Perfect Your Elevator Pitch

ou're taking the elevator back to your office after lunch. It stops at
another floor and in walks the vice president of a major company -- a
company that you were hoping to sell your brilliant new business idea
to. He's standing right in front of you, but will be gone in 30
seconds. You won't get another chance like this.

What do you tell him?
Allow me to introduce the elevator pitch, an essential tool in a
business world where time is short, stakes are high and opportunities
can present themselves at any time.



Think of the elevator pitch as your personal 30-second television spot:
an easy to understand and concisely delivered summary designed to
promote you and your company to potential business associates. It
should impress your listener enough to stay lodged in his mind, and
open up the door for a future meeting. Think of it as speed dating for
Wall Street.
In spite of its name, the elevator pitch need not be restricted to
elevators. It can be used anywhere your time is limited, such as at
networking events or during breaks at conventions. Regardless of
circumstances, however, it should take no longer than an elevator ride
to the top floor -- hence the name.



The successful elevator pitch isn't just a list of good things about
you -- it's not a job interview. Your goal is to paint a broad portrait
of your business and outline the potential benefits to your listener.
Your pitch should start with a hook, a pithy comment that draws him in.
Good hooks appeal to a need or suggest a future benefit, like dreamy
profits. It should be immediately followed by one sentence that
explains succinctly how you can create that outcome.
Having captured his attention, it's time to back up your claims. This
is where your knowledge of the industry will come in. Know your market,
your competition, industry leaders, and latest trends. How will your
partnership succeed in this environment? This is a great time to throw
in a figure for potential profits.
List the reasons why your company is better than the competition. What
technology do you use? Who are your current partners? What exclusive
distribution channels do you have? Stick to the essentials. You can
bore him with details later when you score a meeting.
If you can tie your pitch to a present concern, such as security,
medical needs or debt, do so. Your priority is to keep him interested,
not necessarily persuaded right off the mark. That will come later.

Once you've formed the ideas that you want to incorporate into your
elevator pitch, sit down and write them down. On paper, it should run
between 150 and 225 words. Read it aloud to yourself. If it sounds
unnatural, or you stumble on certain words, rewrite it.
Once you have a better draft of your pitch, create some critical
distance by recording yourself saying it. Listen closely. If it still
doesn't sound quite right, redo it. You want to treat your pitch as ad
copywriters do, and refine it to perfection.
Finally, have a trusted friend or family member listen to your delivery
and provide feedback. Take their comments as invaluable help. Remember;
you want to be understandable to anyone and everyone, not just a
company boss.
Practice. It will sound stilted at first, but soon it will become as
effortless as saying "Good morning." The key in sounding natural is to
become comfortable with it. You don't need to memorize it word for
word, but having a firm sense of its structure and key points will keep
the message and impact intact, and the words flowing smoothly.



The elevator pitch should be at least 30 seconds, but no longer than a
minute and a half. Keeping it under a minute is a good rule of thumb.
Keep in mind that you might need to shorten it on the spot -- some
opportunities may last only 10 or 15 seconds. It's a good idea to keep
a priority list of the most germane points in your head -- list those
ones first should time be tight. Additionally, have a closing line
ready for a gracious exit.



If you don't have full confidence in your business, you shouldn't
expect others to. Let your enthusiasm show. Be dynamic and use powerful
words. You've seen dozens of presentations. What was it about the good ones that made them memorable?
At the forefront of your mind throughout the pitch should be the
question: What's in it for him? If you gear your pitch toward his
needs, you're more likely to gain his trust. This is key.
Your words should come out like they're your own. People can detect a
rehearsed script, and it sounds fake and disingenuous. Your tone should
be easy and conversational. Avoid jargon. Getting technical will only
lose your target's attention.
And, just like in speed dating, you have to leave him wanting more.
Don't talk too much, but enough to make him say to himself, "Hmm...
interesting." Never, ever look desperate. You're not pushing anything,
just suggesting a business association of mutual benefit.


Ever notice that TV ads end with, "Call now," "Hurry while supplies
last," and "This offer not available in stores"? They make a call to
action or hint at a sense of urgency. The elevator pitch should be no
different. A good closing line might be, "I would love to tell you more
about how you can profit from our company." This cues your target to
arrange a meeting to learn more.
Offer your name and contact information, then leave on a good note. Be
grateful that he allowed you some of his time. You could even thank him
the next day with a brief, courteous e-mail. Play your cards right and
he'll have a reason to talk with you again.


Opportunities, like telemarketers, can come at the most inopportune
times. You have to be ready and confident when they do. Catch a person
on their way in and out of a building, a restaurant, a meeting,
anywhere.
You shouldn't, however, expect a warm greeting from your target every
time. You could be catching them in a hurry or in a foul mood. Be ready
for this. Likewise, you should develop an "approach radar" that tells
you if it's a bad moment to make your pitch. If your target is busy or
distracted, doing your pitch may actually harm your chances.
If your "bad timing" sense starts tingling, pull your emergency chute.
Just hand the person your business card and say you'd love to talk
about a lucrative opportunity in the future.


Everyone wants to be associated with successful people. Your pitch has
to exude success. Assume your idea is already profitable, and your
confidence will be infectious.

Of course, you should always look professional and presentable when you set foot outside. You never know when you may have to pitch yourself to someone.

Resources:

www.businessknowhow.com

http://management.monster.com

http://techrepublic.com

www.fastcompany.com