This past Friday I was doing some CE for financial and investment advisors at the TD Ameritrade Conference in Orlando and had the opportunity to hear Kevin “Mr. Wonderful” O’Leary from Shark Tank offer some words of wisdom. Although I try to focus my content on the personal finance space and leave practice management to the rest of my family, his message was worth sharing.
Did you know academics have studied the 12 years of presentations by all contestants on the show and identified 3 consistent traits of successful pitches? What’s that got to do with your optometric practice? Every time you examine and consult with a patient to recommend glasses, contacts or medical therapy, you are pitching.
According to Shark Tank research, there are 3 components to successful pitches. These elements are so important, they occur in 100% of presentations the Sharks invest in. And we can all learn from them:
1- Be able to concisely communicate the benefits of a product or service: The initial proposal for any product or service should be simple, understandable and to the point. If you can’t explain to a patient how your product or service will benefit them in 60 seconds or less, you will likely lose them.
2- Explain why YOU’RE the right person for the job: Assuming they are ready to ‘buy’, you can’t take it for granted they are committed to you. Companies like Warby Parker and 1-800-contacts exist because consumers are easily swayed by price and other external factors. You need to sell the idea of why are YOU the right person to provide a possibly more expensive product and help the patient maximize the benefits.
3- Be specific with the benefits: Data and specificity = credibility in the eyes of consumers. For example, telling someone a certain lens will “help you see better” does not have the same impact as; “this lens has been proven to provide a 22% increase in clarity over regular contacts”.
Not sure where to start? I suggest you create a new ‘pitch’ for just one practice area like specialty lenses, sports vision or dry eye therapy. Make a point to use this approach with a difficult patient—if it works on Mr. Wonderful, you might be surprised at how well it works for you!
FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY.
The views expressed here are as of the date of publication and are subject to change. This information should not be construed as investment advice. It is presented for information purposes only and is not intended to be either a specific offer (or recommendation) Hayes Wealth Advisors to sell or provide, or a specific invitation for any investor. Information herein may have been obtained from sources believed to be reliable, Hayes Wealth Advisors is unable to warrant its accuracy.
All data, projections and opinions are as of the date of this report and subject to change.
Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.
Hayes Wealth Advisors does not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. All recommendations must be considered in the context of an individual investor’s goals, time horizon, liquidity needs and risk tolerance. Not all recommendations will be suitable for all investors.
Investments have varying degrees of risk. Some of the risks involved with equity securities include the possibility that the value of the stocks may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the U.S. or abroad. Bonds are subject to interest rate, inflation and credit risks. Treasury bills are less volatile than longer-term fixed income securities and are guaranteed as to timely payment of principal and interest by the U.S. government. Investments in foreign securities (including ADRs) involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets. Investments in a certain industry or sector may pose additional risk due to lack of diversification and sector concentration.