The audience is always right

Sometimes, you can be so absorbed in your own story that your forget to put in the obvious in your pitch deck.

Yesterday I overheard a healthcare VC reviewing a pitch deck for a new diagnostic tool. Pages and pages about the impressive team, the excellent trial results and robust data, until what the tool actually was diagnosing was revealed on page 15.

An investor who is scrolling through a deck to find an answer to an obvious question is not paying much attention to other information that is put on the slides.

Maybe in this case, this answer was actually written somewhere in page 1 of the deck, but remember that when it comes to presentations, the audience is always right.

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Purging slides

Following on yesterday’s post, here are some examples of slides you could get rid of when you want to make your deck shorter, without diluting the message.

They key idea is to see the difference between an analysis deck and a story deck. The first is your working document and contains all the information, data, that you needed to get to your conclusion. Everything is organized, logical, referenced, backed up. The story deck’s sole purpose is to get your audience to do something, most of the times this will be moving on a sales or investment process to the next stage (i.e., land the invitation for a zoom call).

Some stuff that usually sits in your analysis deck, and is not essential in your story deck (in random order):

• Detailed competitor analysis, especially when they follow a repetitive framework page after page, competitor after competitor

• Historical analysis, all the milestones your company went through in the past 5 years

• Market backgrounds that do not add insight to what is generally known (facebook user base developments, mobile phone penetration, etc.).

• Any sort of business school framework that was once useful on a whiteboard, but now feels a bit forced because it does not exactly fit your situation (what the audience as you put up the SWOT slide)

• Scenario and variance analysis and/or backup of financial assumptions

• Screenshots of stages in your app that do not really differ from anyone else’s (the log in page for example)

• Etc.

If your page does not ‘scream’ a very important message for your story, you can take it out.

But to contradict myself, sometimes the opposite is true. A seemingly incredibly boring detail can make all the difference to an informed audience. For example, some retention statistic that every investor in the SAAS market is looking at, or a specific statistical benchmark in your clinical trial results.

Happy purging.

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Three approaches to making your deck shorter

Overhead: “No, don’t summarize the presentation, putting more info on fewer slides will just make it harder to read, just send the whole thing”. I see a number of ways you can make a deck shorter.

Compressing. The common approach to shortening a presentation is to take the shortening literally: reduce the physical number of pages. Smaller fonts, combining the text chart and the bar chart on one page, etc. The resulting deck contains the same amount of information, and would in theory take the same amount of time to present.

Dumbing down. The second approach is to make the story simpler. Replace complex chart with simpler headlines, eliminating complex plot tangents. Your presentation shorter, but it lost some information.

Plot writing. Here you try to extract the story from the pile of data and slides. You view your presentation deck as a completely different document than your project presentation. It does not have to be exhaustive, the logic flow does not have to be business school strategy-like, not every strategic option deserves equal wait.

Most people start with compressing. Then, after reading presentation blogs like these, realize that pretty pictures and big words look so much better, but end up dumbing down their deck. Becoming a plot writer is the challenge.

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Your placeholder, not the audience's

Some slides can stick around forever in a presentation. Over months, maybe even years, they turn into mental placeholders for you, the presenter. You see the slide from the corner of your eye, and you move effortlessly into a section of your pitch.

But the content of the slide might actually no longer resemble what you are speaking about for someone who sees it for the very first time. Time for some spring cleaning in your pitch deck.

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The last page = a billboard

That’s the one that is sitting on the Zoom screen for 30 minutes when you take questions. Here are things that are a bit boring to look at during that time:

• THANK YOU!

• Q&A

• Appendix

• A super detailed recap of the entire presentation in 15 bullet points

• A super detailed Gantt chart of the next steps

• The chart with your weakest data that you had to pull up to answer a question

• The chart with the calculation mistake that triggered a question

The last slide is a billboard that can get engraved in people’s memory like a Super Bowl ad (with a slightly smaller audience). So better choices are a memorable visual that you used somewhere in your presentation to explain the opportunity, a nice product shot. Make sure you navigate back to it when needed.

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Pop the suspense

I came across a pitch for a business idea that involves a few different businesses, with a number of different people.

The natural way to tell the story is a build-up: here is this interesting problem, that is a massive opportunity, that only we can solve with this interesting technology.

Investors are different from viewers of an action-packed thriller. The moment the “opening title” starts rolling, they start evaluating the investment opportunity, trying to identify the obvious strengths, the obvious weaknesses, and the question marks.

