Elevator pitches, or elevator talks, have received considerable attention recently in the media and business press. Elevator pitches got their name because they were originally associated with the scenario where an entrepreneur had the time it took for the elevator to go from the lobby to the executive suite (about two minutes) to convince the would-be investor of the value of his/her business or invention. The concept has evolved and now is used to fit a variety of important interactions that can influence your business. The original elevator pitches were about two minutes long, but today the length will vary depending upon the particular situation and the audience in question. An important point is that the time to make your point is limited — so advance thought and planning is critical.
While the original elevator pitch was associated with convincing a potential investor to finance a new venture, the concept has now extended to include interactions with potential customers, with leaders in your community, with representatives from regulatory agencies and with the general public. In short, an elevator pitch occurs anytime you (or another individual from your feed and grain business) have a short window of opportunity when meeting someone to, (1) make a good first impression, (2) convey two or three key points, or highlights, about your business, and (3) bring closure to the conversation so that follow up contact may be initiated when appropriate.
Different Elevator Pitches for Different Audiences
There are many different audiences where you, or someone from your firm, may use an elevator pitch. Even the most loyal of current customers need to hear why your firm is offering them the best value so they don’t take their business to the competition. The casual meeting of a current customer when he/she stops by your business can be an important interaction — especially if that customer has been searching out the competition. Potential customers will require a different approach although many of the points associated with the value that your firm offers will be the same as those for current customers. Potential customers must be convinced to switch away from your competitor and the opportunity to begin that discussion may be when you happen to meet the individual in the grocery story line or at the coffee shop.
While conveying your value as a feed or grain business to customers is important, don’t discount the value of being able to communicate clearly and effectively with other influencers. These include input or service suppliers with whom you do business, public officials (on issues like zoning, economic development, job creation and stability), regulatory officials (on issues such as health, safety, and labor management), and, perhaps the most difficult and oftentimes intimidating audience, the general public, which may have nearly no understanding of what you do or why it is important. In some cases you may know when you are going to need to use an elevator pitch (e.g. the scheduled visit from the regulatory official), but in many cases the opportunity will just present itself and you must be ready to deliver your elevator pitch. Never underestimate the importance of those conversations while watching the little league soccer game — where others learn about the contributions your firm is making to the community. Similarly conversations at the Golf Club or at the local coffee shop can be the opportunity you are waiting for.
Once you have identified your audience you can isolate the needs that the members of that audience have, which allows you to prioritize and determine which of your key points are most important for you to make in your short pitch. For example, if you are speaking with a potential customer who may be interested in purchasing your product instead of from a competitor, but is concerned about your pricing structure relative to his/her current supplier you may focus on the value of your customer service. Or, if you are talking to a member of the community who is concerned about your environmental impact and is interested in getting to know more about you and your business before attending the community meeting you will want to focus on how your business is meeting all current regulations as well as the value that your business is bringing to the community through employment and local sponsorships. Again, beyond what you actually say, being prepared to discuss what your business does, and why, portrays a positive image and good first impression when delivered well, and shows people that you are confident and positive about your product/services and the value you create.
No matter who your audience is — a key to a successful elevator pitch is to identify and communicate the value proposition for the individual you are talking to at the moment.
An Elevator Pitch is NOT a Sales Pitch
Many people who are unfamiliar with the concept of elevator pitches are immediately turned off by the notion because they envision the development of a two minute ‘sales pitch’ designed to quickly ‘close a deal.’ Your elevator pitch is an opportunity to showcase your grain or feed business to a wide range of audiences, both within and outside your operation. Elevator pitches are not just for the sales force; arguably you would like every employee or affiliate of your operation to be able to provide an informative and coherent overview of what problems your business solves and how you create value for your customers. So, if done well, this initial introduction to your business will highlight your business in a positive manner which in some cases will result in goodwill for your business and in other cases may spark an opportunity for further communication and a potential sale.
Key Components of Your Elevator Pitch
When it comes to elevator pitches, they are not ‘one size fits all’ propositions. The concept is not to memorize a two minute speech that you can pull out at opportune moments. The concept is to have approximately two minutes of material that you have prepared in advance to address key issues. The more you practice your pitch and include the key points you want to make in your two minute window of opportunity, the better prepared you will be to have these conversations when the opportunity presents itself. The two essential components of an elevator pitch are:
1) Identification of the Problem that you are Solving, and
2) Clearly depict how you and your business bring Value to your customers which translates into profit for your business and/or Value to the community.
