"People buy into the leader before they buy into the vision".
Hi, my name’s Andrew McFarlan and I’m a Director of the Scholar. After gaining a First Class Honours degree from the University of St Andrews, I’ve spent the last year and a half working with some of Britain’s leading businesses and most powerful government agencies, condensing very complex Communications Strategies into simple, understandable key messages. As a Director of The Scholar, I combine my experience in both academia and communications to manage the process of converting academic research into a form that’s interesting, that’s credible and that’s accessible.
How was that? Did I get my ‘distinctive competence’ across? Did you feel bought into my product? How about me as an individual?
I was asked these questions this week at the Hunter Centre for Entrepreneurialism by the distinguished Dr. Jonathan Levie, an expert in the science of entrepreneurialism. He described a vital component of any pitch as ‘distinctive competence’, without which many pitches fail. The term neatly sums up your unique capability to deliver that service or product, based on your background, current situation and personal ability. It’s vital in demonstrating credibility, but it’s often missing.
It’s often said that people make up their minds about you in the first few seconds of meeting you. Telesales execs will tell you that you have to get people to respect you within 10 seconds or you’ll be met with a ‘click’ and no sale. The 90/90 rule dictates that people will make up 90% of their opinion of you in the first 90 seconds. Our very own Jim Duffy claims that you can tell whether or not somebody will be successful in the first few seconds of meeting them.
So why do we launch into talking about our product, its amazing features and its ‘uniqueness’ (another pet hate) without first giving you a reason to listen to us. Note that when the BBC Breakfast Show invites an expert on to the show, a caption will run underneath detailing their position of authority. Military spokespeople will wear uniform when addressing the media. Sir Chris Hoy will sport his three gold medals proudly when speaking to groups of school kids. So why would we start pitching to investors, without that credibility and without proving that they should listen to us in the first place?
The trouble is that many of us, as young, inexperienced or first-time entrepreneurs, often question our distinctive competence. What can we possibly offer that would sound impressive to a room of investors? Why is my 18 months’ experience in Communications impressive to a room of people who communicate with senior figures in global organisations every day of their lives? It’s a fair question, but the answer is always the same: as the owner of your business, you know more about it than anyone else. Only by establishing why somebody should buy you will you demonstrate credibility, and progress on to the next stage of your presentation: why should they buy the product?
This week, I’ve been speaking to our Peer Review team and welcoming them aboard The Scholar. Each individual has a technical ability way beyond my own and has academic credentials that would look good on anyone’s CV. They have instant credibility. What’s more, this comes across when talking on the phone. It’s very impressive to hear somebody speak with a confidence and a clarity that reflects both their experience and their product/service as complementary pillars of credibility.
That’s what we’re all aiming for – and that’s how people will separate us from the average man, woman or punter on the street.
Here’s some important questions to ask yourself:
- What key skills do I bring to the business?
- What alliances have I set up within the industry?
- Why do people respect me?
- Why is my current situation preferable to competitors’?
- What makes me unique?
So next time you deliver a pitch or hear a pitch, ask yourself these questions in advance and afterwards, question whether you’ve been sold on the distinctive competence. It may just be the missing link.
Find out more about The Scholar at http://www.thescholaronline.com
