Reflection on Sales Pitching

Introduction

In entrepreneurship, one is expected to have a unique way of presenting ideas to be guaranteed the support they need for their venture to kick off. Selling one’s ideas is one of the greatest determinants of successful and unsuccessful entrepreneurs and companies. Sales pitches are common in business, but not all professionals seem to get them right. A perfectly delivered sales pitch makes investors see the presented opportunities and is excited about the ideas. It simply overcomes their doubts and indecisiveness, leading them to fresh and exciting beginnings. In light of this, I am reflecting on sales pitching, its associated aspects, and how it enhances entrepreneurship.

Reflection on Sales Pitching

 The idea of business pitching has been in existence for as long as human history. It is a method used in proposing new business ideas and getting support. Entrepreneurs must perfect this skill to give their ideas to the relevant audience, such as investors or customers. Key elements of a business pitch are expected to deliver the message effectively. These are attained through gathering and sharing relevant information and providing a compelling vision (Goetzmann et al., 2013). A business or sales pitch is about sharing one’s vision with prospecting audiences, hoping they will take it up and make it a reality. From research and experience, I have discovered that business pitching is at the core of entrepreneurship. It is critical that professionals perfect this skill to attain the desired goals in business.

My understanding of pitching has been founded through experience and school training. Before, I viewed pitching as simply presenting an idea to get support. However, after the experiences and learning, my perception has completely changed. Apart from sales and business ideas, pitching can also be used to get better results in writing, video scripts, and public speaking on critical societal issues. Further, I have conducted research and observations that have facilitated my understanding. I have discovered that various formulas and techniques are utilized to achieve effective pitching. Nonetheless, they all focus on four main elements: purpose, product, performance, and proposal. For decades, marketers and copywriters have used these four aspects to develop and deliver a pitch.

The four aspects, which are also called the 4Ps of pitching, are some of the aspects that have transformed my thoughts and ideologies of pitching. The purpose marks the big claim that one is making to get the audience’s attention. It usually includes an introduction and entails what the product or service will give to the customers and investors. It also presents the problem that the idea is seeking to solve. The product comes after stating the purpose. Here you have to describe the product in detail for the audience to pick its value. Sales personnel understand that the customer’s lifetime value is based on the value they obtain from the product or service (HR & Aithal, 2020). Later, one shows the performance of the product. The key in this stage is to present the relation to the user’s experiences and the benefit it presents to the investors. Finally, one concludes by giving a proposal that involves asking for funds or collaboration. From these aspects, I have viewed pitching as a journey or cycle with four main stages.

I have also learned that various types of sales pitching are based on the various settings in the business world. Some of which have stood out for me are elevator sales pitches, one-minute sales pitches, executive sales pitches, social media sales pitches, phone sales pitches, email sales pitches, follow-up sales pitches, and pain-point pitches. Out of these, I am determined to enhance my executive sales presentation pitch, social media sales pitch, and email sales pitch, to become a better entrepreneur.

Part of perfecting sales pitching is nurturing the right skills. I have observed executives and managers in sales pitching, and several skills stood out: problem-solving, communication, research, creativity, and public speaking.

Communication is a key skill since it determines how effectively the message is delivered. I have learned that an effective sales pitch needs to be clear and concise, whether verbal or written. Part of the pitching involves answering questions; hence it is important to hone empathy and listening skills. Additionally, it is important to have good negotiation and persuasion skills to improve communication.

Research skills are critical in ensuring that the claims being made in the sales pitch are supported by evidence. These skills enable one to gather and prepare credible information to communicate with stakeholders. I have observed that most sales pitches are backed with charts showing market trends and project sales. With researched information, it is easier to convince the stakeholders.

Typically, a sales pitch has ideas that are focused on solving specific problems in the market. A sales pitch must be associated with betterment (Ludewig, 2017). A problem-solving skill is critical since it aids one in analyzing complex business problems and using researched data and technical knowledge to propose solutions specifically addressing the issues. This also needs one to be creative to develop innovative solutions. This includes practising experimentation and asking oneself questions from different angles and perspectives to develop and present a viable solution (Laverty et al., 2015).

In some cases, one is expected to present to groups making public speaking an essential skill. This involves practising the ability to deliver messages using body language and tone. I learned from my manager that displaying confidence and connecting with the audience is important to make the pitch engaging and capture the group’s attention.

My experiences, research, and training taught me five key steps in developing and delivering an effective pitch. First, one must conduct thorough market research to support the claims. Also, this will help discover the best approaches that can be used to deliver the pitch. Secondly, it is important to understand the audience to understand what motivates them (DeLiema et al., 2016). This involves learning their backgrounds and interests to make the pitch more personal and motivating. Thirdly, it is to keep the pitch focused. This means one should go straight to the point and explain why it will benefit the audience. Fourth is to share the success that one has experienced to demonstrate the value of the idea or business. For instance, presenting the sales or revenue generated by a business is key for investors since it shows market interest. Finally, is responding to the audience’s questions and following their cues. Being honest is important, especially when one does not know the answer.

Conclusion

The sales pitch is the bridge that connects an idea or proposal to its success. Therefore, having the right skills and presentation is important to ensure that the bridge is not burnt. From the reflection on my experiences and observations, I must hone the skills required to develop and present a viable and convincing sales pitch. An effectively presented sales pitch will always attract investors and customers.

References

DeLiema, M., Yon, Y., & Wilber, K. H. (2016). Tricks of the trade: Motivating sales agents to con older adults. The Gerontologist, 56(2), 335-344.

Goetzmann, W. N., Ravid, S. A., & Sverdlove, R. (2013). The pricing of soft and hard information: economic lessons from screenplay sales. Journal of Cultural Economics, 37, 271-307.

HR, G., & Aithal, P. (2020). Need-Based Sales Pitch: Insights from an Experiment. International Journal of Case Studies in Business, IT, and Education (IJCSBE), 4(1), 78-86.

Laverty, G., Hanna, L.-A., Haughey, S., & Hughes, C. (2015). Developing entrepreneurial skills in pharmacy students. American Journal of Pharmaceutical Education, 79(7).

Ludewig, J. (2017). TED Talks as an emergent genre. CLCWEB-Comparative Literature and Culture, 19(1).