It can be common for salespeople to use the same approach when building their product pitch and that is to focus primarily on the product, what it does, and how it works. While those are all important details, we believe there are some more powerful things to focus on and we outline those in this sales training video.
High-Level Product Details
We first want to point out that we are not saying to not include product details in your product pitch. We are saying to avoid only focusing on what the product does and how it works.
When you start to talk about your company and products, provide some high level details that explain what the products you sell are and what they do. But don’t get into too much detail on how they work. Instead, move on to some of these other points that we outline next.
Communicate the ROI that Your Product Will Deliver
If you are selling something, there is going to be some sort of cost for your prospect. In most cases, the prospect is going to get some sort of return on this investment and focusing on this is very important with having a strong product pitch.
An optimum situation is that you are able to communicate some sort of financial return on investment. The prospect will pay $X for your product but that will deliver X% return on that investment.
But not every product has a financial ROI. It might be something less tangible like decreased stress, improved quality of life, increased happiness, etc. Whatever the case, you need to communicate what this return is and when it might be realized.
Explain How You Differ
Your product likely differs in one way or another. If you are facing direct competition, you hopefully are better in one way or another. Focus on this in your product pitch.
And if you do not have any direct competitors that you are competing against, your competition might be the status quo and you likely differ in many ways from that option.
Paint a Picture of a Future State
Your product details will help a prospect to visualize how they will use your product. But take that one step further to help them to visualize what things will be like down the down the road if they use your product.
A good example to demonstrate this is if you sold a piece of exercise equipment. Explaining how it works is getting into the product details. But describing what the prospect’s life will be like if they use the equipment every day is how you paint a picture of the future state. And this may include talking about losing weight, decreasing medical costs, improving personal relationships, having more fun, being happier.
Discuss the Threats of Doing Nothing
Whether you have direct competition or not, you always compete against the option to do nothing. One way way to not only disarm this competitor, but to also build interest is to discuss the negative things that could or will happen if the prospect does not do anything.
For example, if you sell some sort of warranty coverage, you could discuss what the cost would be if there is a problem without your coverage in place in your product pitch.