Pitch Anything Book - 1 Quick Summary

Synopsis

Pitch Anything is a comprehensive description of the steps you need to take to make top-quality pitches that guarantee the highest level of investment. Oren Klaff has raised more than $400 million in the last 13 years by using this technique. The same strategy is applicable to various scenarios, including negotiation for a better salary or pitching a major idea. Klaff refers to pitching as an art. Neuroeconomics together with Klaff’s own experiences forms the basis of this theory. Klaff asserts that his model of pitching will result in complete control of your pitching technique. One good pitch can transform your life. Pitch Anything suggests it could aid anyone in producing excellent pitches.

About Oren Klaff

Oren Klaff is the Director of Capital Markets at the investment bank, Intersection Capital. But, he has had a long track record of getting support through persuasive pitches. Between 2003 and 2008, Oren has raised more than $400 million of capital from investors from high net-worth people as well as financial institutions. Furthermore, he is part of the investment committee of Geyser Holding. Oren is the chief of the committee since. In addition, he has extensive experience as an analyst for ventures and a partner in various investment funds of a mid-sized size.

Chapter 1 The Method

Oren Klaff points out that pitching a winning pitch isn’t about the process. It’s about keeping and capturing the attention of the person whom you pitch to. Therefore, Oren outlines that evolution has given us three levels of processing information:

Crocodile Brain – This is the first step in the development of an attention mechanism that’s still used to this day. The crocodile brain is the brain’s first-generation system, dedicated predominantly to survival. This system also generates basic and powerful emotions. In addition to responding to threats, the crocodile brain is responsible for regulating the flow of information.
1. Then, Oren describes the crocodile brain as reacting to sales pitches in three different ways. First, it can respond by dismissing the pitch as useless. Or, it can respond by noting the pitch as an attack. Then, it might respond by approving your message to be reviewed in the brain’s midbrain. The majority (90 percent) of the information in your message which enters the crocodile’s mind is not passed on to the midbrain.
The Midbrain – The second location that the message will travel to is the midbrain. This brain region provides meaning and context for the data. In addition, it determines the meaning of objects as well as social interactions.
The Neocortex Then the message is transmitted to the neocortex. The neocortex is by far the most advanced portion that is located in the brain. In particular, it analyzes complex problems and provides rational reasoning. This part that is located in the brain can be essential to solving problems and reasoning.

To avoid the crocodile brain, pitchers need to start pitches using basic concepts. Beginning a pitch with complex structures will probably result in the crocodile brain not understanding the message. Then, the person receiving the pitch isn’t paying attention. In addition, Klaff explains that the brain of a crocodile has a limited capacity and focus. Therefore it is estimated that only 10 percent of your message will be transmitted to more sophisticated brain structures. To increase the amount of brain activity, it’s crucial to prepare an appealing pitch that is based on concepts and ideas.

Klaff provides a concise acronym you can use to ensure that your pitch satisfies the limitations of an audience’s brains.

Set the frame
Tell the story
Reveal the mystery
Offer the prize
Nail Hook point
Get the deal

To keep in mind this acronym, make sure to stay strong.

Chapter 2 Frame Control

“When you react to another person and they react to your words, you own the frame. If the other person is reacting to your actions as well, it is your responsibility to be the owner of your frame.” — Oren Klaff

Klaff proposes that each exchange in the world has a frame. But, it is only able to be one frame since the other frames are subordinate to the mainframe. So, Klaff recommends pitches say the least amount of words as they can. In essence, the more you don’t say the less you say, the more effective will be.

A successful pitch is contingent on the ability of your pitching coach to construct solid frames. Klaff refers to frames as a view. In particular, he makes the analogy of providing someone with a lens to view what you can see. Everybody uses frames during every social interaction.

Klaff defines ineffective business discussions as being defined by those who have two perspectives on the same item. In this case, both frames are merging. In the end, one of the frames will prevail in the end over the other. Stronger frames will always be able to absorb weaker frames. You will know that you’re being controlled by your frame when you notice that the conversation isn’t flowing your way. For instance, if anything that the other person says is like it’s not working, then you’re most likely to be in a frame of control. The ability to defy and laugh are the most important instruments to win the frame during a discussion.

There are many kinds of frames that you can encounter during conversations. Oren Klaff will outline each one of them.

