Have you done an elevator pitch lately?
Imagine you are at an important networking event representing your organization (full of potential clients and recruiters) and you are asked to introduce yourself and your company.
This could be a great opportunity for you and your organization.
Are you ready for it?
The interesting history of the elevator pitch:
An elevator pitch, elevator speech or elevator statement is a concise summary of the value your organization gives to it’s customers: It identifies the customers and shows how your organization solves a specific problem they have.
The name “elevator pitch” is coined in the 1990s by x-Vanity Fair editors Ilene Rosenzweig and Michael Caruso.
It’s name reflects the idea that you should be able to deliver a summary of your company’s value in the time it takes to ride an elevator up to the executive suites. The pitch must be so compelling that the executive in the elevator wants to follow up with you to hear more.
Nowadays, your encounter with executives and potential customers is not restricted to the elevator. You can meet prospects at conferences, networking events, and Meetups. With this in mind, you message still has to be concise, interesting and compelling to your target audience.
It important to have a solid elevator pitch?
Here is why:
Great leaders are great communicators, especially when it comes to representing the company they work for. Having a solid elevator pitch will make you the “go-to leader” in your organization to represent the company and the brand.
I have clients whose companies regularly send them to prestigious conferences and networking events because they have the ability to clearly articulate the company’s value. That honor alone has lead to a multitude of benefits including increased salary, bonuses, promotions and career opportunities.
Don’t be boring and plain:
“My name is Jane and I work for a the XYZ company:” Have you heard that before? It’s a vanilla and forgettable elevator pitch.
When you phrase your pitch like above, we have no idea what your company does. Even if you work for GE which is a very well known brand; you still have to articulate what you company does really well.
The reason professionals don’t have an elevator pitch is because they don’t have a good way to formulate it. After this Tip-Tuesday article you will be able to articulate the value proposition of your company better than anybody you know.
Below is a formula you can use to deliver a laser-focused message that make you stand out from everyone else.
Elevator Pitch Formula
- My name is_________ I am with ___________________ (insert name of company you work for)
- We work with _________________ (Insert X)
- Who __________________ (insert Y)
- We help them ___________ (insert Z)
- So that _____________ (insert W)
Formula key: X,Y,Z, W bellow
X = Customers or clients (be as specific as possible and focus on the most important customer your company wants)
Example = Engineering firms, Mid size companies, Architects, etc.
Y = Goals customers and clients have (be specific and list 1 to 3 challenges only – remember your goal is to be focused and precise)
Example = Want to maximize profit, gain a bigger market share, improve company culture, increase productivity, etc.
Z = Solutions your company provides to reduce or eliminate challenges in Y
Example = Systems, coaching, software, database management tools, cloud computing platform, etc.
W = Extended benefits customers experience after getting your company’s solutions
Example = So that they can minimize down time, so that they can discover hidden opportunities in their data, so that they can focus on growth, so that they can maximize their profit margins, etc.
Example of formula applied: My personal example.
- My name is Peter Khoury, I am the founder of Magnetic Speaking – A public speaking training company in San Francisco
- We work with corporate professionals:
- Who want to improve their public speaking skills.
- We help them through one-on-one coaching and group training to communicate with confidence, clarity and charisma!
- So that they can excel at their jobs and take their careers to the next level.
Here is the full version:
My name is Peter Khoury, I am the founder of Magnetic Speaking – A public speaking training company in San Francisco. We work with corporate professionals who want to improve their public speaking skills.
We help them through one-on-one coaching and group training to communicate with confidence, clarity and charisma! So that they can excel at their jobs and take their careers to the next level.
It’s your turn now!
Take a chance and create your elevator pitch that highlights your organization and brand. Put it in the comments below.
If you can’t share it in the comments below, then you will not be able to share it live at a networking event – take a shot and I will give you feedback so that you are ready to share with the world.