(mysterious music)
- [Narrator] Lori Greiner has seen hundreds of pitches
from entrepreneurs on Shark Tank.
But she's also been regularly giving pitches herself
since patenting her first invention in 1997.
Known as the Queen of QVC, her pitches to customers
practically guarantee that the product sells out
in a matter of minutes.
So before you make your next pitch,
here are Greiner's seven tips on what makes a pitch work.
Number one, keep it concise.
Greiner says, "A great pitch is when a person can describe
"what their business or product is within two sentences.
"Buyers and investors are smart, savvy,
"and expert at summing up product's potential
"at a quick glance."
They don't need handholding,
but they need to know why they should part with their money
within a minute or two or else they'll stop listening.
Number two, be exciting.
"Anytime you can make a buyer laugh or engage
"is a step closer to getting a deal.
"If you exude confidence and energy,
"you could pull a buyer out of a post-launch stupor
"faster than any Red Bull."
Number three, sell yourself.
Greiner says, "I look at who the entrepreneur is.
"For me, it's everything.
"An investor will be paying attention
"to how well you listen,
"and a few possess qualities
"that indicate you'd be someone easy to work with.
"If entrepreneurs don't listen to questions
"asked during a pitch,
"they're not gonna to hear you down the road either,
"and they're not gonna be a good partner."
Number four, an opportunity that can't be missed.
"Not everything will be right for the buyer personally,
"such as when you're selling female-oriented product
"to a male buyer, but buyers know their customers."
A key factor in this decision
is determining whether consumers
won't be able to live without your product.
Number five, cover all your bases.
Greiner says, "You need to be accountable for
"and aware of every unit in the warehouse,
"every number on the books, every order coming in.
"And you need to have ready answers
"for how you intend to plan for the future.
"Tell the truth and admit when you don't know something,
"knowing all of your numbers and facts will help you
"from crumbling under a line of questioning."
Number six, base it on data.
Greiner explains that enthusiasm and passion
can't replace the facts about whether the product
has been or can be profitable.
If you need to continually explain
why your product is unique for example,
then there's probably a gap in your market research
that your potential buyer is driving at.
Smoke and mirrors won't work with seasoned professionals.
And number seven, practice.
Ensure that if you have a tangible product,
you come to your pitch with a flawless prototype.
If you give a demonstration,
practice it repeatedly until it becomes second nature.
Think of a pitch as a performance that you can fine tune
before it matters.
And as Lori Greiner says,
"You cannot over prepare for a pitch."