Strength Through Presentation Adversity

If you often participate in new business meetings, you’ve probably found yourself in at least one of the following five tough situations:

1. How do we customize our presentation when we can’t find out anything about the prospect? There is so much information out there to help you avoid this situation — the prospect’s website, an Internet search, the Request for Proposal and the consultant. Asking the right questions can yield a goldmine of information your competitors have not uncovered. But what if you truly dig and come up empty? Then at least customize your presentation to the specific type of prospect. A Taft-Hartley presentation, for example, might emphasize your firm’s expertise in meeting AFL-CIO investment guidelines. Another strategy is to explore the prospect’s goals for the mandate during the initial meeting. Ask questions such as, “We have stated here some representative goals for clients who invest with us in this strategy. To what extent do these goals jibe with your own objectives for this mandate? Why are you doing this now, and where does this strategy fit in the context of your total asset allocation.”
    
2. What if we finish early and no one asks any questions? You should always try to finish early, to allow plenty of time for interaction with your audience during the Q&A. But how do you cope with the dreaded situation where there are no questions — just silence and blank, bored faces? The best strategy is to be prepared to ask the prospect questions. This avoids an uncomfortable situation, and it shows that you have an interest in the prospect and have done your homework.
    
3. How do we know who and how many presenters to bring? It is critical to bring not only the right people but the right number of people. The composition of your audience should guide the composition of your presentation team. Do you really want to bring a relatively junior investment person, for example, to present to the CIO of a sophisticated public plan? And do you really want to bring 4-5 people to meet with an audience of 2-3? Of course it is important to show that you care about winning the business, and to demonstrate that your firm has resources. But too many presenters beg an important question: “Who’s taking care of their clients while they are out en masse selling to us?” We believe that two presenters — an investment professional and a client service professional — are an ideal combination. In most situations, three or more risks redundancy — and leaves certain presenters in the unacceptable role of nothing to do but smile lamely and carry the books. Keep this in mind, too: No matter how many presenters there are, optimally each person should have a defined role relating to the proposed client relationship.
    
4. What if there are big-name investors in the audience? You might find yourselves presenting to the likes of a Warren Buffett or a Sir John Templeton. There are two ways to respond to what might well be considered an exceptionaly challenging audience: 1) be intimidated by the challenge, or 2) welcome it. So what if you don’t know the answer to a star investor’s particularly tough question? If you engage as an intellectual equal, enjoying the challenge rather than reacting defensively to it, your enthusiasm very likely will be appreciated. If you don’t know the answer, say so and promise to send a detailed response after the meeting.
    
5. What if someone is a hostile, aggressive questioner? It’s very important never to lose your composure. Remember to direct your energy to the room as a whole rather than engage with a hostile person one on one. Also avoid answering questions with the word, “But…” Treat every question, no matter how obnoxiously posed, as an opportunity to engage, educate and develop a deeper understanding. Some hostile questioners adopt a challenging attitude precisely to test your mettle. Hang in there and respond non-defensively, and a hostile questioner might become your biggest long-term fan.
    

The main thing to remember — in presenting as in life — is that by confronting adversity you are likely to uncover hidden reserves of strength.

We have highlighted what we consider to be some of the toughest presentation situations for investment management firms. Please let us know about any tough situations that you may have encountered. We would be happy to provide specific suggestions.

Readers who found this article helpful may also be interested in Lessons from Experience: How to Handle a Stoneface.