The five common mistakes to avoid when pitching to the C-Suite
Well, the time has come. You've done your due diligence into how a B2B ecommerce platform will drive company growth and boost sales, your business case has caught the attention of the C-Suite... and now they want to hear from you first-hand. Deep breath!
You've made it this far, and now that the big moment has come, the last thing you want to do is torpedo all your great work in the final phase. You don't want to walk out of the room with that one question in your head: what went wrong?
To avoid that pesky feeling of regret, make sure you side-step these common pitching pitfalls…
The five common mistakes to avoid when pitching to the C-Suite
1: Wasting their time with what they already know
They've already read your business case, or they wouldn't have agreed to the meeting. Typically, most execs are pressed for time, so don't waste theirs simply repeating what's in your business case. Your presentation should focus on the highlights - dollar savings, tangible and intangible ROI benefits, and how the competition is using B2B ecommerce solutions. Of course, there are important aspects of the business case to share, but the idea is to give them new information, stats and numbers that emphasise the ROI. It’s also important to underline the ‘reference factor’ – draw their attention to competitors, industry peers and other notables who are currently using your chosen B2B ecommerce solution. To boost the efficiency of your presentations, you can learn from the Amazon 6-pager by Jeff Bezos. Frustrated with endless slideshows and vague concepts, he introduced this well-structured document to improve clarity and decision-making processes at his company meetings.
2: Inserting too much humour
Humour's all very well, but don't overdo it. Everyone enjoys a laugh, but if you make your presentation too quirky and overloaded with jokes, the execs will start to be suspicious of a) how much research you've actually done and b) if the humour is an attempt to cover up pitfalls. And unless yours is a small company where you have a reasonably close relationship with the C-suite, don't get too personal either. In the same vein as humour it can turn unprofessional very quickly.
3: Thinking you can wing it
You MUST be fully prepared with a kick-ass visual presentation, well-rehearsed script and answers to every possible question they're likely to throw at you. If you waltz in there whistling a happy tune and deliver an off-the-cuff, totally verbal presentation and then answer "um" and "ah" when they ask questions, not only will they reject the idea of investing in a B2B ecommerce solution, but you'll probably be reprimanded for wasting their time.
4: Being afraid to confront the risks
Your business case will have been all about the positives - what your company stands to gain from bringing a B2B ecommerce platform on board. But C-Level execs are highly attuned to risk - it's one of the reasons they rose to that position - and they know that every project and innovation comes with a certain amount of risk. Now's the time to talk about those risks because if you don't, they'll be suspicious. Many of the questions they're likely to ask will be around the risk factors, so get out ahead of them and be upfront. Then follow up with a clear idea of how to mitigate each.
5: Not allowing for question time
Let's say you've been given an hour to make your pitch. Your presentation should not take up the full 60 minutes, because the execs are going to arrive with questions they thought of when they read your business case. Leave a good 20 minutes so they can ask those questions. Some of them may already have been answered when you addressed the risk factors, but it's a guarantee that no matter how busy they are, the C-Level will have questions and they'll expect to have time to discuss them with you. If you do manage to wrap everything up a bit earlier than you thought, they'll appreciate it.
What it all comes down to is being prepared. When you're making your pitch, the C-Level needs to see how much time you've invested in convincing them, which demonstrates your belief in the B2B ecommerce solution you've chosen. The better prepared you are, the more clearly this will communicate itself to the execs and the more likely they are to become as enthusiastic about innovating as you are.
Still working on your B2B ecommerce business case?
If you're not quite at the pitch stage yet and are still wondering what the best approach is, we can help. We've developed the ultimate guide on selling to the C-Suite. We'll help you develop a strategy that outlines how a B2B eCommerce platform will benefit your organisation, and give you the confidence to create a pitch that will get the C-Suite on board.
The guide covers:
- Building your business case - they're going to ask what the financial benefits are. So let's talk about money.
- There's more to the ROI – tangible and intangible benefits
- Finding an executive champion - you need a C-Cheerleader!
- Putting it all together - how to make the actual pitch.
- Why you need to emphasise the necessity for digital transformation.
The key thing you need to keep in mind - and to highlight in your business case - is that the ROI is not just about the money. Yes, you need to crunch the numbers and underline the dollar savings and profit, but you also need to demonstrate that a B2B ecommerce platform provides a number of other tangible and intangible benefits that will help your organisation achieve a number of goals, such as new customers and increased customer loyalty.
