When Mark Cuban speaks (and he speaks a lot), it's wise to listen - the man's worth $2.3 billion, chairs HDNet, and owns the Dallas Mavericks NBA franchise.
His financial success and zest for entrepreneurship have influenced a flood of aspiring entrepreneurs to send him pitches, hoping he will invest capital in their newest business ventures. And, as he bluntly explains in his August 19th post on blogmaverick.com, those pitches almost always crash and burn.
Instead of concisely communicating an idea and differentiating it from the competition, the typical pitch Cuban receives rambles along with inflated language (see "Good Is Bad"
On pitch writing, Cuban offers this sound, albeit somewhat crude advice:
If you are an entrepreneur who is looking for capital and is sending letters or emails of introduction, leave out the Bullshit. Say who you are. What you have. What makes it different than the competition. What you want to accomplish. How you plan on getting there and how I can help.
This blog post will guide you through the steps of successful pitch writing, using the Cuban model for success.
Step 1: Start well.
Start by identifying your audience and purpose. To whom are you making this pitch? What are your reader's needs, wants, attitudes, and relation to your subject? What do you hope to achieve?
Let's say you're writing to a person in Cuban's position, and your purpose is to convince him or her to invest in your idea. To make a strong pitch, you need a clear understanding of the reader. What motivates him or her? What is his or her investment history? How could your idea fit in with his or her investment plan? How is your idea different from other's vying for his attention? And, how can you make this person interested in your idea?
Once you've finished the necessary prewriting (answered these questions), you're ready to begin drafting.
Step 2: Say who you are.
If you're pitching via e-mail, send it from a professional account (avoid Gmail, Yahoo!, Hotmail, etc.). Next, use the subject line to announce who you are and what your message is about. An effective subject line is specific and succinct - limit it to six words or less. If you're writing a business letter, make sure your header includes your company's name, address, and contact information.
Step 3: Say what you have.
An investor of Cuban's status obviously is strained for time, so get to the point. Your opening should summarize your pitch in one or two concise sentences, using strong action verbs.
Sluggish and Wordy: The loan will be allowed by National Mutual.
Energetic: National Mutual will approve the loan.
Step 4: Say what differentiates you from the competition.
Your middle paragraphs should build a persuasive case. Begin by explaining its value in the marketplace. Show how it stacks up with the competition: How it is different? How it is better? And most importantly, how will your reader benefit from it? Use facts, quotations, and examples to help the reader understand and appreciate what you're promoting. Finally, make sure your writing maintains a "you attitude." A "you attitude" focuses on the reader's needs, wants, desires, and feelings.
Step 5: Say what you want to accomplish, and how it will get done.
Once you explain the value of your idea, lay out your goals and a timetable establishing when and how they can be reached. Then summarize your plan, identifying requirements, schedules, cost breakdowns, and methods of monitoring costs and quality.
Step 6: Say how the reader can help.
In your closing, confidently ask for reasonable action from the reader. Make sure your request is free of waffle words (I wonder, could you please, perhaps, I think, a little). Then politely thank the reader for his or her time, and identify where you can be reached.
Step 7: Revise. Refine. And cut the BS.
After you've completed your draft, first review it for completeness and clarity. Then check your writing line by line for correct copy. Make sure you answer the following questions:
- Have I provided a complete explanation that speaks to my reader's motivation?
- Does the message follow a clear, logical pattern?
- Have I used a sincere tone that avoids pressure tactics, flattery, and exaggeration?
- Is the writing free of errors in grammar, punctuation, and spelling?
A final word of advice: The biggest mistake you can make when writing a pitch is writing an infomercial. Rankin technologies will change your life! You'll never go back to your old operating system! Invest now! Forget the flowery language and cliches, and be direct. Don't tell the investor how great your idea is, show why it is valuable in a clear, succinct manner. Isn't that right, Mr. Cuban?
- Tim Kemper
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