Team Alpha 375

"People laughed at us for using the word magical. But you
know what? It turned out to be magical."
~ Steve Jobs, Apple CEO

How to Pitch to the Very Rich
By Bill Bartmann

Do even seasoned pros screw it up? Let me count the ways. hours a day?

I knew I had arrived when I made the "Forbes 400 Richest Americans" list for the first time. Not only had I been vetted in a rigorous process of proving my wealth, but after the magazine came out, my jokes seemed to get funnier. In a later year when one publication listed me as the 25th wealthiest American, a quick joke of mine at parties had them doubled over with laughter.

I'll tell you what didn't change much--the quality of pitches I endured for products and services. The quantity increased all right, but the batting average of these pitchers was still in the toilet.

In case you find yourself wanting to ink a deal with a really wealthy individual, here are five rules to put you way ahead of your competition:

Rule #1: Respect my time.

Everyone knows to arrive early, but here's what most people don't know: I may have gatekeepers, but I also know if you've been cooling your heels in my waiting room for 30 minutes. I consider that sloppy. You must not be too busy or successful if you have that kind of time to blow.

Of course it makes sense to allow extra time to get to a meeting with me, because heaven help you if you're late. Hang out at the coffee shop across the street, not in my reception area. You should be announcing yourself to my receptionist at precisely the appointed hour.

Then when you are shown in, respect my time again. If we are scheduled for 10 minutes, then 600 seconds from when you walk in you should be doing one of two things: Either walking out, or in the midst of answering a question of mine. If you're answering, remind me that your 10 minutes is up. Say that you're ready to honor that agreement and leave...or you would be happy to answer the question if I have a few more minutes.

I'll know that you're a person of your word and will almost certainly allow you a few more minutes.

Rule #2: Don't tell me my business.

I don't care if you've been in the same industry for years--you still do not know my unique challenges at the moment. Therefore don't insult me by announcing how your solution will "revolutionize" my operation, or be "just the thing." I may indeed conclude that your product or service is amazing. That's for me to decide at my pay grade, not for you at yours.

Just so you know, it's the same with resumes. If you are interviewing at my company, don't tell me that "I'm just what you need to take your company to the next level." If you say that, you'll never get the chance to prove it.

Rule #3: Give me the facts.

I love to ask salespeople: "How do you stack up against your competitors?" The answer tells me volumes.

Many salespeople will say: "It's our company policy never to bad-mouth our competitors."

You just blew the sale. I can't count how many salespeople hide behind that excuse when the truth is either that they don't know their competitors, or they're worse than their competitors and don't want to say so.

I expect you not to bad-mouth your competitors. I also expect you to know your own product and your competitors' products, cold. Here's the winning answer: "I'm glad you asked, Mr. Bartmann. I have here a matrix of 17 main characteristics of our product, and how we stack up compared to our 4 primary competitors who combined with us, represent over 78% of market share...."

Now I'm impressed. You just told me you are a pro. I might not even read your matrix, but I will give it to someone on my staff to decode.

Rule #4: Take notes.

An ancient Chinese proverb states: "The faintest writing is stronger than the strongest memory." I have not met many people with world-class memories, especially during presentations. Therefore don't make me repeat names, locations, or statistics just because you couldn't be bothered to write them down.

Taking notes means you're showing respect. It also means you need to be told something only once and I can rely on you to know it. That's a great way to begin a business relationship.

Rule #5: Anticipate.

This is the flipside of the last rule: Don't make me take notes to remember what you just told me. When your presentation is finished, leave me with a concise, factual, articulate, and well-organized document which reflects what you just summarized for me.

In my 40 years in business, I estimate that at most 10 percent of salespeople follow any one of these rules. That means a fraction of one percent follow all of them. That exceedingly small group of people is welcome to call on me. Are you one of them?