Strategy Steven's tips on preparing for common questions likely to arise with any new idea proposal/pitch - & other tips how to prepare for, and be successful in, this crucial part of a business meeting

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Marketing Essentials:
Preparing for the Q & A
February 2021
Professor Steven Litt
@StrategySteven

2. Last Words of ex-Business people everywhere:
“I’m sure we won’t get any questions about this”
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Inevitable

3. After you ‘pitch’ or propose a solution, why wouldn’t there
be questions????!!!???
The professionals to whom you pitch, are there for a reason.
They’re PROFESSIONALS with a due diligence obligation, so
they will ask questions!!!!!
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Inevitable

4. Do not treat a Q&A as an insult
There are situations where you have not been clear or
complete enough for certain audience members.
There will be many cases where the audience merely wishes
to understand more of your…
• Confidence/sincerity in what you propose
• Facts/evidence/rationale for your solution
• Added details not covered due to ‘pitch time’ allowed
• Examples or anecdotes
• Degree to which you reviewed/considered alternatives
• Expert perspective on next steps, risks, upsides
• Input on Contingencies ie “What if…” responses
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Tips

5. It’s OK to clarify
If you are not absolutely sure you understood the question,
politely ask them to repeat or rephrase it.
And, after you answer, it’s quite OK to check if you have now
adequately addressed that issue, answered that question.
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Tips

6. 1. Timing-Speed-Execution
2. Cost
3. Benefit/ Strategy/ Direction
4. Alternatives
5. Support
6. Creativity Check/ Fresh Insight
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Types
I would group the most commonly anticipated questions for
most pitches (Research proposal, Promotion or Partnership
proposal, new media campaign, etc) as follows:

7. 1. Timing-Speed-Execution
i. How could you do it faster?
ii. What are the key milestones & when will they occur?
iii. Which parts of our organization will this project put most
pressure on – and why is that?
iv. Which implementation or monitoring roles might be wise to
outsource for this project- and why do you say that?
v. If we approve this what are the very first three things you will
do?
vi. What added resource do you need RIGHT NOW to start asap –
and meet an aggressive timeline?
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Types

8. 2. Cost
i. How could you do this 20% cheaper?
ii. What is the cost aspect you understand and can predict best?
…least?
iii. Is there synergy? What parts of the Plan leverage resources
we’re strong in, or already have, or expertise we already
possess?
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Types

9. 3. Benefit/ Strategy/ Direction
i. Remind me – what do we get out of this is it’s successful?
ii. What metrics do we monitor to tell us if we achieved success or
not?
iii. How does this support our Vision or Mission?
iv. Can we own this? ie if we do this, how do we ensure competitors
don’t just copy us?
v. Which aspects of this are the most strategic & which are the
most tactical, and why?
vi. How much of what we would win with this, will be incremental
business or growth? Which of our current businesses or programs
is most likely to take some cannibalization if we embrace this
plan?
vii. Who will be the one most crucial direct competitor for us, in this
new business or after we go in this new direction?
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Types

10. 4. Alternatives
i. If this proposal wasn’t approved, what is the ‘something similar’
proposal you expect we might OK, and why is that?
ii. What is the ‘closest equivalent’ proposal you might have
presented and how would that differ from this?
iii. What happens to the business if we don’t do this?
iv. If we do this, which of our current opportunities/businesses
must take a backseat ie what are the trade-offs?
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Types

11. 5. Support
i. What is the one single biggest risk involved here?
ii. What businesses have done something similar & what proof do
you have it was successful for them? (Feel free to include any
metrics)
iii. How does this build on what we have done successfully in the
past?
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Types

12. 6. Creativity Check/ Fresh Insight
i. Who could enter our business that is not currently directly
competing with us? Why do you say that?
ii. Who could enter the business who is not currently a competitor,
that you would worry about?
iii. What other new ideas have you uncovered in preparing this
proposal that you haven’t yet mentioned?
iv. Which of our competitors is most likely one to be doing
something similar to this now, or in the near future, and why do
you say that?
v. Would value your more objective, fresh perspective; which of our
various brands or businesses would you describe as ‘strongest’
now, and which is ‘least strong’ -and can you explain your
thinking?
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Types

13. Do not attempt to ‘game’ the Q&A
It’ll create an awkward finish to an otherwise well received
Pitch if you are found to have…
‘planted’ a softball question to a ‘bought’ audience member;
that’s manipulation! Wise audience members will ask
“If they manipulated in one way, I wonder what else in the
Pitch is fabricated, or deliberate deception?”
left critical info out intentionally to create a ‘voila moment’
when asked that question. [You may be tempted to write a play
where your Pitch has a ‘hero moment’ and is saved by the bell, but
that’s suited to a stage play, not a business meeting].
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Tips

14. Wording matters
Be diplomatic and specific, and stay on topic.
Avoid hyperbole.
©2020 Steven Litt . All rights reserved May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
The Q&A: Tips

15. SOURCES
• Steven Litt, StrategySteven.com accessed January 24,
2021 strategysteven.com
• Cover photo courtesy of Mandy S Photography
©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.