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What you should know when pitching to industry experts



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What you should know when pitching to industry experts

Whenever you're running a business it's always a smart thing to partner up or bring on industry experts to help you out along your way.  Many people want to run everything on their own, from the setup to sales, but they quickly realize how much work it is and how tough it is to accomplish everything on their own.  Bringing on someone that actually knows what they're doing will help you out with the process as well as show you what you need to do and what NOT to do in order to be successful.

Pitching to the industry experts isn't the easiest thing to do because they're already successful and probably don't need to make you successful in order to make a few extra dollars each day.  You'll need to entice them in order to bring them on board, which means you'll usually have to show them potential profits, so that's the ace up your sleeve if they don't see the potential of your business.

In this discussion, I'll be going over a few key components when pitching to industry experts, and they are:


Understand the risks you're taking
There are always risks when bringing on potential partners like they don't really know what they're doing but they're enticed by the amount of money you're making, so they sign on in order to get some free profits.  If you don't know who you're really bringing on, their background, their personalities, their previous ventures, etc. then you're just giving away a percentage of your company that you likely will have to pay a premium to get back.

Once you bring on a partner, they're part of your company regardless of how much work they actually do, so you'll need to put a clause in their contract that has regular assessments throughout the year to make sure they're actually doing work.  If they miss their goals multiple times throughout the year, they will be removed as partners and forfeit their shares, making the company 100% yours once again without you having to pay them for their percentage.

Build up a relationship before pitching
If you have a perfect partner in mind, you should always build up a business relationship with them before pitching your ideas and potential team up.  People will tend to ignore others who are pitching them right away, and that's why you need to play a patient game of building your friendship in order to pitch later on. 

Once you have a friend you can count on for certain things, and he or she can count on you for some help when they need it, you can easily pitch to them and they will likely join up without knowing how much you're actually profiting.

Prove you know how to connect with present and future buyers
If you have built a friendship with your potential partner, and they trust you, then you can pitch to them.  Be sure you understand how to connect with buyers right now and how to do it later in order to bring them back into your website.  Potential partners want to see you know how to work with current customers and how you're going to keep bringing them back in, as well as bring in new ones, and build relationships with them. 

If you can convince your potential partner that you know what you're doing, they will be a bit more enticed and want to sign up with you. 


In conclusion
Pitching to a stranger isn't the easiest thing to do because you don't really know what they're like and what they're looking for.  This is why you need to build a relationship with them and pitch after a while.  Help them out when they need something and they will trust you more and likely partner up with you and not worry about your profits.  You will also need to know how to make money, without wasting it, and you will entice more potential partners to come on board with you.


Remember to follow me!
https://www.seoclerks.com/user/TommyCarey


Thanks!

Tommy Carey

Comments

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centurion

Thanks for the article about pitching. Its clear that we can not make any friend ship and online business related friendship with any unknown one. We always have to make relation and business relation with faithful partner who will never give any types of betray with me or with my business. I have been working with freelancing and outsourcing world and has been made huge friends where 90% are well from online to real life about online business. As a word every online friendship is trustful when we have met on real life. Some of our friends made a company and has been doing business online. Some of one is article writer and good SEo worker, Some of one is good enough with friendship and all over I have been enjoying huge by making trustful relation from online about online marketplace and outsourcing related works.

Thanks
Centurion




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Corzhens

Establishing a relation with people in the industry is one good attitude and probably a nice habit to develop because doing marketing work will make you meet strangers that you have to welcome to your circle. A business relation is not easy to establish that’s why you have to be tactful in being accommodating so that the people you meet will remember you.




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NesMarcos

This will definitely help in finding potential business partners. Convincing a potential business partner isn't always easy because it is always risky especially if a potential partner is a total stranger. Know what their likes, who they really are, their backgrounds, any businesses in the past or simply. know everything about them before pitching your ideas. Building a relationship with them will make them trust you and later on will likely partner up with you.




