There are many reasons why every business owner needs to know how to write an elevator speech.
The primary one is a result of the fact that people are busy. They can be just as busy or even busier than you. People have a billion other things on their mind as they go about their daily affairs or business. If you want to communicate to anybody about your business, you’ve got a hurdle to overcome. It’s getting your point across in a short period of time. For this you need an elevator speech.
An elevator speech (some refer to it as an elevator pitch) is designed to be delivered rapidly. It’s for those moments when you meet somebody in the elevator, you have 12 seconds and you need to explain succintly what you’re doing now and what the benefits are of that.
As a business you need to be seen and heard otherwise how will anybody know that you exist? Without knowing that you exist, people cannot buy from you. The Elevator speech is a clear and concise overview of your product, service or business that is compelling and can be delivered within 1 minute. It should leave the listener feeling that they want to know more.
Let’s look at the benefits of creating this speech and memorising it.
Your USP and elevator speech will change and improve overtime as you gain more experience and different insights into your business. Both of them are the absolute foundation of all of your marketing efforts. If you are not clear on your USP and your elevator speech, you are not clear on what you offer. If you aren’t clear than other people won’t be either. The elevator speech is the basis for your ads, website content, finding your customers, your search engine optimisation and branding – and that’s just for starters.
If you have already spent time developing your elevator speech, meeting an unexpected potential business partner or even wholesale purchaser of your goods will not be a problem for you. You will be so prepared already that you will be able to tell them exactly what your product or service is and be on your way to clinching the deal. There will not be any fluffing of lines or conveyance of confusion or even ineffectiveness. Nobody wants their customers to think that they are not capable of performing and that is likely to be the result, unless you’re crystal clear in your delivery of your prepared elevator speech.
Even if you feel that you have already undertaken the exercise of defining your elevator speech, then go through this exercise again as this is a regular task to perform as your business grows, changes shape and develops.
Before we go further, let me tell you a little story.
One time, a friend of mine was walking his dog through the local park, when along came another man with the same type of dog. After some small talk Steve and his acquaintance moved onto talking about what they did for a living. It turned out that the dog walker was investing other people’s money into new ventures. It also turned out that they were both in exactly the right place at the right time.
The moral of the story is that you cannot predict who or when you might come across. You need to be prepared at all times so that you don’t miss out on opportunities.
A short opening sentence for the power tools company could be something along the lines of:
Potter Power Tools save tradesmen time and trouble with a mobile repair workshop that guarantees to repair or replace. More time to complete your projects.
Then the elevator speech would go onto explain
If there is an issue with one of our products within the first year, we offer a guaranteed repair or replacement service. The tradesman will not have to visit our workshop, we will come out to the customer. This provides more time and less trouble for the power tool user.
In summary, it’s crucial that your business has an elevator speech. Many opportunities will arise and you need to be prepared and ready to make the best of them.
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