02/ 02/ 2005
by Steve Strauss
Q: I have my business plan ready but keep hearing about preparing something called an "elevator pitch." What is that exactly, what is it used for and how do I create one?
A: An elevator pitch is one of the most useful tools you can have in your small-business tool chest. It is helpful for both new startups, like yours, as well as more established businesses because the idea is the same: To get people as excited about your business as you are.
Personally, I learned about the value of the elevator pitch the hard way. I do a lot of public speaking on small-business issues. A few years back I was talking to another speaker, whining about how slow my business was. He then asked me a question that literally changed my career. "What is it you talk about, Steve?" he asked. "Well, small business success, mostly," I replied. He was quiet. After a long pause, I finally asked, "Well, what is it you talk about?"
He said something like, "I speak to organizations that want to energize and excite their employees, get them working together, help them understand their core values and allow them realize what it means to be a team. My speeches are dynamic and funny, and I leave audiences invigorated, committed, wanting more and I usually get a standing ovation."
Now, given our respective answers, whom would you hire if you were planning an event and needed a speaker? I knew the answer, and it was not me. So ever since that enlightening encounter, I have been working on my elevator pitch, and so should you - no matter what business you are in or plan to be in.
Think about it. We are all always asked what it is we do. Having a quick, interesting, powerful answer is such an easy, simple marketing tool, yet is also one of the most powerful. You never know when or where an important lead may come from. A powerful elevator pitch may lead to opportunities that you did not even know existed. You do indeed only have one chance to make a good first impression.
So what you want is a pitch that is honest, intriguing, and which will spark someone's interest and leave him or her thinking or saying, "Tell me more."
How do you create one? There are a few questions you must answer if you are to fashion a great elevator pitch:
1. What is the problem your business solves? Every successful business solves a problem for someone. Why do you go to the local store to buy milk? Because you have a need for milk and the store solves it. Your pitch must explain the problem your business solves.
2. Is it simple and easy to understand? Use plain English, be interesting, keep it clear and have conviction. For example, I once worked with a Silicon Valley entrepreneur whose product protected digital signals. His original elevator pitch was something like, "We utilize the latest 20-40 exchange using synchronistic transponders. Blah, blah, blah." He ended up with, "We protect communications."
3. Would people want to know more? The idea is to entice them to want to delve deeper into what you do. Instead of saying, for instance, "I am an architect," you might start with, "I help people turn their dreams into reality."
4. Does it accelerate your heart rate? A great pitch is a passionate pitch.
Here's your basic pitch: "Hi. I'm Mara Sydney, president of Jillian Publishing. We publish architecture books." Here is an elevator pitch: "Hi, I'm Mara Sydney, president of Jillian Publishing. We publish books, newsletters and video programs designed to help architects, drafters and urban planners become more successful. Our best-selling title, How to Become the Recognized Expert in Your Field, was named specialty book of the year by Architecture Magazine."
So you see, creating a good elevator pitch can be the first step towards getting more business.