So for investors, you might have to skip to the last page of your thriller and uncover the mystery, before starting your pitch. Here are the 3 businesses, this is what they roughly do, and these are the people involved for each one of them. No let’s start from the beginning.

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Knowing your audience

A follow-up on yesterday’s post about convincing the center when it comes to COVID vaccines.

Most people who create presentations are not marketeers or PR professionals. They hear people (including presentation designers like me), talk about how important it is to think about your audience when crafting slides. And when thinking about the audience, they don’t have much sophisticated data. Insights are likely to be basic: “They do not believe that we can get traction with our search engine that needs to beat Google”.

Global Web Index did research in people’s attitudes towards a COVID vaccine, the results of the findings are put in this visualisation by Visual Capitalist. The main message to me about this pretty but busy graphic is that it is complex, things are not clear cut.

Here is my summary of the segments, and a possible communication strategy. (You can find this slide in the online template bank, or search for ‘covid’ in the SlideMagic desktop app)

Most business presentations will not have the luxury of a detailed audience analysis, but it is an interesting thought process of running through an imaginary one.

"Let's put that slide in the appendix"

These were the dreaded words of your McKinsey project manager when she ripped out your analysis masterpiece from page 10 to page 57 in the document. Then, as a junior analyst, I felt depressed as I interpreted this that my work has been for nothing.

Here are some things that project manager could have said in addition:

• Most of the time, slides that communicate the answer are completely different from slides that show how you got to the answer.

• Related: the project is moving on now, we have convinced the client that our assumptions are correct, now we need to get them to move and take action

• Without that slide that sits now on page 57, we would never have gotten where we are now. If we still had to talk about that analysis on page 10, we probably were doing something wrong

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"This is the part I always skip..."

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If you always skip that part, maybe it is time to reshuffle your slides to a flow that comes more natural to you.

There was probably nothing wrong with the original slide flow you used, but things can get stale:

• You switched from a project flow, where the series of charts reflected the sequence of the project work, to the story that sells the outcome

• You have a much more powerful presentation opening with a real life customer story than the usual market data slides that are sitting there

• You are still using the same slides that you put in 3 years ago

• The audience of your presentation has changed, they either have caught up and know more things now, or you are presenting to different people.

Time for spring cleaning of your pitch?

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"Please send us the slides 1 month in advance"

This tweet about a habit of conference organisers:

“Please send us your presentation a month in advance so our team can check it” 🤦🏻‍♂️

— Benedict Evans (@benedictevans) November 2, 2020

It does not make sense. Nobody prepares slides that long before a presentation, nobody reviews presentations 1 month in advance, and the request is probably not credible.

Why do conference organisers try?

• To spot potential content disasters early

• To spot potential time over-runs early

• To spot potential layout disasters early (bullet points…)

• To spot potential technical issues early (‘What, no Apple Keynote?”)

These are valid concerns and the solutions is possible somewhere in between.

• Rather than sending a broadcast request, do some research about your speakers, leaving the pros, and focus on possible weak links with coaching (and hassle)

• Ask for a draft of a “typical presentation” way in advance to get some sense of what is coming

• Set a very credible deadline 2-3 days for the event (“we are building the conference hard drive”)

And, if you are a speaker and do not have a story on the shelf (it is the story that matters, not the slides), it is probably a good idea to start getting your head around what you want to say a few weeks in advance. Slides can be made in a couple of hours (try using SlideMagic, it is really easy), crafting a compelling story takes a lot longer. Starting to think about it early means that your brain worries about it, even when you are not actively aware of it and things will fall in place later.

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Four ways to write a story

My daughter is progressing through high school and is now asked more and more to write essays with her opinion. This got me to think about four levels of writing a story:

1. Without having a clear idea of the answer/plot, you start jotting down your thoughts with the main objective of reaching the total word count, and buzzword count targets. This gets you a fail on an exam, and you can also compare this to an unprepared presenter “winging it”.

2. You write a skeleton of the points you want to make, in the right order, with main headings and sub bullets, all in super short grammatically incorrect and incomplete language (because you are the only person who needs to understand it). This is probably what the high school teacher is trying to reverse engineer from the full essay when grading it: did she make the right points.

