Today’s article will address the most frequently asked subject, which is how to pitch your idea. And this is a tactic you may use not just to gain an internship, but also to persuade your client and perhaps submit a game-changing concept to your senior management.
Aside from that, at the end of the video, I’ll give you a tiny e-book and a few resources to help you put the ideas I’m about to teach you into action. And because you guys are so into case studies, let’s get started with the story.
The Osram Bulb Success Story:
So this is a story from the early 1900s in Europe. This occurred during the height of the electrical revolution when light bulbs were regarded as technological miracles. During this time, every other firm was releasing new light bulb models. And marketers were feverishly attempting to persuade anybody and everyone who might be a consumer.
During this time, they, like every other salesperson, received little attention and were just shooed away. The tungsten filament light bulb was the industry standard at the time.
It was utilised in homes, offices, warehouses, and factories, among other places. However, the British company Osram developed a game-changing breakthrough. They invented the low-cost, low-energy light bulb. Pay close attention to what I’m saying now.
These light bulbs were ten times more expensive than tungsten filament bulbs, yet they used just 20% of the energy and lasted 50 times longer. When the Osram guys completed their market study, they realised that these light bulbs would notably help warehouses and factories because people in homes and workplaces only had 1 or 2 bulbs in the room, whereas warehouses had hundreds of bulbs, each of which was put at 30 feet height.
So, when they needed to change the light bulb, it was a very arduous job, and they had to hire labourers specifically to do so regularly. As a result, the Osram corporation decided to especially target warehouses and factories.
However, when the marketers attempted to pitch their idea, they encountered a major stumbling block: the maintenance manager, who was supposed to be in charge of the warehouse, stated that the finance department had given him a very strict budget and that they would never approve spending 10 times more money just on bulbs.
So they responded, ‘OK, cool,’ and proceeded to speak with the finance person. ‘I don’t know anything about the lightbulbs, please go talk to the maintenance person,’ said the finance guy. So, in essence, this was the American version of the SBI.
This was the case with all of the other plants and warehouses, and Osram Company was unable to make a deal. So, after a string of failures, they hit upon a fantastic idea. You know what they did, don’t you? They sent a wonderful letter to both the finance and warehouse guys, and within a month they were getting orders, and soon hundreds of factories around the country were using Osram bulbs.
The question is, what was so unique about that letter that it was able to persuade these guys so quickly, and without the use of a marketeer’s pitch? As it turned out, the Osram folks sent a cash box and a letter to the finance guy.
The cash box was locked, and the letter stated that it included an idea that might save you 50,000 Pounds each year, and that the key to this box was with the maintenance manager. The maintenance manager received a similar letter in which it was stated that the box was with the finance guy.
So, simply out of curiosity, these people contacted me and opened the box. There was another letter in that box, and it offered them a precise assessment of how much the new bulb would cost and how much it would save in terms of labour, bills, and maintenance.
And the final paragraph said, ‘As a result, this bulb will save you 50,000 Pounds every year.’ Let’s get in touch if you’re interested. And the contact information was provided. And so, ladies and gentlemen, the finance person and the maintenance guy discussed the viability of the procedure, submitted the same estimate to senior management, and the policy was authorised in this manner.
This is how Osram could earn a million dollars just by providing different figures to different authorities based on the size of their facility and warehouse.
If you take a step back, you’ll notice that this case study contains three extremely crucial lessons that you should learn before Pitching your Idea.
Lesson 1: Always communicate with the decision maker.
People, I’m telling you this after a dozen fruitless visits and pointless meetings. that the most difficult task is not proposing your proposal, but rather locating the decision-maker who will either approve or reject your idea.
And, guess what, you now have this fantastic instrument where decision-makers from all around the world are just a few clicks away. And the name of this wonderful technology is LinkedIn. So, if you have an idea or need an internship, do your research and reach out to the decision-makers.
Send them an e-mail and watch the magic unfold. And if you find that there are 2-3 decision-makers, all you have to do is hold a CC for them instead of sending them a cashbox.
Lesson 2: Begin with the benefit of the benefit.
In this case, if the Osram guys had sent these people a long list of calculations, no one would have read it. However, because they began with the statement, ‘This could save you 50,000 Pounds,’ they understood that the value of that lengthy information was 50,000 Pounds and thus paid attention to those long lists of calculations.
When it comes to email, remember that the subject line is where you’re expected to communicate the direct advantage of your service to that organization. For example, if you’re trying to be the SU man, your subject line may say something like, “This will raise your viewership/sales by 15%.”
‘And then, when you send out your extensive analysis in the email, people will actually read it.’ Why is this so? Because they now understand the value of that knowledge. When it comes to client meetings, you have to pitch the benefit of benefit in the first two minutes because trust me, people don’t care who your client is or which business they belong to.
Profit is the only thing that matters to them. And if people understand the value of your study, they will pay attention even if your presentation is a little monotonous. Finally, and most significantly, there is nothing more spectacular than drawing a calculated forecast and proving how you can deliver on your claims since it shows how much you know about the client’s industry and, most crucially, it shows that you know what you’re talking about.
So, depending on your setting, this is how you can pitch your concept or service to receive life-changing possibilities.
Thank you so much for taking the time to read this.