Pitching Ideas, Negotiating and Closing Deals Elaine Rumboll Director and Chief Deal Pitcher for the Executive Education Unit, University of Cape Town Graduate School of Business 10 November 2008

PITCHING IDEAS

Take-outs Suspend Judgement Craft a Sticky Idea Deliver your Message with Conviction

Suspend Judgement

Craft a Sticky Idea

Deliver your Message with Conviction

Credit: Ian Falconer (2001): Olivia saves the Circus.

http://the-definition.deviantart.com/art/Eye-Story-17716419 KILL THE CRITIC IN YOUR HEAD

Nothing Sells Like Conviction, Passion and a Track Record of Success

Nothing Sells Like Conviction, Passion and a Track Record

of Success

Understand what’s important to the client – CLIENT INSIGHT Be sure that your VALUE PROPOSITION fits with their needs Demonstrate FLEXIBILITY Before Pitching Check:

Understand what’s important to the client – CLIENT INSIGHT

Be sure that your VALUE PROPOSITION fits with their needs

Demonstrate FLEXIBILITY

http://i42.photobucket.com/albums/e329/petros42/Borat-VeryNice.jpg

GETTING STICKY

SIMPLE What is your core message? E.g. South West Airline – Be the low cost Airline.

UNEXPECTED

Do you have tangible examples? E.g. apple with razors CONCRETE

CREDIBLE Why would people believe you?

EMOTION We are wired to feel

STORY Mobilises us to act

Simplicity Unexpectedness Concreteness Credibility Emotional Stories Sticky Ideas = SUCCESs = stripping = understanding/remembering = capture attention = believing = caring about your idea = Inspire Action

In sum Simplicity—finding the core of the idea • Unexpectedness—grabbing people’s attention by surprising them • Concreteness—making sure an idea can be grasped and remembered later • Credibility—giving an idea believability • Emotion—helping people see the importance of an idea • Stories—empowering people to use an idea through narrative

Simplicity—finding the core of the idea

• Unexpectedness—grabbing people’s

attention by surprising them

• Concreteness—making sure an idea

can be grasped and remembered later

• Credibility—giving an idea believability

• Emotion—helping people see the importance

of an idea

• Stories—empowering people to use

an idea through narrative

The Best Listeners are the Best Salespeople Listen with profound respect and attention No interruptions People do their own best thinking Silence is a great opportunity for the thinker to think deeper Is there anything more?

Listen with profound respect and attention

No interruptions

People do their own best thinking

Silence is a great opportunity for the thinker to think deeper

Is there anything more?

10 slides/20 minutes/30pt font rule Tell your own story Structure your talk – peak end effect No more than 3 points Practical Tips for Pitching

10 slides/20 minutes/30pt font rule

Tell your own story

Structure your talk – peak end effect

No more than 3 points

PREPARATION If I'm to speak ten minutes, I need a week for preparation; if fifteen minutes, three days; if half an hour, two days; if an hour, I am ready now" - Woodrow Wilson

If I'm to speak ten minutes, I need a week for preparation; if fifteen minutes, three days; if half an hour, two days; if an hour, I am ready now" - Woodrow Wilson

NEGOTIATING

Negotiations Interests/Needs vs. Positions Options Relationship

Interests/Needs vs. Positions

Options

Relationship

Needs vs. Positions

Pakistani Prunes

To Create Value in a Negotiation At the table: 1. Explore interests of all sides 2. Generate options & packages that “increase the pie” 3. Suspend criticism 4. Invent options without committing (brainstorming) 5. Build relationships (Prof. B Jordaan, 2007)

At the table:

1. Explore interests of all sides

2. Generate options & packages that “increase the pie”

3. Suspend criticism

4. Invent options without committing (brainstorming)

5. Build relationships

(Prof. B Jordaan, 2007)

Know your BATNA

BEST ALTERNATIVE TO A NEGOTIATED SETTLEMENT Sets a Values threshold Know your INTERESTS Know the other party’s interests Know who you are negotiating with Know your options Know your best alternative

Sets a Values threshold

Know your INTERESTS

Know the other party’s interests

Know who you are negotiating

with

Know your options

Know your best alternative

Be Comfortable with Walking Away Trust me – if you’re not happy now, you’ll be even unhappier later Deals do NOT get Better than the Negotiation Honeymoon

Be Comfortable with Walking Away

Trust me – if you’re not happy now, you’ll be even unhappier later

Deals do NOT get Better than the Negotiation Honeymoon

The Fruits of a Bad Negotiation

Building Relationships Keep the other person whole If people trust you, they will want to work with you and will give you the deal you want If you are perceived as sincere, the relationship will be healthier and more beneficial to you. Nina Wanendeya (Chief Negotiator, Johnson & Johnson)

Keep the other person whole

If people trust you, they will want to work with you and will give you the deal you want

If you are perceived as sincere, the relationship will be healthier and more beneficial to you.

Nina Wanendeya (Chief Negotiator, Johnson & Johnson)

Magic Phrases for Negotiating Effectively (Glatzer, 2003)

1. "That sounds a little low."

"To make it worth my time, I would need..."

"Considering the amount of preparation required, can we agree to..."

2. "I'm expecting more for this piece."

"Can we work on that?"

Golden Rules DO NOT NEGOTIATE OVER E MAIL ONLY NEGOTIATE FACE TO FACE IF IT HAS TO BE THROUGH ANOTHER MEDIUM FOLLOW UP WITH A PHONECALL SELL THE BENEFIT NOT THE PRICE DO NOT GET EMOTIONAL

DO NOT NEGOTIATE OVER E MAIL

ONLY NEGOTIATE FACE TO FACE

IF IT HAS TO BE THROUGH ANOTHER MEDIUM FOLLOW UP WITH A PHONECALL

SELL THE BENEFIT NOT THE PRICE

DO NOT GET EMOTIONAL

CLOSING DEALS

. WHO ARE THE PLAYERS IN YOUR FIELD THAT YOU NEED TO CONVINCE AND GET BEHIND YOUR IDEA? STRATEGIC NETWORK ANALYSIS

PLOTTING A STRATEGIC NETWORK ANALYSIS Hubs are people who have many direct ties with people. They know everyone. Gatekeepers are connected to few but strategically positioned, ‘right’ people. Pulse takers are connected to people indirectly; the friend of a friend type of link. They know the people who know the right people.

Hubs are people who have many direct ties with people. They know everyone.

Gatekeepers are connected to few but strategically positioned, ‘right’ people.

Pulse takers are connected to people indirectly; the friend of a friend type of link. They know the people who know the right people.

GET IT IN WRITING AS SOON AS POSSIBLE OTHERWISE YOU LEAVE YOURSELF OPEN TO… ENSURING THE DEAL STICKS

GET IT IN WRITING AS SOON AS POSSIBLE

OTHERWISE YOU LEAVE YOURSELF OPEN TO…

Second Thoughts Better Offers Unforeseen Circumstances

Second Thoughts

Better Offers

Unforeseen Circumstances

COMPLETE THIS CYCLE AS SOON AS POSSIBLE Expression of Interest Verbal Commitment Written Agreement

Expression of Interest

Verbal Commitment

Written Agreement

Update Clients with Successful Developments Media Attention Awards Other Large Contracts

Successful Developments

Media Attention

Awards

Other Large Contracts

The Most Important Part of all

http://p-dudko.deviantart.com/art/Epiphany-63923648 INSIGHT USE UNCLEAR