Elevator pitches defined and demystified
Breaking down elevator pitches to help you breakthrough with sales
Imagine if you could turn a conversation with your seatmate on an airplane or train into the most fruitful business opportunity you’ve ever had. Wen done right, at any time, any social interaction happening anywhere could be the start of a business opportunity for an uncapped amount of money! However, when used ineffectively elevator pitches yield nothing at all. Understanding the core concepts of elevator pitches and following some of these tips can help to ensure you get the most out of your pitch.
Most people understand that the key to an elevator pitch is preparation. And while preparation in presentation is important it is also crucial that a great amount of time spent be on developing the actual pitch.
Elevator pitches are defined as pitching an idea in the time it would take to reach a destination in an elevator through the frame of a coincidental social interaction with a prospect.
The Elevator pitch can be broken down into 4 phases. The semantics of the phases themselves is unimportant, however utilizing all 4 phases is crucial. The steps are:
1.) Lead-ins – a “hook” (e.g. “I help increase sales by 200%.” as an opener for a CRM software company)
2.) Product differentiation (e.g. “Our customers love that it is cloud-based so they don’t need any special software or IT resources”)
3.) Opening up for input (e.g. “What is your current CRM solution?”)
4.) Make plans moving forward (e.g. “We could schedule a demo for your team”)
The elevator pitch begins with the person you are talking to asks about you or your company. After they ask about you, you lead-in with an introduction that is both intriguing and understandable – typically by citing a result. If the person cares about your energetic lead-in, you should transition to what sets you apart to others in your market – featuring tangible beneficial results of your product. Observe what part the listener is most attentive to and question them about, opening up for input and allowing the dialogue to be a 2 way regular conversation. After hearing them out, gauge their level of interest and give them an opportunity to hear more in a way that is appropriate to their level of interest. As you make plans moving forward the individual is given a chance to engage in the business opportunity if they wish.
Integrate these 4 phases into your elevator pitch and see opportunities arise everywhere. Elevator pitches are a quick, effective and free way to spread the word about your business.
With Bullfrog Insurance you can insure your business as quickly as you can pitch it in an elevator. Check in with our blog regularly for more tips and tricks for your business ranging from risk management to marketing.