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The Elevator Pitch

Excellent businesses have a focus – they have a focus on specific people (target customers) who have specific problems and issues. And when they communicate – they communicate this focus - they have their own ‘One Minute Intro’ sorted and defined, focusing on target clients and benefits.

 

The ‘One-Minute Introduction’ is called different things by different people… the one-minute intro, 30-second intro, audio logo, elevator statement, elevator pitch and so forth.  There are lots of variations on the basic theme of finding a way of effectively letting people know exactly what you can do for them.

However the process of establishing your ‘intro’ is about so much more than just figuring out what you say after you say hello.  By working out your intro, you are thinking about how and why people should buy your product and why they should buy it from you. 

Background

Most of us are particularly bad at introducing ourselves, and our business, to people.  In fact I will go further than that – most of us are ghastly at all this networking stuff that so many people claim to be the new wave of the future.

The Typical Introduction or Elevator Pitch

The typical intro goes something like (and I quote from recent meetings):
‘Hello, my name is Gerald… I am… what I suppose… some people might call… an accountant.’

Most of us are just dreadful at connecting with other people in a way that is in any way helpful – is it any wonder that most of us feel that networking doesn’t work so well for us?

The reality is that you almost certainly cannot remember the last five business people you met at some event/party/networking meeting.  And even if you remember the people, then I bet that you can’t remember what most of them did as a profession.  And the reason you can’t remember them is because they were not memorable! There is, however a fairly simple way of overcoming this.

Piecing together your ‘elevator pitch’ or ‘one minute intro’ is a great way to start thinking about what you are trying to say about your business.  Remember, people buy for one of two reasons: to be made happier or to be made richer… there is no other reason why people will buy … so why are they buying from you?

Questions

• How well can you explain what you do to a stranger? 
• Do you convince the stranger about your business? Or,
• Do you open your mouth and out splutters a whole series of indecipherable jargon and gobbledegook that leaves the listener none the wiser?

Your intro should be easily understandable.  If you are in doubt about its simplicity, try the ‘thirteen year-old test’...  a thirteen year-old child should easily understand your statement.

The Script

There is a formula to work to create a compelling One-Minute Intro and it goes as follows:

• We work with…
• Who have a problem with…
• What we do is…
• So that…
• Which means…

As you will realise, it should last less than a minute… but most, I am afraid to say, last much longer!

So step-by-step, here goes…

‘We Work With…’

Be specific about who you work with

• Type of business
• Age of business
• Type of person by
• Sex
• Colour
• Creed
• Religion
• Geography
• And so forth

‘Who Have A Problem With…’

Focus on what is wrong for them or what hurts.  It is far more powerful. People listen up if you focus on what is wrong (their hurt) rather than focus on how nice it could be.  People hear and respond to negatives better than they respond to positives.

Let me explain. The psychologists talk about two types of motivation: motivation towards something and motivation away from something.  To get people to be decisive you need to work on their motivation away from before you talk about motivation towards. If you can, figure out what your target customer’s ‘hurt’ is… then you can design the presentation of your offering around how you can relieve them of that hurt. 

 

Talk about :	Rather than talk about:
‘… who miss their appointments…’	‘… who want to be good time-keepers…’
‘… who can’t get enough customers …’	‘… who want an effective marketing strategy…’

 

‘What We Do Is…’

Explain what it is that you do that resolves the problem.

• ‘…show you a structured way of managing your time…’
• ‘…provide a way of doubling your sales…’

Be clear and be simple and use language that is easy to understand.  This is not a sales pitch and you are not trying to prove how clever you are.  All you are doing is giving them an easy-to-understand explanation of what you do.

‘So That…’

Give a simple explanation of the function that the user/client/customer gets…

• Log all your appointments and priorities
• Hit your profit targets

‘Which Means That…’

List the benefits:

• ‘… you never miss another appointment.’
• ‘… you get your bonus.’

Action Point

Write down your one-minute intro. 
Instructions: You bump into a stranger as you get into an elevator at the airport.  The stranger asks, ‘What does your company do?’  You have 30 seconds, maybe a few moments longer, to answer the question.  Don’t tell them your job title but tell them what you do for people – focus on benefits and proofs rather than the features of your trade. Write down your answer, now.

Checklist – One-Minute Intro

Does your One-Minute Intro:

• Sound convincing?
• Explain what your business does?
• Roll off the tongue smoothly?
• Make the listener understand what your business does?
• Pass the ‘thirteen year-old test’?

Summary

People prefer to buy from an expert, someone who has a focus - a niche - who focuses.  This expertise can be communicated in how clearly you can explain what it is that you do, so use a one-minute intro: ‘ We work with..., Who Feel/have a problem with…, What we do is…, Which means..., So that...

This one-minute intro can be used right through the business: in brochures… on the home page of the website… at the bottom of invoices… on the office wall.  They are a great way to communicate to your clients and to your staff.  The process of defining your strapline gets you to think about why people buy from you and what they get from you. After all if you don’t know exactly what you do then no-one else will know either!

 

About the author

Robert Craven is a keynote speaker and author of the business best-sellers 'Kick-Start Your Business' and 'Customer Is King'. He has recently been described as 'one of the UK’s leading marketing specialists' and the 'entrepreneurship guru'. He runs The Directors’ Centre, helping growing businesses to grow.
For further information, contact Robert Craven on 01225 851044. (rc@directorscentre.com) www.directorscentre.com

©2006 Robert Craven, Women in Banking and Finance

publication details

First published in Women in Banking and Finance, May/June 2006.