On a phone call, an investor’s voice is your primary source of non-verbal information. Their words tell you one story, but how they say them can fill in crucial gaps, or even tell a completely different tale. Let’s break down what you should be listening for.
One of the first things to lock onto is their Vocal Energy and Enthusiasm. Is their voice animated and engaged when you discuss the market opportunity? Or does it sound flat and monotonous, even when you’re hitting what you think are exciting points? A sudden Uptick in Pace or Volume when they ask a question often signals genuine curiosity and interest. Conversely, a consistent lack of energy or a voice that sounds tired or distracted can be a red flag that you’re losing them.
Pay close attention to their Pace of Speech and Use of Pauses.
If an investor who was speaking at a measured pace suddenly starts speaking much faster, it could mean excitement, or it could mean they’re trying to rush through a point they’re uncomfortable with.
Micro-Hesitations or an unexpected pause before answering a straightforward question, like “What are your thoughts on the valuation?”, can be incredibly telling. It might indicate they’re carefully choosing their words, have a concern, or are perhaps a bit skeptical.
Pitch Power. A rising emphasis at the end of their statements, almost like they’re asking a question, can sometimes signal uncertainty or a desire for reassurance. A consistently low pitch might project seriousness or authority, but a sudden drop in pitch when discussing a potential obstacle could also suggest disappointment or concern. Listen for Similarity Between Their Words and Their Tone. If an investor says, “That sounds interesting,” but their tone is flat or even tinged with sarcasm, you’ve got a disconnect to explore.
Don’t overlook those seemingly small Vocal Affirmations (or Lack Thereof). Enthusiastic “mm-hmms,” “uh-huhs,” or “right, right” sprinkled throughout your explanation, especially if they come with a bit of energy, are like little green lights. They tell you the investor is following along and engaged. If those affirmations dry up, or become weak and infrequent, their attention might be waning.
The use of Vocal Fillers like “um,” “uh,” or “you know” can also be insightful. While everyone uses them occasionally, a sudden increase in fillers might indicate nervousness, uncertainty, or that they’re struggling to articulate a concern or objection. It’s their brain buffering as they try to figure out what to say next.
Even Audible Breathing can offer clues. A quick, sharp inhale might precede an important question or objection. A sigh, if you catch one, could mean anything from “This is complex” to “I’m a bit weary of this topic,” depending on the context.
The Key is Change and Context
Just like with physical body language, you’re listening for Changes from Their Baseline Vocal Style. If an investor is naturally a fast talker, their speed alone isn’t a signal. But if their pace suddenly shifts dramatically, that’s when your detective ears should perk up.
And always, always consider the Context of the Conversation. A slight hesitation might be perfectly normal if you’ve just asked a deeply complex, multi-part question. But if it’s a simple, direct question and you get a long pause followed by an “uhhh,” that’s more noteworthy.
Your Action Plan: Tune In, Adapt, and Clarify
So, you hear a shift. What’s your move?
First, Don’t Jump to Conclusions. One vocal tell is just a data point. Look for patterns or clusters of vocal cues that reinforce each other.
If you sense hesitation or a drop in energy, that’s your cue to Gently Probe or Re-engage. You could say something like, “I just shared a lot of information there. What are your initial thoughts on that particular aspect?” or “Does that align with what you were expecting to hear on that point?”
If their tone sounds skeptical when you explain a certain feature, you might say, “I sense that might raise some questions. What are your thoughts on how that would apply to your investment thesis?” This shows you’re attuned and gives them an opening to voice unspoken concerns.
And here’s a pro tip: Pay Attention to Your Own Voice Too! Over the phone, your vocal delivery is paramount. Project confidence with a clear, steady tone. Vary your pitch and pace to keep them engaged. And if you notice them speaking slowly and thoughtfully, try to match that pace to build rapport. Sometimes, a “smile in your voice” – that warmth and positive energy – can make all the difference in how your message is received.
By fine-tuning your listening skills to catch these subtle vocal cues, you’re not just hearing words; you’re gaining a much richer understanding of your investor’s perspective. It’s a powerful way to build rapport, address concerns before they derail the conversation, and ultimately, navigate your investor calls with greater confidence and success.