As you adapt your two minute talk to fit various audiences and situations, it is easy to see the inherent value in preparing to talk about these two essential components. This information is of interest to ANYONE who has even the potential to interact with your business. Further, by being prepared to deliver to people what they need to know in a clear, concise, and well-organized manner – you are conveying more than the two minutes of verbal communication, you are sending the message that you are focused, prepared, and professional.
Adapt Your Elevator Pitch for the Location and Format
Just as there are a number of audiences which you should be prepared to address, there are situational and style nuances to be aware of. Be cognizant of the formality of the audience you are addressing. If you are talking to just one person you can make direct eye contact with that person and keep examples relevant for that person. However, in some situations you will be visiting with a group of several people where one or more of the group are influencers for your business. In the group situation you need to make eye contact with all members of the group and choose examples that resonate with everyone. While most of the opportunities are conversational in nature, there are times when you will have a few minutes to make a short presentation and generally those situations demand a more formal approach. Keep in mind that although many elevator pitches are associated with two minutes, in some cases you will need to make your points in a short 30 seconds. Being prepared for the physical set up is also critical. If you anticipate that the interaction will be in a noisy environment, keep in mind that the person you are talking to may only hear a portion of what you actually say. Leaving the person with a business card at the end of the conversation and then following up with an email or phone call the next day can be important strategies here. Finally, pay attention to whether the communication is in-person, over the phone, via email or using social networking as it will be important to adapt to the situation. An elevator pitch is not a memorized two minute speech. A well-prepared elevator pitch will provide you with a starting point, and you need to be prepared to tailor your talk to the situation at hand.
Preparation is Key
The idea of delivering an elevator pitch, whether to a current customer or an elected official can seem daunting. However, with careful preparation this can become second nature. We invite you to pick up a pencil and work through the table accompanying this column. Fill in the information for your business. We hope you will find that once you think through the process and the key points you want to make, that an elevator pitch will no longer seem so daunting.
- List at least 4 individuals, along with the title that they hold, for whom you could benefit by having an elevator pitch with. (e.g. Sam Jones, Farmer Customer; Rob Smith, County Commissioner)
- Put yourself in the other person’s shoes. Identify the likely motivation for this individual in interacting with you; what is the problem that they are trying to solve?
- Identify what it is that your business does that results in Value for this individual (e.g. market for farmers’ grain; jobs in the community)
- List the potential places where you might run into this individual (e.g. at the grain elevator; community event; grocery store)
- Describe the nature of this meeting environment (e.g. quiet where I have the full attention of the individual; noisy crowded environment)
- Identify how much time you expect you would have to communicate
- Identify two or three key points you want to highlight for this individual
- Finally jot down your notes on the key things you will do as part of this elevator pitch
- Write down an opening phrase you could use to catch this person’s attention
- Write down a closing phrase you could use to make it easier to have that follow-up interaction
[TABLE HERE]
The Final Stage: Delivering the Elevator Pitch
Once you have developed your pitch, then practice, practice, practice. You may practice it as you are driving alone down the road, in the shower, or close the door to your office. Two important phrases to consider as you are developing your pitch are the first and last phrases. These can be the hardest ones to say – so having prepared phrases to get you off on the right track and then to leave the person with what you want them to remember is critical. The more you practice your pitch the easier it will be when you deliver your pitch.
Confidence is key here. No matter how much preparation you do it will all be wasted if you fail at this final point. It is critical that you be CONFIDENT and POSITIVE ABOUT YOURSELF, YOUR FIRM AND YOUR PRODUCT/SERVICE.
YouTube has several interesting videos you might want to watch regarding elevator pitches. They may be found at: www.youtube.com/watch?v=Tq0tan49rmc and www.youtube.com/watch?v=q0EWScoXFpA.
Thinking about and preparing an elevator speech is a great way to think of the important points you want people to know about your grain or feed business. The key is to throw in things that you know well, but also to think about why others should care. If you think through these central elements, they will be “top of mind,” so that you can deliver them when and where appropriate.
