An elevator pitch is a quick synopsis of a business idea or project plan that you would convey to a person of influence in an attempt to gain their support. It’s called an elevator pitch because ideally you should be able to go through your entire speech in the time it takes to travel from the top floor to the ground floor in an elevator.
An elevator pitch can achieve a lot more if you use it as a tool in your networking toolbox. It can work for you at generating new leads, developing business relationships and advancing your career.
Why bother with an elevator pitch?
With a perfect elevator pitch, you will never miss an opportunity to tell a potential client, customer or business partner about your business. When done properly, elevator pitch is a commanding tool that highlights the exclusive aspects of your business while opening the door for further communiqué.
It is a very common saying, “You only get one single chance to make a good first impression.” That’s true, and equally true is that we often don’t mull over getting the first impression right until it becomes too late. An elevator pitch can help you make the most of every first impression, also making networking scenarios easier and more productive.
What’s the best way to prepare an elevator pitch?
When getting ready with an elevator pitch, you should consider the following points:
- Keep it Short. Keep the pitch concise and clear, with as few words as possible.
- Keep it Simple and Clear. The pitch should be easily understood by a layman, rather than filled with some WOW words and industry acronyms
- Make it Compelling. What problem does your business solve, and what do you do for your target audience?
- Sound it Credible. Say it out loud what makes you qualified to do what you do. Try not to use buzzwords like “outside the box” or “synergy.” You should rather use credibility-driven words like “certified”
- Get it Customized. Each target audience is different. The pitch should be tailored to the listeners.
- Make it Consistent. No matter how many versions of your pitch you have, they should all convey the same basic message.
- Get Going. Start the conversation, and hook your target. Keep it casual, and don’t try to close a deal in the pitch.
3 Important elements in an Elevator speech
- The Benefit – It’s the reason why customer would hire your services.
Don’t assume that the ‘benefit’ is the product that you’re selling. The benefits are the upbeat result or effect or impact that your product can have on the customer’s business.
Bad Example: “We make customized training modules.” (That’s not product, not the benefit)
Better Example: “Entrepreneurs use our customized training modules to increase self awareness and thereby saving their costs and increase revenues by up to 5oo%”
- The Differentiator – This is where you in a brief explain as to what makes you or your firm different from everyone else.
Bad Example: “We’re best in the industry and best-in-class.”
Better Example: “In a recent study we have been ranked amongst top 25 Promising L&D
- The Ask – The ask is not closing the sale or landing the job. Rather, it is setting up a meeting.
Bad Example: “I can send you a quote, now..”
Better Example: “Maybe we could run some numbers on the benefit to you. When are you available?”
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