In a world driven by innovation, new ideas are
powerful tools for building your career and your bank account. That said, ideas
(even good ideas) are a dime a dozen. What really matters isn't whether you've
got an idea, but whether you've can sell that idea–to investors, customers and
colleagues. Use this simple five-step plan to present and sell your idea:
1. Have Prior Credibility
When deciding whether an idea makes sense, investors
are initially more concerned with the person who has the idea, rather than the
idea itself. Unless you have some kind of track record, you're probably not
going to get a hearing.
This does not mean that you must have already built a
company, for instance, before you can ask somebody to invest in one. But your
idea is more likely to fly if you've been a departmental manager than if you've
only worked in the mailroom.
"Buyers ask themselves: 'Is this person
competent, based upon past performance?' and 'Is this person speaking with
candor or handing me some BS?'" says Neil Rackham, author of the
bestseller Spin Selling.
2. Have the 'Next Big Thing'
Buying is always an emotional act, especially so when
it's an idea being sold. People get excited when an idea makes make intuitive
sense, when it appeals "to the gut." This is far less likely when an
idea seems totally off the wall.
"When you're trying to sell
somebody a new idea, you must persuade them that the idea confirms their own
opinions, rather than proves them wrong," says Seth Godin, author of Permission Marketing.
Ideally, the idea should also make people who feel
that they're doing something positive and powerful if they decide to invest in
your idea. There a reason that "we're going to change the world" is a
business mantra.
3. Adapt Your Story to the Listener
Decision-makers inevitably see ideas from their own
perspective, so your idea should be expressed in terms that address the
practical business concerns of the potential buyer.
In your business plan, you'll cover all the bases, naturally–but
when you're face to face or on the phone, tailor your remarks appropriately. If
you're talking to a tech-head, talk technology. If you're talking to an
accountant, focus on ROI. "This is important, because investment decisions
usually involve a team of people, each with different expertise,"
according to Edward R. Weiss, who as general counsel at Group One Software
oversaw the acquisition of 15 firms.
4. Make Buying Less Risky
Once somebody has decided to buy, their mind
automatically starts looking for reasons not to do so. So don't wait for the
inevitable defenses: Instead, anticipate problems and objections in advance and
be ready with a convincing response.
For example, if the objection is "we did this
before and it didn't work," be ready to articulate how your idea is
substantially different. Note exactly which factors and circumstances make it
more likely to succeed. "If it's a good idea, everyone will say it's crap,
at least at first, so you go for a pilot project," says Ken Gidge, who among
other things invented and sold the hanging plastic "strip doors" used
in service-station garages.
5. Create Momentum
Ask for feedback frequently throughout the dialog. The
best part about this is if you continue to check for agreement, the buyer will
often preemptively close the sale by saying something like, "When do we
start?"
If the buyer doesn't do this, however, you'll have to
ask for the next step, according to Linda Richardson, author of the bestseller Perfect Selling.
Summarize your idea and ask a few final questions to ensure that the idea-buyer
agrees is workable. For example, "Does this make sense to you?"
If you get agreement, you have the green light you
need to move forward. So the next question is: "When can we bring this to
the other partners?"
Credit: Google
