When was the last time you updated your elevator pitch? Do you even have a formal elevator pitch? If you haven't sat down and thought it through lately, or if you just wing it on the spot, you could be missing prime opportunities to grow your business.
Most companies know the concept of the elevator pitch, and even practice it to some degree. But, in my experience, very few companies use this important new business tool as effectively as they could or should.
Here are five ways to take greater advantage of this tool:
1. Be prepared to tout your unique benefits, not your attributes.
As a member of several business associations, I regularly meet people at luncheons and other networking events and the variety of ineffective answers to the simple question "What is your company all about?" never cease to amaze me. Two common answers are "we make widgets" and "we serve the (your industry here) industry". Neither are very stimulating or motivating answers because they tell me your attributes, with no hint of the benefit of your company over competitors.
Many who do try to tell me the benefit their company provides often use the generic phrase full-service solutions provider in their answer. I suppose this does separate you from some companies, but a quick search on Google has over 82 million companies using that exact phrase in their web copy, so how unique are your benefits?
Since many of the people I meet are in their company's marketing department, or are entrepreneurs with their own company, these answers make me want to scream. You have an opportunity to "sell" your company to someone who was interested enough to ask. Be prepared to tell me what makes you unique in a world overrun with similar competitors by telling me your benefits, not your attributes.
2. Be prepared to adjust your pitch to your audience.
As a business development consultant, I work with both ad agencies and companies to help them be more effective and efficient in their marketing efforts. If I'm at an Ad Club meeting, my benefits are focused on positioning the agency, building a better target prospect list, and more effective RFP's and presentations. If I'm at a marketing association meeting, I still talk about positioning, but the benefits of my consulting practice are focused on corporate brand values, audience segmentation and target insights. As an independent consultant, I also promote the dual benefits of time and cost efficiency to both audiences.
In both cases, I am constantly refining and updating my story to take better advantage of the opportunity. By staying abreast of what people are most interested in knowing, and understanding the basic benefits I can deliver, I can adjust the framework of my company story to match the situation and the audience.
Perhaps the most important thing I have learned as a consultant for the past five years is that you never know when an opportunity will arise from a chance encounter. The person you are talking with has other friends and acquaintances that might also be opportunities, so I never want to miss a chance to spread the word about my company and its benefits.
3. Be prepared to give your audience permission to believe.
Everyone knows that it's a tough market right now, but it has always been tough, and will always be tough. A good elevator pitch should automatically build in some statement(s) to give the audience permission to believe that what you say about your company is true.
I will always incorporate my background and experience to lend credence to my story. When I can give a specific category or company example of a project I have worked on, my benefits story is dramatically strengthened. I have also learned that when speaking to a Gen Y or Millennial, I always reference my blog and Twitter handle to reassure them that even with gray hair I am actively engaged with today's technology.
4. Keep everyone in your company informed and engaged in touting your company's benefit story whenever they can.
One of the biggest mistakes companies make is to only arm senior executives, or business development staff, with an understanding and appreciation of the company's elevator pitch. Everyone in your company has the potential to help your business development efforts, even that new trainee or summer intern. We all have family, friends, neighbors, acquaintances who know other people. Maybe that summer intern lives next door to the CEO of company that could use your services. Or maybe their parents belong to a club or association or go to church with someone who could benefit from buying your company's products or services.
The important thing to remember is that you never know who, how or when an opportunity will present itself. My recommendation is to invest all of your employees in the new business process by touting their potential importance and arming them with the right benefits to promote when they can. In my experience, younger people are often more enthusiastic than experienced veterans when talking about their company and its benefits, so why not take advantage of that exuberance.
5. Read any good website copy lately?
A final thought on building a better elevator pitch is directly related to your website copy. In today's digital world, nearly every company relies on their website to interest and entice customers. Your website is a written version of your elevator pitch, but too often sites are homogenized with buzzwords, platitudes and jargon that does little more than fill space.
Remember those 82 million companies that use the exact phrase full-service solutions provider? Would you believe that Google shows 224 million entries for full-service advertising agency? Quick, go look at your website and then see how many other companies are using the exact same words you are using. I think you will be surprised, and somewhat dismayed, at the answer.
If you subscribe to Inc. Magazine, you should check out Jason Fried's column in the May issue. His article is titled "What's Your Point? and his sub-title says it all "Nearly every company relies on the written word to woo customers. So why is most business writing so numbingly banal?"
Perhaps the same statement could be made about the elevator pitch. Think about it!
