A recent Wall Street Journal article offered 10 tips for making a winning pitch on “Shark Tank” – complete with quotes from the sharks.
We thought there was plenty of application for you, so we’ve adapted the story for great wholesalers.
After all, some advisor offices are not too much different from the Shark Tank.
1. Stand Up Straight. Kevin O’Leary, aka Mr. Wonderful, says that he looks for a confident and strong message, as conveyed through body language.
If you’re a slouch, and avoid meaningful eye contact, don’t expect the advisor to be captivated by your pitch.
2. Get to the Point. Not unlike a pitch in the Shark Tank, succinctness favors the great wholesaler.
Learn how to cut the through the rambling b.s. and get to the most salient points.
If the advisor displays interest there will be an opportunity to elaborate and/or embellish your story.
3. Keep it Simple. Even though the sharks are savvy, educated and moneyed, it doesn’t mean they have patience for double talk.
For our industry that means using the language of our business judiciously, and not as a confusing mechanism to bury your advisor in factoids they may not even understand.
Yes, they may nod their head in agreement, but if your pitch is too laced with industry jargon many advisors (while never admitting it) will not grasp the concepts you offer.
4. Why You? This represents your PVP-Peerless Value Proposition®.
Yes, you may have the category killer of all products – but what is it about the brand of ‘you’ that keeps the advisor engaged in the relationship over the long haul?
5. Show Your Toughness. In the article Daymond John says, “Businesspeople understand you will fail, it’s not all sunny”; the sharks look for entrepreneurs who can take a hit.
The corollary for us is best summed up by an interviewee in our Millionaire Wholesaler study [follow #themillionairewholesaler hashtag].
She said, “Two things you need for long term survival in this business are a thick skin and a short memory!”
6. Don’t Be Greedy. If you know Shark Tank, then you know that the sharks hate when folks come into the tank with valuations that are stratospheric and are not supported by the business.
Great wholesalers understand the attractiveness of their product, the potential of the advisor, and the amount of business than can reasonably expect to receive.
7. Show Somebody Cares. “It’s important to show the traction you have”, Laurie Greiner is quoted as saying.
Another way of saying this is “social proof”.
Specially, can you help the advisor understand the other trusted colleagues in their office, or broker dealer, that are satisfied using your product?
8. Where’s the Pot of Gold? While the sharks want to know “the potential for scalability” in a business, says Daymond John, wholesalers should also keep in mind the bigger prize that await them.
That means establishing and following documented processes that will help them increase sales exponentially.
But not require a 26 hour day to achieve that growth.
9. Please, Please Know Your Numbers. You’ve seen sharks take big chunky bites out of folks for their inability to know their numbers.
The same way advisors should take a chuck of the wholesaler’s hide if they don’t know their product, at the most granular level, inside and out.
And the greatest wholesalers have the same depth of intel on their competitor’s products as well.
10. Don’t Beg. Sad but true.
There are wholesalers out there that are begging for the business.
“If you don’t throw me a bone my boss is going to write me up.”
“It’s been so slow that money is tight. Can you drop me a ticket?”
These are just two examples of pitiful and shameful wholesaler behavior that we have witnessed – and if that’s ever been you, please just stop.
For the complete article as it appeared in the WSJ: Secrets of Winning on ‘Shark Tank’
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