Imagine if you were to find yourself in a lift with your largest potential customer, and you had ten floors to explain what it was that you did to them in such a way that they would become interested enough to demand your business card and arrange a follow-up meeting to discuss. Imagine if you knew the perfect things to say, and you delivered it in a practiced and flawless way. Now imagine if everyone in your business was able to do the same. In this guide, we’ll show you exactly how to get there with the Elevator Pitch.
WHAT IS IT?
You’ve got seconds to make an impression, and embed your message …
- Studies show you only have a few seconds to engage people, so you need to be succinct – that take preparation and practice.
- Your customer needs to know what problem of theirs you solve, and why they should choose you over anyone else.
- What you therefore need is the ability for anyone in your organisation to be able to do a 30 second micro-pitch to a customer that will get them interested enough to ask for a card, URL, phone number etc.
- This strategy does exactly that!
The Ingredients Of A Great Elevator Pitch
The elevator pitch is basically your core offering boiled down to its bare minimum. There are two core ingredients to an elevator pitch, and a couple of add-ons that you can throw in depending on who you are talking to. The two main ingredients are:
- The problem described in simple terms, usually beginning with the phrase “you know how/when …”
- The solution that you provide, including your differentiation factor, usually beginning with the phrase “well, what we do is …”
So for Domino’s pizza, their elevator pitch would be:
- You know how you order a pizza and they tell you it’s going to be fifteen minutes, and then an hour later you’re still waiting for the thing to turn up, and when it does it’s cold because it’s been in the back of someone’s bike for ages and you are their ninth stop?
- Well, what we do is we guarantee that it will be with you within thirty minutes, but it will be fresh and hot when it arrives, or else it’s on us, and we do that by having more delivery bikes than anyone else so you not left waiting.
An additional element is used if you are talking to somebody during the early stages of the project, or if you need to establish credibility, and that is the endorsement part where you let people know who is associated with the project.
For instance, a delivery service could mention that Honda had come on board as a key service partner, or a software company could mention that its offering has been accredited by Microsoft as being an authentic Windows program.
HOW WE MAKE IT HAPPEN
So now, let’s create your elevator pitch.
We’re going to work on the three elements of your pitch, and then distill them into a single sentence that encapsulates both WHAT the initial problem is, and HOW your different and better approach provides the solution the client needs …
- Define the problem in easy terms that anyone can recognise and empathise with – “You know when …”
- Define what it is that you do that is different to solve this problem – “Well, what we do is …”
- Note down any credibility builders or affiliations which will make your project seem more real or credible to someone from within that industry or market …
Now combine those elements above to create your elevator pitch, and make sure everyone knows it off by heart!
FINALLY, REMEMBER THIS …
- This is an exercise that will take a few minutes to do, and the result can be quickly rolled out to everyone in the organisation.
- IF we don’t get this right, then we will be missing out on a lot of business just because we can’t succinctly explain to customer why they should choose us.
- WHEN we do get this right, we will make the most of every opportunity, and give everyone who works with us the power to attract more customers to our business.
PLEASE NOTE: We have strived to be as accurate and complete as possible in the creation of the information on this site, notwithstanding the fact that we do not warrant or represent at any time that the contents within are accurate due to the rapidly changing nature of the commercial and technological aspects of modern business. The information on this site is a common sense approach to implementing business best practice. In practical advice guides, like anything else in life, there are no guarantees of results. Readers are cautioned to rely on their own judgment about their individual and business circumstances and to act accordingly. The information on this site is not intended for use as a source of legal, business, accounting or financial advice. All readers are advised to seek services of competent professionals in legal, business, accounting, and finance field.