Elevator Pitches: Making Them Work for You

Q: I have my business plan ready but keep hearing about
preparing something called an "elevator pitch." What is
that exactly, what is it used for and how do I create
one?

A: An elevator pitch is one of the most useful tools
you can have in your small-business tool chest. It is
helpful for both new startups, like yours, as well as
more established businesses because the idea is the
same: To get people as excited about your business as
you are.

by Steve Strauss

Personally, I learned about the value of the elevator
pitch the hard way. I do a lot of public speaking on
small-business issues. A few years back I was talking
to another speaker, whining about how slow my business
was. He then asked me a question that literally changed
my career. "What is it you talk about, Steve?" he
asked. "Well, small business success, mostly," I
replied. He was quiet. After a long pause, I finally
asked, "Well, what is it you talk about?"

He said something like, "I speak to organizations that
want to energize and excite their employees, get them
working together, help them understand their core
values and allow them to realize what it means to be a
team. My speeches are dynamic and funny, and I leave
audiences invigorated, committed, wanting more and I
usually get a standing ovation."

Now, given our respective answers, whom would you hire
if you were planning an event and needed a speaker? I
knew the answer, and it was not me. So ever since that
enlightening encounter, I have been working on my
elevator pitch, and so should you – no matter what
business you are in or plan to be in.

Think about it. We are all always asked what it is we
do. Having a quick, interesting, powerful answer is
such an easy, simple marketing tool, yet is also one of
the most powerful. You never know when or where an
important lead may come from. A powerful elevator pitch
may lead to opportunities that you did not even know
existed. You do indeed only have one chance to make a
good first impression.

So what you want is a pitch that is honest, intriguing,
and which will spark someone’s interest and leave him
or her thinking or saying, "Tell me more."

How do you create one? There are a few questions you
must answer if you are to fashion a great elevator
pitch:

1. What is the problem your business solves?
Every successful business solves a problem for
someone. Why do you go to the local store to buy
milk? Because you have a need for milk and the store
solves it. Your pitch must explain the problem your
business solves.

2. Is it simple and easy to understand?
Use plain English, be interesting, keep it clear and
have conviction. For example, I once worked with a
Silicon Valley entrepreneur whose product protected
digital signals. His original elevator pitch was
something like, "We utilize the latest 20-40
exchange using synchronistic transponders. Blah,
blah, blah." He ended up with, "We protect
communications."

3. Would people want to know more?
The idea is to entice them to want to delve deeper
into what you do. Instead of saying, for instance,
"I am an architect," you might start with, "I help
people turn their dreams into reality."

4. Does it accelerate your heart rate?
A great pitch is a passionate pitch.

Here’s your basic pitch: "Hi. I’m Mara Sydney,
president of Jillian Publishing. We publish
architecture books." Here is an elevator pitch: "Hi,
I’m Mara Sydney, president of Jillian Publishing. We
publish books, newsletters and video programs designed
to help architects, drafters and urban planners become
more successful. Our best-selling title, How to Become
the Recognized Expert in Your Field, was named
specialty book of the year by Architecture Magazine."

So you see, creating a good elevator pitch can be the
first step towards getting more business.

To read this and other related articles online, visit:
http://www.NFIB.com/object/IO_20027.html