In 1983, Warren Buffett’s Berkshire Hathaway bought a home furnishing store for $55 million (serious money 30 years ago and not bad today). The deal was done on a handshake. Even though the company’s financial statements had never been audited, Buffet didn’t ask for an audit. He didn’t take inventory … or verify the receivables … or check property titles. Why would a man renowned for his due diligence take such an outsized risk on … [Continue reading]
Break the “Curse of Knowledge” before it kills your pitch
Last week I had the opportunity to provide one-on-one pitch coaching for five different entrepreneurs. It was a lot of fun. This was part of a startup competition (similar to Shark Tank) hosted by Cox and Inc Magazine. One of the concepts we covered in each session was a sales messaging principle that applies equally to startups and Fortune 500s: be incredibly specific. It sounds obvious, but it doesn’t come naturally. Here’s why. You’re too … [Continue reading]
How to sell to a visual learner (without overdoing the visuals)
One of our clients in the IT services space recently had the opportunity to pitch the CIO of a Fortune 50 technology giant. Several members of their senior leadership team flew out for it. It was a perfect test for the new sales messaging. At the end of their three hour meeting, the CIO pointed to the diagram on the whiteboard and told them that of all the things they presented that day, that was … [Continue reading]