3. The skeleton, but now expanded into proper language. It makes the point, it is logical and organised, it is grammatically correct, but also, it is pretty boring. This would be a typical exam submission of a student, or a management consulting report

4. A convincing story, that abandons some of the logical rigour of the previous level and replaces it with an interesting flow, with some tension that resolves to the conclusion. As opposed to “winging it”, this is a story that a skilled salesperson can pull off on the fly without any slides or skeletons. Very few business documents or high school essays make it to this level.

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Convincing the center

The pattern repeats in demonstrations and political debates:

• The other side is clueless

• Everything the other side does , does not make sense

• We are right, they are wrong (always)

• Etc.

You will never convince people who are deeply attached to their beliefs. The people who can swing the majority are in the center. Questioning the intelligence and making fun of the people just across the line of the center (and their friends) is not going to make it easier for them to switch.

Preaching to the converted with a megaphone won’t help. Listening to, understanding, and engaging with the doubters possibly could.

This is true for political debates, but also for sales and investor pitches.

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"Muppets"

A while ago it was discovered that investment bank Goldman Sachs refers to unsophisticated, non-professional, retail investors as “muppets” and was deploying massive computing power to trade against them.

“Muppet” is an example of a business language shortcut: one word that summarises a pretty complex concept or customer segment. Short cuts can make internal communication in a company very efficient. Everyone knows exactly what is being discussed without having to resort to long descriptions that change from presentation to presentation.

To the outsider though, they have a different meaning. Many people complain about “buzzwords”, especially when shortcuts that don’t mean anything leak into external communication. Or worse, as in the case of Goldman Sachs, you end up offending a lot of people.

Young kids also find out that is extremely hard to change back nicknames into a more grown up name when you get older. The same is true for business shortcuts. Better choose them wisely at the beginning, because they might just get a wider audience than that first conference room meeting.

With respect to “muppets”. Yes, amateur investors might not understand the interest rate climate, yield curves, market overhang, and inflation risk. They make mistakes, but they could also have a hunch that that weird flat phone with a touch screen could end up being a really desirable product that will change people’s lives 10 years from now. An algorithm powered by a super computer probably would not make that call. Muppets are a nuanced segment with many sides to take in to consideration. Better pick a better word.

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The side track trap

Now that I am teaching my kids how to code with the help of online courses I can see where instructors take the wrong turn. By now, I mastered the material myself, and can put myself in the position of someone who is trying to understand it (I was there myself a year ago).

One mistake is a side track trap. You introduce a completely new concept, but before explaining roughly what it is about, you introduce a few exceptions or unusual use cases where you could also apply this new concept, that the presenter has not fully introduced yet).

From a logic flow perspective, this could look great: we cover all the use cases together. From a teaching perspective, this is confusing. A reference video (‘How did that work again exactly?”), is different from a 101 introduction video.

I am not sure the instructor does this intentionally. Maybe videos get edited later and she needed to find a place to insert this specific concept, “plop”, this seems like the right spot.

Notice the difference between detail and side track. If you need to go into the details to explain something, a newbie can probably follow along as long as you stick to the one specific use case of pieces of information that reinforce each other. Leaving things at a high level (i.e., no details) but lots of different tangents can still be very confusing for the newbie.

This relates to the blog post earlier this week, where I discussed answering questions with the risk of tripping up your story line.

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You care about your company history, others less so

The speaker puts up the “Company background” as the first slide with bullet points full of founding dates, employee numbers, when the second office was opened, etc. etc.

You probably lost half your audience.

For the presenter, the company history is incredibly relevant. It summarises your entire path (10 years) that got you here neatly on 1 page. It makes total sense.

For the audience, company history does not matter that much (maybe with the exception of luxury brands), what solution are you offering today? Also, company history slides tend to look remarkably similar across companies. So the audience probably saw it before, somewhere else.

Often, the history slide is a left over from when the company was still small. It always was page 2 of the deck, we just updated the employee and office numbers for each presentation. And the same slides are probably used in different presentations. When the founder addresses the annual sales staff gathering, the company history told directly by her, might actually be funny and/or insightful. But she is unlikely to stick to the bullets on the slide. And, the same bullets in the hand of a sales rep sound boring and without context.

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Moving a business audience

Everyday strategy presentations are not TEDTalks that makes the audience cry. The subject matter is usually a bit dryer, and the audience is not there to sit back and watch the show, instead, the objective is to get out of the room as soon as possible.

