We all know how it feels to be talked at. It hardly leaves a positive impression. When a speaker is so focused on getting their message across, they often overlook the most important part: how (dis)engaged their audience is.
Getting that first meeting with a fund selector is hard. Depending on the sector, it can take weeks, months and even years to build up sufficient interest and trust. And all that effort can be for nought if, in the presentation, the salesperson / fund manager (FM) leads with ‘I/We’, instead of ‘You’.
It’s like going on a bad date when the other person won’t stop talking about themself and shows little-to-no palpable interest in you. They are unlikely to make it to date number two.
But there are a few simple steps that you can take to set yourself up for success.
Dialogue not monologue
The White Marble team has undertaken a number of persona projects for clients in recent months and one of the key factors – that holds true regardless of sector, job title, language, geography and company size – is nobody wants product pushed at them.
Salesperson / FM: “Our solution will solve your problems.”
Prospective client: “That’s unlikely, as you have not asked a single question about any specific problems we may be facing.”
Whether from enthusiasm or nerves, people can start to monologue. They have a mental checklist of key points to share and can become lost in their pre-prepared speech, leaving no room for conversation. And it is a conversation that you need to have, especially during that first meeting.
Any fund selector worth their salt will have researched your company – they know how many offices you have, are aware of the breadth of your capabilities and are likely familiar with your investment process.
As a representative of your company, they are assessing you. You are their first indication of what it might be like to work with your organisation. If they feel like they are being talked at and not listened to… that’s not a good first impression.
Meaningful information
That first meeting is all about exchanging information, so it is important to make sure what you ask and share is meaningful. With the introductions out of the way and a good grasp of the challenges the prospective client is facing, it becomes about joining the dots between their needs and your expertise.
Prospective client: “We would like to increase our private credit exposure but have a fairly low risk tolerance profile.”
Salesperson / FM: “We have a dedicated private credit team based in three countries who cover the entire risk spectrum. Their research recently helped us uncover an opportunity for a client with a risk profile similar to yours.”
Bombarding someone with facts and figures about the number of office locations you have, how big your analyst pool is and how much AUM your company boasts takes us back to bad date territory.
Explaining how these attributes can help the prospective client achieve their goals, well that’s another story.
Salesperson: “Our geographic spread gives us deep market insight and we were able to act quickly in this example situation because we have boots on the ground.”
Or: “Our analyst team has significant sector and company knowledge and we recently were able to take this example action because of this enhanced awareness.”
Or: “Our AUM has grown substantially over the past five years largely because individual mandates have increased. Specific clients have been pleased with the performance we delivered and entrusted us with additional funds.”
Painting a picture
Sitting through some presentations can feel like watching a slideshow of someone’s holiday photos. Your enthusiasm will never match theirs.
It is incredibly difficult to create a set of slides that introduce your company’s brand story and present the virtues of the product you are selling without them becoming too wordy, long or complicated.
Pitch decks can also become a crutch for salespeople and fund managers. They click through the slides, reading off the page as they go. Generally speaking, your audience will either
a) listen to you speak, or
b) read the slide for themselves.
They will not do both. So why give them the choice? Here are some tips on things you can try:
Make your presentation flexible
Having too much specific detail on a slide means the journey your presentation will take cannot be changed. If, after your conversation with a prospective client, you discover that their primary concern is topic A and your presentation focuses on topic B, it’s difficult to make it work. Visually engaging slides with few, salient details will help in the telling of your story – but they don’t control the course it will take.
If in doubt, leave it out
Appendices were invented for a reason, don’t be afraid to use them. You are providing the prospective client with all of the information they might need; but in the meeting you want them to focus on what’s important – namely, how you can evidence your understanding of their problems and why you have the right solution.
Less is more
Too many words, pictures and colours on a slide can be visually overwhelming, and distract from what you are saying. Clarity and simplicity are key. Most asset managers struggle to formulate a clear, concise and comprehensive story that evidences their expertise and track record while also showcasing their brand and speaking to the prospective client’s individual needs, but which is, importantly, not too long or boring. By trying to cover all bases, you risk creating confusion.
Having got to the end of this article without using the dreaded words ‘value proposition’, it has unfortunately become necessary as it is a prime example of the jargon trap. Veering back to our bad date, if a person talks at an unnecessarily high level (jargon) - either through nerves or simply to show off – they are unlikely to secure another date. Leave the technical speak at the door when you enter the meeting.
Help is at hand
If you find it difficult to capture your story, keep your eyes and ears peeled for the next edition of our podcast where White Marble’s very own Nick Pilkington offers his five top tips for storytelling.
If you would like to speak to the White Marble team about how we can help you bring your slides, content and story to life, please don’t hesitate to contact us.