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How I plan to benefit from a lost pitch

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A question from Quora was sent to me to answer. And it demonstrates so neatly why many new business people get discouraged by apparent failures. My answer shows how to play the “advantage” card from a disappointment and position yourself for future success while gaining valuable business experience from the situation.

My business partner’s dad/investors asked for a pitch, to which he said no after a while, but still plans to use some of the ideas. What can I do?

I told her this idea I had for a concept store that she just shared with her Dad who offered to invest/add it to his Group. After talking a few weeks ago, he just sent us a decline letter, but she says he & his partners may still use some of my ideas. I’m lost… and she doesn’t care.. What can I do ?

How to benefit from a failed pitch

Write back to each person, individually, thanking them very much for their time in hearing your pitch. Be sure that they understand how much of the pitch was your concept/idea. Say you’re sorry that they have decided not to progress working with you at this time.

Tell them that if they use your ideas in future you will be keen to

a) work on the project, or
b) receive a commission payment to reflect your intellectual capital investment

Tell them that this is only one of many bright ideas you have to contribute to their businesses and ask for an introduction to two other people who might be keen to work with someone of your talents.

Four days later, follow up with a phone call to each one to check they got your email and to ask for the introductions.

The outcome will be that you will probably not get any money from a) or b). But the introductions you receive will give you entry into a new circle of prospective employers and clients.

Why this works

The psychology of getting them to acknowledge your contribution (which they may use in future without paying) provokes the principle of reciprocity. You gave them something of value and now you are asking for something of value in return (introductions).

The follow-up shows that you are more determined than most (e.g. your business partner) and therefore are “one to watch” for the future who may benefit them again.

Lastly, in future don’t share your ideas with your business partner again without first gaining agreement about how they are to be used and valued.

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5 Questions to ask a creative agency at your pitch

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Interviewing the brand and being interviewed as the agency are core skills for pitching.

Getting to “the close” for new business and a signature on the contract requires a clear purchase decision from a brand decision maker.  If you are pitching to a brand – prepare for these questions that they should be asking you.

When you get invited to pitch there are 2 reasons you are in the room

  1. Your track record indicates you should be good enough to do the job
  2. Your future WILL deliver an excellent job
The questions are designed to reassure the brand marketing team that you will be in their future – collaborating, partnering.

Chief Marketing Officer pitch questions to agency

So how can you tell what the future of this agency will be?  the same old, same old competent delivery of past campaigns or new and exciting incremental creativity that will accelerate your brand in front of consumers?

First question: Vision

What do you, the agency, think is the future of marketing/advertising?

You want to know whether they are aware of new technologies, brands moving to new social platforms and integrating mobile solutions into their campaigns.

Second question: New Hires

Tell us about the new team members who have joined this past year.

What are the characteristics of these people and why did they join the team?  Are they crazy future-ologists, or competent deliverers.  Will they bring new expertise to the team (see answer to question 1 above) and can you see your brand leveraging their knowledge to advantage?

Third question: Team Structure

What is your creative team structure and composition?

Listen hard to how many ‘traditional’ job titles are described.  Find out about the digital specialists – are they in a separate group who get brought in to assist or are they part of the core delivery group.  What about outsourcing production and expert tool creation – how honest is the agency about areas in which they are not expert and are buying in talent.

Fourth question: Modern Marketing Communications

Tell us about recent campaigns that were not advertising-led

How many message delivery tools have they used that were not print or TV advertising, direct mail/email or public relations.  Look for innovation and incorporation of ‘gamification’, apps, integration with social media (leading edge at the time of writing is Pinterest, G+), brand collaborations and joint ventures.

Fifth question: The Delivery Team

Who will be working on our account and why?

The individual attributes of the core account team matter.  This will help you get round the agency that pitches with one team and delivers with another.  Why does the agency pick each individual and what are their skills – you’ve got to work with these people.  Go and check them all out on Linked In and Facebook.

The Agency’s reply 6 questions

We found this post from W+K London in which they tried to give the reciprocal questions the agency should ask the client.

  1. Who are the decision makers on the pitch and on the agency’s work?
  2. What are your criteria for judging the success of your agency’s work?
  3. Is your inclination to aim high and do something extraordinary, or to settle for the ordinary and avoid the risk of failure?
  4. What made you consider us for this pitch?
  5. How many agencies are pitching and who are they?
  6. Will you pay a pitch fee?

Go forth and pitch.  But be careful!

Thanks to Edward Boches for the original inspiration for this article

Read more articles on 3 New Business Pipeline and 6 Creating Opportunities from our archive.

 

 

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