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A great sales pitch is a concise speech about your product that communicates value and persuades your prospect to make a purchase. Getting the sales pitch right can mean the difference between meeting quotas and sinking the product.
While there’s a strong component of skill involved in it, there’s no hard and fast rule to how a pitch should go. There can be as many numbers of ways to approach a pitch as there are salespeople.
The more creative salespeople can get, the better it is for the company, as prospects lately are well-informed about the products and the market and even expect pitches to be personalized. Studying sales pitch examples is essential for all reps to craft their own pitch and try innovative approaches when needed.
5 Key elements of an effective sales pitch
Sales pitches often take many different forms and approaches. However, every pitch can be broken down into 5 basic elements:
1. The open
An open is basically the introduction and can be as simple as introducing yourself and asking the prospects how they are. The opening is a chance to break the ice and make a first impression before building a rapport.
2. Identifying problems, pain points, and goals
The second step is where you probe into the matter to learn more about the prospect’s work and pain points. It’s important to listen actively and gather as much information as possible. If you already know the problems or the goals of the prospect, you can summarize them to confirm that they are in agreement with you.
3. Demonstrating product value
Once you are aware of the nature of the problem and the scope of their needs, you can start demonstrating the value of your product. You can highlight every feature of the product that can solve their problem or improve their work/process.
4. Backing up with facts
The claims you made in the previous step need to be backed up by solid facts and numbers. You can also use social proof by giving examples of how your existing customers solved their challenges with your product.
5. The close
By the time you’re at this stage, your prospect should be well aware of your offering and how it makes their life easier. Ideally, the close is where they are happy with your pitch and ready to make a purchase.
10 Highly effective sales pitch approaches that hit their mark
There are countless ways how you can pitch your product to a prospect. Compelling pitches are both art and science and sometimes a bit of improvising in a dicey situation for the element of surprise.
Successful salespeople possess a good understanding of the psychology of customers and use it to their advantage to close deals. In this section, we’ll take a look at the different approaches to making a winning pitch to your prospects.
1. Be a good storyteller
Human beings are innately wired to relate to stories as it has been a highly effective form of communication since the dawn of mankind. Salespeople can make a deeper impact on prospects through product storytelling.
Research also supports the idea as it was found by the London School of Business that people remember 65-70 percent of the information shared in the form of a story in contrast to 5-10 percent when it’s shared as statistics.
2. Sell the experience, and the product follows
Viewing products from an essentialist perspective, you’ll realize that as a sales rep, you’re selling not just the product but what the prospect can do with it. Whether it is a blender or software, the precise experience with the product is what the person is looking for.
3. Back your pitch with data
It’s common for prospects to hear fantastic claims from salespeople about their products and services. To stand out from the noise, it’s important to firmly anchor your pitch in data.
In 2015 Zuora made a case for the rising dominance of the subscription economy by presenting hard numbers. Zuora, an industry leader in subscription management, made the claim using solid and reputable data points which made the trend clear to the audience.
4. Keep it crisp and concise
Your prospect’s time is limited, and there’s a lot of information you need to tailor to present within the timeframe. Keeping your sales pitch short and simple will help you maintain their attention and convey the highlights.
5. Highlight benefits over features
Although a product is feature-rich, not all prospects can immediately see the potential upsides of using it in the business. This is where you need to bring it home and tell them exactly how your product would benefit them.
6. Tell them who your customers are
Social proof is a powerful tool in selling. You are more likely to buy a product recommended by your friend or a celebrity you follow, or an influencer you trust on social media. The same applies to selling to unknown prospects by telling who else uses your product or service.
In one case study, it was found that conversion rates can be boosted by over 400% simply by placing the logos of existing clients on a company’s website. Loyal customers who have a positive experience with your brand also become advocates over time adding more social proof to your quality.
7. Explain what success is like using your product
Appealing to emotions is the fastest way to make your sales pitch as relatable as possible. It could be through invoking a problem people regularly face with existing products or an exciting new feature your upgraded product has. Once your prospects know what success is like using your product, you’ll have their confidence.
Aaron Krause does a stellar job of highlighting the features of the product in two minutes while keeping the demonstration highly engaging. The company, which struck a deal with Lori Greiner, raked in more than USD 200 million in sales in 2012.
8. Make it engaging
The presentation style is a key factor in how well your product is received by the prospect. Making an enthusiastic pitch is a surefire way to keep the prospects engaged and follow your lead. If you are excited about the product, it shows in your face, voice, and body language. An unenthusiastic pitch, on the other hand, can make people suspicious or disengaged.
9. A quick demo is worth a thousand words
Sometimes all you have to do is let the product speak for itself. Words are limited in portraying the real value of your product. When the prospect has a chance to see it in action, they are more compelled to make a purchase as they understand it better.
As you can see in the video, he makes quick work of the vegetables with his peelers as a crowd gathers around to watch. Joe describes the assortment of blades that make appealing cuts in the veggies and how kids would love to eat the shapes.
While demos are compelling pitches, things can go south quickly if you do not test your products in advance to ensure they work perfectly.
10. Timing and delivery matter more than you realize
Many sales pitches aren’t conventional presentations. You need to deliver quickly while making an impact on the prospect that compels them to make a purchase.
The protagonist of the movie, a salesman makes cold calls to people selling penny stocks. He checks every box of how a good sales pitch should go starting from the quick opening to referencing a previous meet to establish familiarity and trust and highlighting the benefit of investing while creating a sense of urgency.
The examples of sales pitches in the article above cover some of the essential aspects of selling with a customer-centric approach. The business landscape is constantly shifting, and sales reps need to get creative with new approaches to sales, especially when unexpected challenges such as the COVID- 19 arise.
The key is to know the right approach to the right client under the given circumstances. As you can already tell from the sales pitch examples discussed that a successful sales pitch makes a connection at the human level.
It brings together storytelling, emotion, empathy, authenticity, and credibility to present a compelling case to the prospect.
Frequently asked questions on sales pitch
Here are the frequently asked questions on sales pitch
1. What is a sales pitch?
A sales pitch is a persuasive presentation or dialogue to convince potential customers to buy a product or service.
Sales pitch highlights the offering's features, benefits, and value proposition to address the customer's needs and pain points.
2. What makes the best sales pitch?
The best sales pitch is tailored to the customer's specific needs and focuses on addressing their pain points.
Sales pitch highlights the unique value and benefits of the product or service, establishes credibility, uses compelling storytelling, and includes a clear call to action.