So, what can "move" a business audience? I thought back about decks I have seen, and here are some examples:

• A surprising fact, something that goes against the common believe of the audience. If you have one like this: put it incredibly bold on a slide (a simple comparison bar chart with 2 bars can be all that you need).
• A logic flow that involves 2nd and 3rd order effects: especially when discussing scenarios, game theory, options, uncertainty, possible outcomes. Thinking beyond tomorrow and see the inevitability where things are going on the current path, can wake/shake up the audience
• A brave quantification of something that people think cannot be quantified. Yes, you know you are wrong, but with ranges and focusing on what matters and what not, you can put things in perspective.
• Being complete, putting up all the available options for discussion, options that include "this is not how the industry does things". This can sometimes be mathematical process of generating all possible combination of actions
• A case example, customer story, that could be extrapolated to the entire company and could have huge implications

This is not a complete list, but something to get you started.

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Presentation = agenda

In some cases, a stand up presentation is an emotional story telling performance that moves your audience to do something they did not know they wanted to do 60 minutes before.

However, not every presentation is like this. The majority of slides are presented in small conference rooms, the "trenches" of the economy, where middle management tries to get a decision agreed in the middle of opposing viewpoints, office politics, and interpersonal meeting dynamics.

In these meetings your deck is actually the agenda for that meeting. Make sure things get discussed, make sure people have the facts, make sure the right trade offs are presented, and make sure a decision is made in the end.

Think about this when putting your deck together. Which facts are obvious, which facts are disputed, what info is counter intuitive, what is likely to spark a big debate, what not, etc. etc.

The presenter is telling a story, but also orchestrating a number of humans.

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The point is that there are many points

Everyone knows (from experience) that bullet point charts full of text don't work. Still, now and then, I need to make a chart that is full of points, literally.

Why?

To make the point that there are tons and tons and tons of arguments in favour of something. The business, the abundance of points, IS the message of the chart.

How do I keep it readable?

Separate the chart that makes the point that there are lots of points from the slides that actually explain the points:

• Show the overview chart that lists all the points, but not as written out sentences. For example, you can use circles with short descriptors in them: "low cost", "quick", "beautiful". Resist the temptation to go into detail about each of the circles,
• Bring all (or a subset) of the arguments to the forefront with individual slides, here you can show your cost comparisons, speed comparisons, etc.
• After the supporting slides, bring back your original chart with a slightly different headline

Note that this is an exception. Most arguments can be nailed with 3-5 decisive points. Rarely, I encounter the logic that "Each of these points are 'mah', but if you add them all up, a compelling case arises". In that case, use the above approach.

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Cartoons in presentations

Want to use a cartoon in your presentation? Here are some things to consider:

• Humor in a presentation can work, but be careful what sort of jokes you pick. A cartoon that was very funny late last night when you prepared the slides, could not fit the meeting context the next morning after that earlier remark that did not go down well. If you hardwired the wrong cartoon in your slide deck, make sure to click-skip really quickly.
• Do you have the copyright for the cartoon you just found on Google Image search?
• Does the cartoon actually add something to the presentation, or is it a business cartoon cliche?
• Can the audience actually read what is written on the cartoon from the back row?
• And finally, do you give the audience enough time to read it? As soon as you put a cartoon on the screen, everyone will start squinting to read what Dilbert has to say, and no one is listening anymore what you say at the same time. It might be best to pause your presentation until the first giggles start emerging from the audience. And remember the audience reads the cartoon for the first time, and needs more time than you to understand it. If you have to, you might have to read out the cartoon to the audience.

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Legal presentation arguments

Sometimes I work on presentations that border on legal or regulatory disputes. Two parties need to convince some independent party or regulator that they are right, often with the help of independent experts.

The briefing presentation at the start of a project usually is a left over of the original project presentation, it makes the case for the project in general but buries the actual smaller issue that is being discussed now, for example environmental impact.

What follows is a verbal discussion with the old slides as a background: then we did this, then we hired her, then we installed this technology, then they disputed the data, then we did a test (but changed it a bit), they came up with these counter arguments, that do not really apply to this situation. To the outsider who has not been part of the process it is completely impossible to understand the arguments. 

In a situation like this:

• Start from scratch and build a presentation in which 95% of the time is spent on the issue at hand
• Make sure that your flow of logic is clear
• Separate the arguments that are undisputed, from more contentious issues
• If the other party has a major counter argument, there is no point in hiding it, you might as well put it in your presentation prominently, and with your solid argument why it is not a valid point
• Pick your battles, if the other side has a point that is pretty much true and hard to disprove, don't spend energy trying to make an impossible case against it. You will loose credibility when making other points that really count

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