One of the best ways to be selected in a presidential search is to be a college president already. It is the norm against which candidates are often judged and so it is useful to think about how your own path has varied from this. The path begins with a doctoral degree and a full-time faculty position in an academic department, including a successful review for tenure. The step after that is the presidency. If your career has varied from this pattern, you can develop a strategy that deals with the gaps that may be perceived to exist between your experience and the norm that I've described.
Some differences are more troublesome than others.
Not having a doctoral degree is normally a serious limitation. In some institutions, J.D.'s or Ed.D.'s or Doctor of Arts degrees are acceptable, but in others, the Ph.D. is all that will be considered adequate. In terms of faculty positions, most search committees like to see that the president has experienced the world of the full-time faculty member, including being reviewed successfully for tenure and promotion. Perhaps faculty members hope that, having been through these things himself or herself, the president will be more sympathetic to faculty issues. If you have not been a full-time faculty member, you should certainly try to demonstrate your solid understanding of that experience, and should strive to show your commitment to students and to teaching in other ways.