The Power Frame

This type of frame is an essential aspect of the business. They are the ones who are egocentric. They also tend to not pay attention to what you say. In particular, they’ll pay attention to the initial several seconds in your interactions. They will then use the first few seconds to make conclusions that will be valid for the duration of the interaction. The judgments they form will also be applicable to subsequent interactions.

Klaff says that a stoic and humorous attitude is the only method to overpower the power frame. Anyone who has the power frame needs to realize that they are extremely proficient in your field. For example, you should not let your audience members use their mobile phones. Instead, you can make use of this occasion to inject some humor into your presentation. This funny interaction can lighten the mood of the audience while keeping the person who is watching the Power Frame in awe.

The Intrigue Frame

“As you tell your tale, there ought to be a sense of suspense surrounding it, as you intend to generate interest through the telling of the story through telling only one aspect of your story. This is because you break the analyst frame by drawing the attention of your audience with a captivating tale of something that happened to you, and you hold their attention without telling how the story will end until you’re prepared.” Oren Klaff – Oren Klaff

People are willing to listen to a sales presentation because they’re interested in the product. They don’t want to listen to an idea they already are familiar with. Instead, they would like to be impressed by a brand new product or concept. So, in a pitch, you’ll have an advantage because you are the only person who is aware of your product. The people with an intriguing frame will pay interest in your pitch at the beginning since they’re looking for solutions to the questions they have. But as soon as they get the answer to their query they’ll lose interest.

To stop this kind of person, be the central figure in the story. Your personal story should be shared with the viewers. The most interesting stories include hardships or obstacles that need to be over. You only need to give the reader a small portion of the entire story. It is not necessary to convince them that they know the answer to their questions because this is the moment you lose your audience’s attention. Your personal story must be interesting and be related to the topic that you are pitching to.

The Time Frame

The time frame can be an effective tool. You can, for instance, convince people that they may miss an opportunity by saying something like “This is a special offer for a short time. In addition, buyers typically use this technique at the beginning of the pitch. For instance, they might explain to the pitcher that they have a couple of minutes. This tactic is intended in making the pitcher appear inadequate. People typically react to this method by expressing gratitude, such as something like, “Thank you for allowing me to fit within your schedule. Klaff says that this is not the right strategy. By doing this, you’ve handed prospective buyers the complete ability to make a purchase.

A way to break the timeframe is to be truthful. Inform the person that you don’t work according to other people’s schedules. Tell them that you are unable to be a good team player who you don’t trust to respect their time commitments. Thus, ask them questions to find out if they are the type of person who sticks to their plan. If they agree to the time slot that you have agreed to They will respect your time and will give you the time you need.

Analyst Frame

Certain targets are only concerned about hearing statistics, figures, and numbers. They are employing the analyst framework. They’ll prompt you to spew out projections and numbers, which the rest of the audience won’t pay attention to. In addition, spouting the numbers will increase the chances of you getting it wrong.

You can get past the analyst’s frame by telling an engaging story. The story should be an intimate narrative that is involving you. But, as we’ve said previously that you shouldn’t inform them of how the story will end. The cliffhanger can help keep their interest. Klaff states that an interesting story can disrupt an analytical thought. So, weaving stories into your presentations is a fantastic method to engage people with an analytical frame.

The Frame of Prizing

“Money is not anything but an item, a tool to get things done. Money simply transfers value from one location to the next to enable people to collaborate.” — Oren Klaff

Klaff defines the concept of prizing as “The number of actions you take in order to make your target realize that he is the product while you’re the winner.” Do not let the people in the audience think that it’s the opposite. People often mistake prizes with money. In reality, however, money is not the prize. Instead, it is a commodity that serves as just a way to get things accomplished.

Make sure you make yourself the center of attention. Try to convince your customers that they are fortunate to collaborate with you. They will believe that they must meet certain criteria to work with you, rather than the reverse. Klaff emphasizes that you need to develop a sense of self-worth. If you don’t believe in yourself, then another person will. So, it is important to always be prepared to leave negotiations if the other party does not provide you with what you desire.

Additionally, you should not begin your pitch if the primary player hasn’t yet been able to arrive. Give yourself 15 minutes to wait before calling the person. If the person doesn’t show the way, then be politely dismissed. This will demonstrate that you’re picky about who you work with. You’re a winner, and they should work hard to establish a successful business relationship with you.

