Too many drab facts, too many slides, and too many of the slides being over-complicated. These are just some of the mistakes that asset managers make when putting together their pitch books. The harder you make it for the audience to understand your business and your product, the more your deck is working against, not for you.
Before you even enter the room, you should take the time to know who you’re presenting to and what they need. Too often asset managers present a pitch book that is too big and not tailored for that client. This is a clear indicator that a manager is not thinking about what it is that the client needs. There might be 20 pages about the firm, much of which the client would know if they’ve done their homework, but very little about what is relevant to them.
A good pitch book should enable you to articulate your key messages and give you the opportunity to explain what truly differentiates you. And when you think about what that is, consider the words that are used. Anyone who has crossed my path will know one of my biggest bug bears is the word ‘unique’. The likelihood is that 70% of your deck isn’t differentiated; but if 30% is, focus on that.
A simple slide that reiterates those key messages about your firm is crucial, so make sure you take the time to explain what really differentiates you. Remember, if a client has three pitches in one day, they won’t recall all the detail you presented. A week later, all they will think is: “Did I enjoy that discussion; did I find it informative; and was it easy to follow.”
To be able to do that, it’s imperative that the pitch book is easy to work with. The more overly complicated it is, the more detail on slides that you have to wade through, the harder it will be to present. If there is so much on a page that it confuses the audience and is difficult to talk through, it will make your job – and crucially your clients – that much harder.
There are also some clear red flags to avoid. For me, one of the biggest alarm bells is a disingenuous use of a track record. If you include a data set that is a backtest, or is the track record for a different product, this needs to be explained transparently and upfront. Likewise, be careful with your timescales – people have wised up to managers who only select the rolling three-year periods that look best.
But remember, what you don’t want is too many drab facts. You’re trying to bring a company, a culture and a product to life. Think beyond the facts and figures. Can you have a page that shows: “this is who we are as a group of people who make up this business, this is what’s important to us and this is what it’s like to work with us.”
It can be difficult to take a red pen to a pitch book, so getting an external perspective is key; but there are a few simple points to keep in mind if you are reviewing your slides to avoid the common pitfalls.
- Know your client and tailor the deck
- Avoid too many slides
- Avoid too much detail on the slides
- State and reiterate your key messages
- And crucially, think about why the client should want to work with you
