organizational policies are sometimes at fault, often it is the behaviour and attitudes of people working with those policies who are the true cause of the claim.

This stuff is brilliant can you get any more.
Having names of companies who have suffered in the industry you pitch into is always powerful.
Also £210m is that the UK figure?
If so how much has it increased over the past few years and what is it predicted to increase over the next few.
Got any global figures as well.

In essence you are selling insurance to the business

Why would I buy insurance.

1. I had to due to regulatory requirements
2. I felt their was a high enough risk to the business that not having it would be a liability.
3. I felt It could help reduce cost in the business. Recruiting staff is expensive as is getting rid of the "mistakes".

good questions to help uncover point 3 and to help justify.
What is staff turn over/
Is that an acceptable amount.
What is the cost to the business.

already part way to justifying the costs

Implication questions

What if they were to sue
What would the immediate costs be
What would the long term effect be on the business / other staff etc

This is just an assumption but if one person sued a company and got away with it as most are settled out of court, it always gets out and puts the seed in other less than happy employees minds

If you say this stuff to the customer its just your pitch.
If you can get them to say it, by asking leading questions then its real. You can then keep referring back to it and quoting them.


sorry this is in no particular order it's been a bit of a stressful day.

One last point.
Remember you are selling insurance so.
Who do you think you should be pitching at in the business???


when you have done the pitch please mail me


Steve

The per-case compensation paid has dropped slightly over the past year (from £7.7K to £7.3K) but the main cost is the legal costs and the reputation damage which continue to rise year on year. The market is UK based at the moment although the licensing contracts we are about to sign are for EU and world use.

I can find recent ET's through google and target those people via their HR managers and lawyers. I thought an easier way is via the specialist lawyers group who represent both claimants and companies at ET as they are already puting the fear of God in clients on my behalf! There are about 350 of them. Ideally I would like organisations to use it as a regular audit tool because that multiplies up sales, and there would probably be significant discounts for that kind of use.

Implication questions

What if they were to sue. You mean employes sue the company for using the test? We have the data to stand in court on that but the terms and conditions limit our liability to the price of the test which is an indistry standard (unless of course we are negligent when my professional liability insurance kicks in).

What would the immediate costs be. For individuals probably about £11 per test to include a results report, and about £14 with full feedback and a employee PDF self-coaching booklet. Falling to around £7 and £10 respectively with larger volumes. They may want to do more than one version but volume discounts are generous. For audit I think the price would fall below the £5 level as it would be group data and no feedback but involve anonimised bulk testing of all staff or samples of staff in key front line jobs. There are no set up costs unless they want it made bespoke (from just adding their logo to a complete bespoke version). Training is free and involves an hour with a member of the sales team on FAQs and how to access results online. The user account is set up with a predetermined number of credits and they get an email when their credits reach 15% andn 0%. They do have to pay for credits when they are added but credits don't expire.

What would the long term effect be on the business / other staff etc. Reduced customer complaints, less bad press, hitting recruiting targets from under represented groups, reduced grievances between employees and therefore staff turnover, early sight of a growing problem, defensibility at ET, ensuring VFM in training (it can be used to evaluate training courses too), being seen at the cutting edge, able to do away with existing more cumbersome and expensive systems including expensive surveys and monitoring, hopefully enhaced relationships with trade unions. Overall a smoother and more harmonious working environmnet for all staff so that you can get on wioth the business rather than dealing with complaints and grievances caused by a few few bad apples.

I think the pitch will be HR managers, as they are the current buyers and the person with whom existing buying relationships exist. The pitch will be given to the licensee's sales staff ( I will only be selling to my existing public sector clients, the licencee will be doing the private sector and their existing public sector clients). Some 'new product' briefing is already taking place to whet the appetite.

[Brown and Boris]

swerni said:

with the implication questions I meant, what if an employee were to sue the company they work for.

I think that would only happen if they used this test as the sole method of deciding who to promote or sack and we don't recommend that (part of the technical directions). It would always be supplemneted with other information (interviews etc() before being used for such critical decisons. In short, the user indemnifies us and if they use it outside the agreed scope that is their error and consequence. I see trhe bulk use in develpmnnet pr as PART of a selection process where they would check out the results. Ecven so, at the highest end we have a 100% agreement between test scores and the damaging behaviour and new resaerch evidence isa being gleaned every day to support that. We would stand behind the test in terms of providing evidence for any legal process as long as it was used in accordance with the instructions.

[Brown and Boris]

swerni said:

Brown and Boris said:

swerni said:

with the implication questions I meant, what if an employee were to sue the company they work for.

I think that would only happen if they used this test as the sole method of deciding who to promote or sack and we don't recommend that (part of the technical directions). It would always be supplemneted with other information (interviews etc() before being used for such critical decisons. In short, the user indemnifies us and if they use it outside the agreed scope that is their error and consequence. I see trhe bulk use in develpmnnet pr as PART of a selection process where they would check out the results. Ecven so, at the highest end we have a 100% agreement between test scores and the damaging behaviour and new resaerch evidence isa being gleaned every day to support that. We would stand behind the test in terms of providing evidence for any legal process as long as it was used in accordance with the instructions.

noooo not suing due to the test.
Suing because by not using such a test they had employed a bunny boiling mentalist (which your screening would have clearly avoided _

ah! The route has tended to be ET for internal issues but more and more customers are willing to complain and seek compensation these days. There have been a few very high profile cases of this sort and the real cost has been to reputation and the cost of various enquiries and retraining rather than the compo itself. I could just remind them of those cases.

[Brown and Boris]

swerni said:

YHM

Thanks Steve