As my father – a lifelong salesperson – used to remind me, “Everyone’s in sales.”
Of course, I rejected this notion, convinced that I was a product guy whose main responsibility was to create cool radio that attracted a large audience. My job was to get the ratings, and then it was the sales department’s job to generate revenue.
But along the way, it turns out that simple notion doesn’t play out anymore in the radio business. Great programmers have the responsibility of helping sales reps make the deal, get the buy, and put together attractive marketing programs.
But the challenge facing PDs runs deeper than that because in order to accomplish your goals, you have to sell your vision and your ideas to your GM, your owner, or both. Gone are the days when budgets are meant to be spent. Today, it’s about justifying your initiatives, demonstrating they can be effective, and proving their return on investment.
And that means developing the ability to make the sale in a very challenged environment. In other words, the “elevator pitch.” It’s often a pressurized situation where you have to craft your story and present it in a compelling way to the powers that be in a short period of time.
Oftentimes, a new idea is the most difficult to sell because a concept that falls outside the boundary lines (“We want to come up with our own 
morning show branded craft beer”), making it more challenging to be win immediate approval. Too often, programmers simply ask for money for a project that simply hasn’t been researched or fleshed out. Or they under-estimate the complexity of pulling off a new initiative that hasn’t been done before.
Thinking about this task like the rigors of making a pitch to a venture capital team that asks for investment in a new startup is one way to hone your story and your logic. In fact, the VC analogy has the ring of authenticity, because if you can develop a plan the venture guys would buy into, you can clearly make the sale to your boss down the hall.
I’ve been on that side of the conference room table several times, armed with a business plan and a ticking clock, presenting a concept to a smart, savvy VC who hears several proposals a day. It’s challenging to be sure, but it’s also stimulating because it forces you to raise your game.
In many ways, “Shark Tank” is a reminder of the pressure involved in pitching a concept to people whose arms are always folded and believe they’ve heard just about everything before. A win in that environment is an exercise in preparedness, logic, and discipline.
Here are the questions that have to be answered: How can you share your vision, get buy-in, and more importantly, the money and resources you need to make it a success? And how can you pull it off in “elevator pitch” form – a clear, concise plan that checks all the right boxes, is simple to present, and meets the greater needs of the station?
Last week, Fortune ran a story, “The 14 Phrases every VC Wants To Hear In Your Pitch,” written by venture warrior Mark Rampolla. When I saw the headline, I assumed it was about just including buzzwords in a biz plan, but in fact, Rampolla’s reminders outline the steps involved in doing the prep and spade work that can help you pull off a great “elevator pitch,” whether corporate comes to town or you’re in a department head meeting with other managers.
Not all Rampolla’s tips are relevant to the everyday programming operation of a station, but many are smart pieces of advice for making sure your “elevator pitch” resonates with the people controlling the purse strings. Here are 10 smart strategies to ensure you get the budget to pay for your brand’s next big event, concert, contest, or hire:
1. You’re respectful of their time.
Time is the resource that continues to diminish for all of us. Starting a meeting with a reminder your pitch will be brief and concise sets the tone that you understand just how precious your boss’ time is. You simply do that by making your plan clear, tight, and logical. And rehearsing the pitch can translate to a smooth presentation that’s easy to understand.
2. You’re personally invested.
This is where you let the boss know the initiative for which you’re seeking money and staff support is personally important to you – that you care very deeply about its success. In this way, the investment is as much about you as it is the project itself.
3. You’ve put in the time.
Letting management know this is something that’s been on your plate for some time – that it’s not something you just dreamed up last week – can be an effective part of the story. It’s an indicator your plan is well thought out and you’ve considered all the angles.
4. Don’t bullshit.
If you don’t know the answer to a question (“Where else has it worked?” etc.), don’t try to dance your way out of it. A simple “I don’t know but I’ll find out” is better than building a case on a false foundation. Of course, if you test drive the pitch with a smart colleague, those questions may come up in a practice session, giving you time to figure out the answers.