Moral Authority Frame Moral Authority Frame

It is important to safeguard your business and yourself with solid moral values. Your presentations will fare better if you adhere to the morals that society has a tendency to value. Klaff offers an example where he was able to secure a substantial purchase deal to invest in an airport that was once operating in California. This was a crucial deal for its revival. The competitors were with numbers or spreadsheets. Klaff determined to focus on the rich history of the airport and the ways his team could be respectful of the airport’s history. In focussing on heritage and community Klaff can tie his message to a bigger issue that buyers value.

Plowing

Plowing is a must feature of all pitches regardless of the frames that are on display. Plowing is constantly moving forward in your pitch. This method shows confidence and helps you remain in a solid frame even when others push you back.

Chapter 3 – Status

Klaff defines the status of a person as closely tied to frames. For instance, those with the highest social status are likely to possess the strongest frame. Therefore, having a good social standing is essential. This will allow pitches to become more relaxed and more durable. To control the frames, you’ll require an alpha location.

Klaff is not a fan of holding onto the position of alpha by using dominance, aggression, or violence. Instead, Klaff suggests you follow these guidelines:

Be aware of the global status of your customer. There will be individuals with greater financial resources, power, or acclaim than you. But always place their wealth and power in the background when you talk about business.
You are able to enter various situations by assuming a different status: Alpha or beta. Alphas trap you into the trap of beta and put you in a position of low status and keep you in that position.
Klaff recommends using words that assert your superiority. For instance, “Have you ever done an agreement this big previously?” or “Remind me why I should do business with you more than any other company.” Use this strategy for every client and not only those who are in a beta situation.
If you’re caught in the trap of beta, you should try to reconsider the issue. Look for opportunities to find weak points in the customer, or to elevate your standing. One way to accomplish it is by being funny and challenging.
Always try to gain the alpha status within a conversation as swiftly as you can. Do it quickly and make use of this momentum to secure the status of alpha.
Once you have taken control after gaining power, you must immediately shift the conversation to the area that you have more knowledge. For instance, you could choose the area where your expertise is high. Klaff refers to this as Local Star Power.
It is important to note that the Local Star Power will always disappear when you exit the meeting. Thus, you must establish it at the beginning of each meeting or discussion.
Be sure that you’re never tardy for an event. Being late can give power to others in the meeting.

Chapter 4 – Pitching your big idea

Klaff states the four phases in pitch.

1. Introduce yourself and your Major Idea in five minutes of your introduction.

Klaff stresses the importance of being succinct in your pitch. Before presenting your main concept, you should provide an overview of your background and your business. But, it will only take about a couple of minutes. For each topic, you should add one good thing. Avoid falling into the temptation of adding one excellent, one fine, and one average item. Start the outline of your greatness by putting your record out there. Your track record should be presented in an efficient, tidy, and easy manner.

Customers don’t want outdated concepts. So, instead of giving the full story of your product’s development focus on the core. Klaff recommends this foundation for the presentation of any concept:

The product is intended for (target customers)
They are unhappy with (the current competition)
Our service or product is (your brand new big idea)
It provides a solution (the important customer issues your competitors have to deal with)
Different from (the competitors)
We offer (provide the product’s distinctive features)

After providing this concise outline, it is important to be concise. Avoid lengthy analyses. Instead, you should focus on the social, economic as well as technological elements of your company. These elements should only be the aspects that are crucial for clients to invest in.

Phase 2. – Define the Budget in less than Ten Minutes

Each and every element of your pitch must be able to fit in twenty minutes. The time limit is 20 minutes. level of attention that people can pay. Attentional overload is especially common when the information’s novelty is very low. Therefore, you should only provide information that is exciting and new for the reader.

Even though you’d like to demonstrate an excellent budget, you must not be too focused on numbers. In addition, when discussing budgeting, make sure you assess yourself against your competition. Then, highlight the ways your company has an advantage Klaff refers to this as”the Secret Sauce. The final step is to demonstrate that your business is able to cover a few poor quarters. A solid financial foundation can protect you from plans that do not work immediately.

