The Elevator Pitch!
Imagine you’re in an elevator going up to your floor, and someone gets in, pushes their floor number, and turns to you saying hello. What do you do? What would you say?
Having an effective elevator pitch is a useful tool in business and can help with those first impressions.
So, what if you get asked the elusive question – what do you do?
Be prepared to tell others what you do. When constructing an elevator pitch, it should be no longer than 15 seconds. Sounds short, but trust me, listening to someone go on and on for ages about themselves is boring! In fact, you get more out of listening than speaking. We have 2 ears and 1 mouth for a reason.
How to construct an elevator pitch:
So, as before, no longer than 15 seconds. Try to tailor your pitch to the person asking and sniper-shot your pitch rather than go over lots of subjects. And for goodness' sake, do not bullet point what you do!!
Here’s an example:
I am a financial advisor at a networking event, and a mature lady who you’ve seen a few times before comes over and says hello.
Let’s start with powers of observation to tailor your pitch.
She’s wearing a smart suit, an expensive-looking watch, and talks in an assertive tone. She is well-groomed and is holding a business card in her hand that looks flowery; maybe she owns a string of flower shops? Irrelevant this may seem, but using your own eyes to see what someone appears to be is helpful enough to get a few clues.
As a financial advisor, I would imagine retirement planning or inheritance tax planning would be something she may find interesting. She may have older parents and possibly be receiving an inheritance soon? Again, this is all difficult to make a first impression on, which is why I prefer others to tell me what they do, their story, and so on, so I have time to construct the basis of my elevator pitch to them.
So the question, what do you do?
Don’t be clever with your answer. I’ve seen and heard others say things like, "I’m the Superman to your Lois Lane and will superpower your utility bills." Head shake!
Points to include:
Have a topic you think the other person may be interested in finding more about.
Tailor your answer to the person as best you can.
Start with your name.
The name of your company.
A subject you have recently been involved in.
Use open body language rather than arms folded – you want to invite them in. Always eye contact, as Mr. Miyagi would say!
Finish with an open question like, "Tell me, what do you want your XYZ to look like?"
With the above example, I would say:
“Hi, my name is Brad Ainsworth, and I own a wealth management company called Cathedral Wealth Management. We help business owners just like yourself to retire earlier than they expected by paying fewer taxes and removing money from their business into their own names as efficiently as possible. Tell me, what do you want your retirement to look like?”
Imagine I was a technology company, the same lady, the same set-up.
“Hi, my name is Brad Ainsworth, and I own ABC Technology. We help business owners just like yourself to secure their customers' data and protect the future of the business. Tell me, what problems would you see if your data was leaked?”
Imagine I’m a cake maker.
“Hi, my name is Brad Ainsworth, and I own ABC Cakes. We help business owners just like yourself by providing bespoke cakes so they can reward their customers who give them introductions to their business. Tell me, do you like getting introductions and referrals from your existing customer bank, and how could you see cakes being part of that strategy?”
Imagine I’m a gardener.
“Hi, my name is Brad Ainsworth, and I own ABC Gardens. We help business owners just like yourself by taking the stress away from the gardening that one has to do when coming home after a business day's work. Tell me, do you enjoy weeding your garden, and what would you do with the extra free time you would get back by hiring someone like me?”
Notice towards the end how I started asking questions I know the answer to? Do you like getting referrals? Of course, every business does! Do you enjoy weeding? I’ve yet to come across someone who enjoys weeding – even the keenest of gardeners!
Using questions you know the answer to helps the conversation, and with practice, you can use these as part of your pitch to take someone on a journey with you.
Ultimately, you want to get to the point of exchanging numbers and meeting for a coffee. I find it difficult going straight from a networking event to the boardroom with a new prospect; meet them halfway like a coffee house. If you’re very clever, you could keep bringing people back to the same coffee place and speak to the shop owner about what you’re doing. Maybe they would give you a free cup of coffee for bringing in regular business?
After the initial elevator pitch, you then move into listening to the answer. Don’t be fooled into thinking everyone out there likes you and wants to do business with you. Rejection is part of the game, but learn from that and sometimes, why not ask why they decided against going for coffee? Be honest and say, "I’m new to this and value any feedback on our conversation as to why you didn’t feel like going ahead with a follow-up together? If you don’t know, you can’t learn."
Assuming though that the pitch has gone well and this lady is keen to learn more. She has given you the answer so now you repeat back her words to her.
“Yes, as a business owner, I do want to retire soon, and I seem to pay more and more tax!”
Yes, most business owners who I meet for the first time tend to pay more tax than usual, and it sounds like this is you?
Wait for the confirmation nod or obligatory yes.
What would it mean to you if you were to retire earlier? What does retirement look like to you?
I'd love to go on more holidays!
Repeat the answer back. So, you would love more holidays? Any special destination?
From this point nod all the time. The body picks up on all sorts of behaviors, and by nodding, you are getting the other person into an affirmative state, ready for when you ask the next step.
Asking for the business is key. The number of times I see people do an amazing job at this and then don’t follow up with the conclusion or asking for the business!
So to our lady. Well, your holidays sound amazing, and I’d love to work with someone like you. Would it be ok if we exchanged numbers and met up for a coffee sometime to talk a little more in private?
The words, "would it be ok," are key here. NEVER use the words, "Are you interested?" Remember our big issue seller from the other module?
Assuming this has all gone well, then follow up in a couple of days’ time. In the meantime, connect to this person on LinkedIn, have a look at their website, and learn something about their business. This way, when you meet up, you will know a little something about them and what they represent. How impressive would this be to turn up for?