3 pitch deck copywriting rules
BasisPoint Group
Present Your Edge. BPG is a financial marketing agency, specialising in brand, web and marketing communication services
Effective marketing, much like investing, is often about avoiding routine mistakes. Below we outline three pitch deck copywriting rules not meant to be broken.
1. Keep something back
In most cases, the purpose of a deck is to land a meeting or to prime your target for an in-person pitch. Obviously, you say. And yet so many decks we receive look like DDQs.
The more-is-more approach is poor at creating the curiosity that compels your target to engage. That said, kitchen-sinking the reader is also understandable because of the following thoughts:
On the first point, we sympathize. Knowing what to keep and what to relegate is hard. But including everything makes it difficult to see what makes you interesting.
On the second point, the meaningful differences between fundamental long/short equity strategies (to pick on one particularly homogenous group) are few. In addition, allocators, like all modern humans, are skimmers. So, build a deck that is skimmable.
In practice
Parkinson's Law says that work will expand to fill the time we give it. The same applies to decks and the number of slides we allow for. So, set yourself a limit of 10 - 15 slides.
With less room, you'll be forced to distill and include only the most important and interesting messages about your business and investment strategy. If anything sounds obvious or like standard industry practice, cull it.
Be conscious of overexplaining and don't be afraid to leave things open to interpretation - allocators and investors, like all people, love to resolve the unresolved.
How did they generate that 2022 performance? Who is this CIO who once flew Black Hawk helicopters? Why do they think fundamental investing is broken?
If you can plant interesting and relevant questions in the reader's mind, their curiosity will get the better of them and they'll engage. If you tell them everything, they'll have less reason to connect.
2. Aim for human
When we read, the words are spoken in our minds. Subconsciously and very rapidly, we form judgments about whether the person speaking (read your business) is someone like us and whether we want to engage with them.
What creates a positive judgment? Shared values and beliefs are big drawcards, while some magnetic character traits include:
OK, so it takes a unicorn of an investment manager to try the last bullet in their pitch deck (although, all that microcopy could be a good place to sneak in a few gems to delight the fine-print reader).
In practice
Stating your values and beliefs is something you can and should do. Your 'investment philosophy' slide is the right place to lay them down. But it's critical that you are explicit, specific, and preferably a little contrarian. For example:
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"We believe risk is largely unforecastable both in its nature and magnitude. So while we run extensive scenario analysis using historical and hypothetical shock inputs to test the resilience of our portfolio, diversification and liquidity remain paramount at all points in the cycle. In the same breath, humility is a core value in our team."
The above copy is likely to resonate with experienced, long-term investors who share a similar appreciation of just how unpredictable markets can be. If you run a high-frequency systematic strategy, the messaging would obviously be very different.
Whatever you do, don't list things like integrity or honesty or transparency. Not in your deck. Not on your website. Not anywhere. Allocators and investors expect you to be those things like they expect the cutlery in a restaurant to be clean.
Want to sound authentic? Go easy on the hackneyed, hyperbolic industry adjectives (e.g. exceptional, world-class, cutting-edge, etc.) that make you sound unbelievable. Talk (sparingly) about the challenges you face and the opportunities they create. Tell the reader what you are, and what you are not.
Want to sound confident? Use active rather than passive language. Provide data and/or case studies to back up your claims wherever possible. And don't be afraid to take a stance now and again on an important development in your investing wheelhouse (you can always include a caveat).
Want to sound intellectual? Explain complex topics and processes using simple language. Create a coherent and insightful investment philosophy slide. Speak to the learning / feedback loops in your process.
Want to sound optimistic? Build an 'opportunity' slide and position your strategy as a beneficiary. In design, use a bright(ish) accent color to communicate your positive disposition visually. And no, sky blue on your navy blue doesn't count.
3. Read your deck aloud
The writing profession is full of contradicting advice. Except the practice of reading aloud what you write. Anyone worth their cedar-wrapped graphite agrees on that one.
This highly effective practice, albeit rather quirky and prone to drawing stares, should be applied to all your communications - there is simply no other copywriting investment with a higher ROI.
That said, we find it's the mighty pitch deck that needs it most. The restricted format (especially now that you're only using 15 slides) seems to invite shorthand that would make English teachers cringe. Or maybe there's an expectation that the design and visual elements will carry the deck?
In practice
Either way, every heading, sentence, bullet point, and even disclaimer in your deck should read well - this game, as you well know, is won on the smallest of margins, and paying attention to the detail will comfort your target.
At the very least, reading aloud the copy in your deck will help you to:
We cannot laud this third rule enough. And if you manage to combine it with the first two, your pitch deck messaging will be better at getting its foot in the door.
Yours in rule-making,
Warren
Strategist & Copywriter