Phase 3 – Present the Offer in less than two Minutes

This is a basic portion of the pitch. In essence, you need to inform the audience about what they will get when doing a deal with your company. Although you’ll want this part to be concise, however, you should include all the necessary information. Klaff stresses the importance of telling the reader the reasons why you, as a person are a good investment.

Phase 4 Stack Frames

Most investors will be looking at analysis however, they’ll be mostly taking their gut. Thus, you must benefit from the gut reaction of investors. Make a positive gut response using stacking of the images (spoken about in the previous sections).

Chapter 5: Frame Stacking, Hot Cognitions, and Hot Cognitions

Hot cognition and frame stacking is the most effective method to use when your audience is introspective and cold. Klaff refers to this as the hot cognition stack of four frames. The four-frame cognition stack can activate the audience’s crocodile mind. Klaff suggests stacking on the four following frames

The Intrigue Frame People are interested in knowing how you dealt with difficulties and how you overcame them.
The Prize Frame The Prize Frame – This frame emphasizes your role as the primary aspect of the bargain. If you’ve successfully convinced the public about your worthiness You are now near to sealing the deal.
Time Frame Time Frame – The addition of pressure on decisions can reduce the quality of decision-making.
It is the Moral Authority Frame It is a frame to instill a sense of among the audience. An interest in something that has a greater impact than the immediate rewards.

Chapter 6 – Eradicating Neediness

Being a sign of neediness is one of the most embarrassing ways to present yourself in the course of a pitch. A potential investor won’t be tempted to invest funds in an individual with financial issues and requires handholding. Investors, when they see these signs could trigger the fear part of their brainstem, the crocodile. So, the majority of your message won’t reach the essential areas of their attentional systems including the Neocortex.

Klaff gives a few examples of words that suggest that you’re an entrepreneur in need. Beware of these words at all cost:

Do you still believe it’s an acceptable price?
What do you think?
We are able to sign a contract as soon as you’d like us to.

It is common for neediness to surface when we are unable to see our need for something we can get from the crowd for example money. Klaff offers three guidelines that you can follow to avoid appearing needy.

Make an effort to get rid of your visible desires. It may be difficult to eliminate all your desires completely. But, you shouldn’t present them to your viewers. Instead of asking your public to put money into it, make sure you have a compelling pitch, and let the investment appear to you.
Perform admirably in the presence of other people. Imagine you’re confident about your capabilities and demonstrate your unique skills. If you do you won’t emit a feeling of being in need.
Don’t try to snag the money of your audience in the event that they want you to. Reconsider your position and look at all options before making the decision. If the offers you receive are not adequate, do not hesitate to walk away from the offer. Be sure that the client is aware that the offer does not convince you.

If you adhere to these three rules then your audience will be following you. You’ll be demonstrating your abilities and confidence which people will appreciate.

Chapters 7 and 8 Find in the Game

Klaff concludes the book by presenting the steps to follow for pitching an idea.

Learn to spot beta traps. This skill can assist you to avoid these traps or avoid them, based on your circumstances. It is possible to increase your odds of identifying beta traps by considering your thinking in a frame-based manner.
Make use of four frames for the basics to stay clear of beta traps.
Label and identify social frames and label them. It is more likely that you will come across power frames, times frames, and social frames in the workplace. Therefore, learn to master the art of recognizing which category an individual fits into and react accordingly.
Begin practicing frame collisions using secure targets. Fragile collisions constitute the most crucial aspect of pitching efficiently. It can take some practice to become proficient. Thus, you should begin with a few practice collisions with other people in your workplace or even with your acquaintances. Remember that humor is essential. If you don’t have a sense of humor, you could quickly come across as rude and arrogant.
Defiance and denial are sure to cause tension and conflict. Therefore, you should employ a gentle stroke to assure the crocodile’s brain that there is no danger.
Frame control isn’t a thing that can be forced. Klaff defines frame control as being a game you can apply to any social interaction. Instead of stressing about it, simply think of frame control as an enjoyable way to interact.
Learn from frame masters like other frame masters. It is important to surround yourself with those who are more adept than you in frame control. Start with a simple frame control by sticking to a handful of frames that are effective for you. Later, you will be able to develop the frames you are using as you learn more about the people in your vicinity.

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Pitch Anything Book – 1 Quick Summary