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Youngshark

I recently had an opportunity to do a business pitch and though it did not work out to my advantage i learnt some valuable pointers.
What the article has pointed out is all important and was emphasized by the investors i engaged. Below are some other valuable pointers i got from the experience.
A) Know your industry inside out
You need to have done sufficient research regarding the product that you pitch. An investor can ask a random question which will disqualify you when you start guessing.
B) Have real figures
It is important to have real data that the investor can resonate with. When you show them tangible information they will always appreciate the effort you have put in which increases your chances of being funded.
C) Show the monetization plan
This is one area where the investors will be keen to listen. Each and every investor wants to know how much they will make and how such funds will come in. Without such any interest they have in the business will be lost.




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Kakashi2020

With pitching to industry experts it's always best to do your research first on the company you're pitching to and find out your entry points. Usually industry leaders would farm out what they need in piece meal and not as a package because of information security protocols. They usually choose different and or several service providers for a single project. Doing this would eliminate or cut down certain risks that can negatively affect their businesses.




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Barida

Making adequate research about the industry that we are into is one of the best things to do. You need to understand how the things work before picking up a partner to avoid getting into issues that will affect the business in the long run.




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Barida

When we are talking about getting a partner in a particular industry that we are into, it is always important that we do it with a way that is very necessary as getting to know their personalities. When we get to know people is when we now make a decision on whether we should pitch our ideas with them or not.




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Kakashi2020

Industry experts are always looking for something new, something they haven't think about, something innovative or another way of solving a problem. That's one thing to consider when pitching.




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vinaya

Buiding up relationship before pitching os very important. In my experience, people do not usually buy from someone who is a complete stranger. People do not trust the person whom they barely know. Therefore, if you want to pitch, you should always build a relationship. Building a relationship does not mean you are very friendly and can get together for coffee with the boss. Building relationship means you know about the company, the client, the boss and understand the nature of ther business.




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Martinsx1

Everything about business is all about taking risks. If you call yourself a business man or business woman but isn't willing to take business risks, your chances of success in the business is highly limited. If you want to succeed in your business, you have to take risk and use the opportunity that presents itself to your awareness but not all risks are worth taking. Take wise risks is what I would recommend.




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Youngshark

How about having to research on the experts first before you pitch them? If you know what makes them tick you will then use all the right content to appease them.




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Corzhens

I have a close friend who had the experience of pitching to big businesses. On the first try, he failed because he was just invited to a pitching activity. The project is a movie that needed big capital and the investors were big time so the amount is no object. However, my friend is not a known personality in the industry so his pitch was just ignored. On the second try, he established a connection with the target investor and later on when he made his pitch, there was nary an issue and the project was a go.




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treecko142

it is definitely the smart move to bring in industry experts to help you along the way, but as with anything you need to prepare yourself adequately and at least learn something about the industry you want to partner on and not just depend for everything on the so-called expert.




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stbrians

Pitching a business will surely expand your business. That business as you said should be making money




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Zelmontero

Thanks for this tips. I will surely keeps this in my mind because I will surely use this in the future. Building a relationship before a pitch will be really helpful. I liked to see articles that have content liked this.




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Gilgamesh

Thank you for these useful article, we shall really know our target market and the market that we are entering so that before we come in into that business we have a plan. Knowing the nature of the market is also a plus for us because we somehow can manage the things that might challenge us like having loyal customers, lowering sales and etc.




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stbrians

Pitching your business to industry experts may be good but as he said you must really know them and their backgrounds. Some will just come for the profits without putting in a day's work. Put a tag on them. Good advice




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jpk0007

That is very true , whenever you are starting a new venture you dont always have all the knowledge and experience required to start the operations swiftly and make profits. It is always necessary to take the help of more experienced professionals who know what is required to to be done. However, choosing the right person for this job is very essential. People may try to take advantage of your situation and enter your business and eventually become a big liability. I think, it will be a great idea to build a good relationship with people before taking there help to run your business.




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