Did you know there are between 35,000 and 40,000 vendors in the IT channel space? Crazy, right? Even if you whittle that down to the top 500, that’s still an overwhelming amount of vendors for an MSP to consider. Too often they leave a trade show with no clear strategic direction, and then spend the next couple of weeks inundated with calls from eager vendors wanting to work with them.
When there are so many options to wade through, and so many of them sound the same, how the heck do you get vendors to stand out? The answer? Perfect The Pitch.
Nailing down the perfect pitch really comes down to one main thing: stop wasting everyone’s time. You heard me. Get to the punch line, and save the dog and pony show for later.
What’s your magic trick?
My previous company, ID Agent, had a product that was very technical. We were dealing with the dark web. It was complex. If we weren’t careful, we could easily get caught up in long explanations of the tech, going on and on about the story behind it and why it’s needed. But MSPs needed to know (and wanted to hear) two main things: how we could solve a problem they had, and how our product could make them more profitable.
We also created a magic trick–a hook that reeled them in, showed them immediate value and that we knew what we were talking about, and made them remember us.
Here’s what we did: At trade shows, when people visited our booth, we’d ask them to give us their email address. We’d enter it into our platform. And, guess what? More often than not, their password would pop up on the screen. It was an unforgettable moment (and feeling) for potential customers. They saw very clearly what the problem was and then we told them how we were going to help them solve it.
Our magic trick was so compelling that they told others, and pretty soon everyone at the show would be talking about us.
So what’s your magic trick?
Sure, you could tie it to your entrepreneurial journey, but instead of selling all the fluff, tell them how your product helps solve their problem. Everyone is challenged for time, attention and bandwidth. Stop wasting time and get to the point.
Cut through the noise, and tell me how you’re going to help me make money.
End of story.
Back to Basics
Put yourself in your prospect’s shoes, and ask yourself, do I really sound different? And then break your message down to the most common denominator.
Tell me in a minute or less, what’s at the heart of what you’re offering? What makes you special? What is so compelling that I’ll want to tell others about you?
Not sure? Go back to your vision. Figure out why you’re doing what you’re doing. What problem are you solving? How do you help the channel? Don’t simply regurgitate cybersecurity stats, for example; show me how you’re specifically addressing a problem with cybersecurity.
If you’re still struggling with what to include in your magical minute, I’ve broken it down into very simple takeaways.
Top Six Points to Hit During your Pitch
Show your prospects how your solution will help them do the following:
- Grow revenue
- Retain revenue
- Increase efficiency
- Reduce toolkit cost
- Increase profit margins
- Secure customers
If you don’t know the answers to these questions, it’s time to hit pause. It’s imperative you take the time to do this sort of assessment. Determining your value proposition and getting crystal clear on your message will help you secure funding more easily, and help you enter the market more cost-effectively. It will also help you determine if you’ve even got a shot at scaling. (Spoiler: Not everybody does.)
The Bottom Line
It’s not about how you feel about your product; it’s about how your product and message are perceived. Technical founders, CEOs and salespeople so often get wrapped up in how they built the thing, and all the bells and whistles that come with it.
And yes, there’s a time and place for all the extras, but your initial pitch isn’t the place for it. Get to the point. Make an impact. Make them remember you.
Talk money and solving problems. And get out.
Your prospects will thank you. And they’ll book a call to hear the deeper details.
I’ve seen and experienced how crowded this space is. That’s why I’ve created Channel Pitch–a place where a small number of vendors can come together with MSPs in a controlled, anonymous environment, and offer their pitch in seven minutes. It’s all about cutting through the noise.
Be sure to reach out to me if you need an outside perspective to get you on track. I’d love to chat!