5. You’ve done your due diligence.
Here’s the point in the pitch where the fact you’ve done your homework and your research need to be on display. A well-crafted visual or chart can help reinforce your logic, while showing the boss you’ve got data or examples to back up your logic.
6. You’ve done the research.
Here’s where that new initiative can take flight by demonstrating you’ve actually tested the concept with your audience. Tools like SurveyMonkey or Listener Advisory Board groups can give any PD the chance to test drive most ideas against real listeners. If you can prove that the concept has a strong chance of working because of audience desire or acceptance, you’re well on the way to getting the go-ahead.
7. You’ve considered the competition.
Has the idea been done before, is it something that your brand can own, and what’s the likely impact on your key nemesis? In the rough and tumble world of radio, considering the guys across the street as part of your strategy is another indicator you’ve thought everything through.
8. You’ve bullet-proofed it.
This is another sign that you’ve gone through the paces of ensuring success. If there are speed bumps, this can be an opportunity for your boss to help you figure out solutions. When the meeting becomes an exercise in helping make the idea a success, your chances for getting the green light improve.
9. You can pay for it (and make money on it).
Many radio companies already force programmers to think through the process of how a new idea, event, promotion, or contest can make money. If you can come to the boss with some revenue generating strategies, including accounts that would likely support the concept, you’re ahead of the game.
10. It’s sustainable.
The best ideas aren’t just things you can do in Q4 of this year – they’re concepts you can bring back next year. And the year after. No one gets all that excited about promotions or events that are one-and-dones. When you come up with an “evergreen” that can be repeated again and again, you can make the case that it can become even more successful over time. It’s easier to sell a franchise than a one-off. The VCs call that “scalability” and it’s one of the key variables they consider when investing in a startup.
Thinking like a VC is a great exercise in logic, strategic thinking, and of course, sales. Now more than ever, an effective manager has to learn the art of gaining acceptance for her ideas. The steps involved in getting venture dollars can help you craft a pitch that not only earns financial and staff support, but also a successful project, initiative, promotion, or event.
Increasingly, shows like “Shark Tank” force us to play our A game when it’s time to make that pitch. It’s not enough to be a creative programmer. You have to sell your vision, your plan, and your ideas.
In these competitive waters, that’s how you win.
Jacobs Media has consistently walked the walk in the digital space, providing insights and guidance through its well-read national Techsurveys.
In 2008, jacapps was launched - a mobile apps company that has designed and built more than 1,300 apps for both the Apple and Android platforms. In 2013, the DASH Conference was created - a mashup of radio and automotive, designed to foster better understanding of the "connected car" and its impact.
Along with providing the creative and intellectual direction for the company, Fred consults many of Jacobs Media's commercial and public radio clients, in addition to media brands looking to thrive in the rapidly changing tech environment.
Fred was inducted into the Radio Hall of Fame in 2018.
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Good advice. As it gets tougher out there we, too, must get tougher, smarter, lean and scrummy (agile).
I like the scrummy part. Thanks for the comment and kind words, Robin.
Great Post! If you want to innovate, this is the way to think Fred! I might say, “Think like a Founder… Vet it like a VC”. There is a great framework out there to organize your business plan. It’s called the “Business Model Canvas”. Loads of resources (even videos on YouTube) to research how to get started with something like this. It helps to prepare and organize your plan, then you build your story and presentation from there.
A good place to start might be here: https://strategyzer.com/canvas/business-model-canvas?url=canvas/bmc
I’ve got a few of my own I keep tossing around. 😉
As always, thanks for the great posts! I was bummed that I missed your session in Nashville… Next time!
Gil
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Gil, many thanks, and appreciate you providing the link. As you suggest, I learned a lot about putting together proposals and pitches as if my VC friends were reading them. It creates a sense of discipline. Of course in earlier years, I used Mel Karmazin as my mental litmus test as in “What would Mel say?” It always forced me to hone my skills and raise my game. Appreciate you chiming in.