Targeted business marketing is incredibly important for entrepreneurs trying to get the attention of the right potential clients that will really benefit from their products or services. A focused, practiced elevator pitch or elevator speech is essential to a comprehensive marketing portfolio.
An elevator pitch is essentially a quick snapshot of someone’s business that can be delivered in a maximum of 30 seconds. The concept of elevator pitches comes from the following scenario:
An entrepreneur gets in an elevator on the 20th floor of a building after a networking event or cocktail party and sees a very put-together man or woman that fits the profile of a potential client. After glancing at the entrepreneur’s name tag, the person asks, “Hello, [Entrepreneur’s Name], how’s it going?”
The entrepreneur replies, “It’s going just fine, how’s it going with you?” After the potential client responds, the typical next usual question – because all networking events inspire curiosity – is, “Where are you from?” This is the obvious opportunity of marketing for entrepreneurs, and the point at which the elevator pitch is delivered and business cards are exchanged, before the elevator hits the first floor.
The following three tips can help a business owner in any industry come up with a great elevator speech.
Prospective Clients Equate Product or Service Quality with the Quality of the Elevator Speech
Any potential client wants to feel confident in a product or service before investing any significant money. The first step in marketing for entrepreneurs, before a relationship has been formed, is to come up with a really solid company statement – the elevator pitch – that will set the stage for confidence in the product or service being offered.
Prospects judge the quality of an idea, product or service and thus the quality of the company on the quality of the pitch. Therefore, any company’s pitch absolutely must reflect exactly what the company does, where it does it and the type of clients that benefit. Weak ideas and weak businesses will often be weeded out in the 30 seconds it takes to deliver an elevator pitch.
Great Elevator Pitches Answer Very Specific Questions
Fine-tuned elevator pitches are as part of diversified business marketing plans are short, sweet and focused. They need to answer the following questions:
- What is the product, service or project?
- What are the benefits of the product, service or project to the investor or buyer?
- Who is the entrepreneur, and why is he/she likable, skilled and trustworthy?
Benefits are the Key to a Great Elevator Pitch
Successful business marketing is all about highlighting key benefits the company provides to its clients, so they need to be front and center in any elevator pitches. A successful elevator speech will show how the business owner provides services and products, but more importantly, the types of problems that these products or services solve for customers and clients.
A great way for a business owner to start drafting a stellar pitch is to make a list of a few benefits his/her services or products offer to customers and clients and then think about how those benefits tie into the mission of the company. The focus of any elevator pitch should be on the customer and not centered around the concept of, “Me, Me, Me.”
Two Examples of Outstanding Elevator Pitches
The following two are examples of quick elevator speeches that stress benefits and answer the important questions most customers, clients and investors will have about a company.
- For a computer repair shop catering to the needs of the home user – “I’m [Name] with [Company Name], and we make it our business to help those with PC’s learn how to get the most out of their computers and keep them healthy on the Internet.”
- For a management consultant– “Our service team specializes in on-site business strategies and business development services. We provide consulting for companies in the financial industry and help them with long-term planning so they can stay productive and continue to grow.”
Elevator pitches are excellent ways to regularly practice important business marketing and an essential part of an entrepreneur marketing plan. They need to be memorable and quick and used in any appropriate situation to get the word out about the business.