Many years ago, I was in a CEO peer group, called Vistage. The group was made up of a dozen other company CEOs from other industries. The business model for Vistage is for each group to meet monthly for a full day, around a large conference table, hosted at one of our businesses. During the day, we would all share an update on progress at our companies and could bring up issues.
At one meeting, a fellow CEO named Ben, who owned a marketing agency happened to mention that they had a big pitch meeting the following week, and he needed to leave our meeting early that day, to do a “run through” of their pitch. There was something about the way he described the process he used that was intriguing to me.
So, the next day, I reached out to Ben to ask him questions about his process.
Ben described their process, and it was astounding to me how much time they put into the pre-meeting preparation. Here are the highlights of what he shared:
- Before they consider pitching their award-winning services to a potential client, they do their research about the company, the company’s competitors, and their growth trajectory.
- So, when they go in for a first meeting with a prospect, they can share with the client what they’ve learned about the marketplace.
- They come to this first meeting with a list of questions for the prospect, which include what their financial goals are, their growth and market share goals and what their timeline is.
- After that first “intro” meeting with a client, they go back to their offices to brainstorm if the prospect is a match for them and begin constructing their “pitch”.
- And then, the week before their next meeting, they do a rehearsal with their own team, role-practicing how the meeting may play out. Roles and verbiage are assigned, and Ben, as CEO is actively involved not only in this process, but in the meeting with the client.
Ben told me that at first his team was very resentful and felt it was a waste of time to practice the meeting ahead of time. His team leaders said “We are experienced professionals – we know what we are doing. Don’t you trust us?”.
Ben was able to explain to his team the positive outcome that comes from role-practicing with your team BEFORE your actual meetings.
In fact, recently I learned of a company which has increased their closing rate from 7% to 30% simply by implementing role-practicing.
What does your company do in preparation for a meeting with a prospect? Do you go in with your pitch, all about your company, your goods, or services? Are you thinking “I only have an hour – I don’t want to waste any time asking questions – that will just be a waste and will eat up my time?”
I want you to think again. What happens if you uncover some critical information by asking questions, which allows you to come back for a second, more focused presentation?
And if you are the CEO and it is a big prospect, then I highly recommend that you be involved in the presentation. Nothing says “you’re important” more than having the CEO at the meeting. Sure, your business development representative or Vice President will say it’s not necessary for you to be there, but I’ve learned over the years that the CEO listens with a different perspective. And frankly, you may find that there are a few cracks in your company’s armor that no one on the inside will want to tell you about.
So, the next time your team is planning on making a pitch to a new client, I suggest you ask for a meeting the week before and ask to sit in on their rehearsal. You will be amazed at what you will learn.
Onward and Upward,
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