Article 03: Pitch please!
“Look
If you had
One shot
Or one opportunity
To seize everything you ever wanted
In one moment
Would you capture it
Or just let it slip?”
Who hasn’t heard the Rap God — “Eminem” sing these lines? Probably everyone has, but if you are that someone who hasn’t, then it’s time you do! Yeah yeah, this is a business article! But when an entrepreneur seeks investment, this song starts playing in the viewer’s head and it feels like the opportunity that Eminem talks about.
The format revolves around product presentations (pitch) and business conversations. The introduction to the value proposition via a monologue can be called pitching. One of the easiest yet difficult task is muttering those 10–12 over rehearsed lines in front of five Sharks & millions of viewers, Ahh! Dreadful! It is unnatural for most people to determine what to talk about, how to behave, how much to speak, and more importantly when to stop! We are blabbering and ranting machines, after all. FYI — the pitchers are selected from a vast pool of contenders and the ones shown to us are TV worthy from the lot. So we cannot not talk about this significant precursor.
It is imperative for entrepreneurs to know what they want to get from the investors — be it money, be it advice from a partner, or the most commonly needed thing — network of people.
Smiles are infectious and those who pitch with a smile on their face, tend to get the sharks on their side in the pitch. This doesn’t mean that they’d certainly get a deal, but it’s definitely a part of setting up the stage for that deal handshake. So much has been researched, written, and talked about having a positive vibe, a smile; yet it is so difficult. For an investor or a customer, it is natural to get behind a riveting story. Great stories are simple and focused, they appeal to our deepest emotions and they revolve around the benefit we would root for. “Tell me and I will forget, show me and I may remember, involve me and I will learn”, rightly quoted Benjamin Franklin. That brings us to the third element of pitching — involve a Shark. The reason why involvement works is, it is experiential, it allows the shark to put themselves in the place of a consumer and test it first hand and that allows them to connect with the product at a deeper level.
So far, so good — A smile, a story, & some involvement; let’s spice it up a bit! Let’s bring some drama and emotion into the play! A good skit gives a chance for a reaction from the sharks and that reaction can be good TRP. Getting to pitch on Shark Tank has a little bit to do with being what would look good on TV/what would sell better (even though it is not the best product). Airing one episode per week, Shark Tank producers know what sells and that’s why when they put out those 10 second commercials to get the viewers excited, they’re choosing those moments from the shoot that have the spices of entertainment. To quote Jerry McGuire, producers must be saying to the entrepreneurs, “Help me help you!”. Is that all in the thin air? No, it’s on the promised land. All these pitching elements have to take us to the tangible value and benefits a consumer will derive by using the product or service. Consumer benefits can be displayed using techniques such as “Good bad theater”, before-after comparison, competitor benchmarking, demonstration, etc.
To summarize, the five essential elements of a pitch are:
1. Positive Vibe
2. Great Story
3. Involvement of a shark
4. Drama & Emotion
5. Vision of a promised land
After watching season after season of Shark Tank, it can be said that there are certain underlying themes about a pitch that makes a difference. A great pitch is like that story which can live in our heads rent free! That reminds us of a consumer favorite — “Sleep Styler” (S08 E19) by a dentist turned entrepreneur, Tara Brown. Her pitch was well crafted and well delivered, and naturally loved by all sharks.
A good pitch is foot in the door, it is that advertisement you would never pay for!
Pitch please!
This is our third in a series of articles on Shark Tank, where we try to deconstruct the pitches, business fundamentals, and the Sharks.
* Copyrights of all pictures are owned by ABC Studios and creators of Shark Tank. Authors do not claim any ownership of the pictures.
