How To Create A Money-Making Elevator Pitch 

In a previous blog post, I discussed how to define your target market. So if you are clear on who you are targeting, it’s time to work on your message. And if you have not completed that step, I encourage you to read that post and work on getting clear on who you serve. But if you have at least started the process, then you are probably far enough along to start thinking about your message.

First things first. I prefer using the terms elevator speech instead of elevator pitch. I do not want you to be in “pitch” mode when talking to someone. I prefer using elevator speech because the preparation is the same as a speech, and you are simply having a conversation…not selling anything…yet.

Most of us know the importance of having a great elevator speech. Especially in today’s hyper distracted world, it’s more important than ever to communicate your message as quickly and effectively as possible.

An elevator speech is seen by some people as a short overview of their background and experience. It’s all about them and what they do. And this may work if you are looking for a job.

But if you are a business owner or entrepreneur, you DO NOT want your elevator speech to be all about you and your experience. When you are selling a product or service, it is all about the customer and how purchasing your product or service will change their life or their business.

With a 30 to 60 second elevator speech, you are giving them just enough information for them to decide if they want to continue the conversation in more depth. Your elevator speech is not used to sell anything. It is simply used to generate enough interest to have another meeting or to get their permission to tell them more.

To get started, think about what your target market needs to know to give you money in exchange for your product or service?

The first thing they want to know is who you work with. Do you or have you worked with, for example, other realtors (if they are a realtor). This is where you may have some flexibility in your message.

In my case, I do marketing for other businesses and marketing is the same regardless of the business. So my message may change depending on who I am speaking with or the particular group I am in at the time. (You may be using a different message going to a different market, but marketing is the same for every business – send the right message to the right market, build your list, email, direct mail, social media, website, follow-up, etc. It’s important you get that concept.)

The next question is…can you fill their specific need? They may currently be dealing with an issue in their life or in their business and have a specific need. They are looking for someone to fill that need. If you’re message addresses their current need, they will want to continue the conversation. This could potentially lead to a sale.

As a side note…keep in mind they sometimes don’t know they have a need. This is something you could mention at the end of your elevator speech.
For example, they may have a website and think it’s great. But you have reviewed their website prior to meeting them and see a lot of opportunity for improvement.

I’m not saying you criticize their website, but you may say something that leads them to believe their website is not so great. You may have reviewed it and found they are not collecting email addresses on their site. So you would say, “I have found the most important thing on any website is collecting visitors’ email address. As long as that’s on your site, you will be okay.” This gets them thinking. You haven’t mentioned their specific website. You are just making conversation.

That is an example of something you could tag on to the end of your elevator speech. Then you may have the opportunity to continue the conversation and go a little deeper with them. They weren’t looking for you or your product or service. So they do not need to have a specific need when you start the conversation. But your message may still resonate with them. During your conversation, they may realize the product or service you are selling is exactly what they need. It has just never come up before. It’s like that old saying, “You don’t know what you don’t know.”

The third question is what will be different in their life as a result of working with you? They are looking for a transformation. You will dramatically increase your chances for earning their business if you can paint a vivid picture of how their life will be different as a result of working with you.

When creating your 30 to 60 second elevator speech, the answers to the above questions do not have to be in any particular order. Create it in a way that best suits you and your business.

My elevator speech usually goes something like this if I were speaking to a realtor…”I work with real estate agents who want to sell more houses and grow their business by creating better content for their marketing materials…website, blogs, home listings, social media posts, video, and direct mail pieces.” This may change depending on the person or group I’m speaking to or my previous knowledge of what their needs are.

Who do I work with? Realtors

Can I fill their specific need? If they believe they need to improve their content

How will their life be different if they work with me? They will sell more houses and grow their business

Practice your elevator speech until it feels natural. Stand in front of the mirror and rehearse it until it feels natural. Usually saying it around 50 to 100 times is a good start. It’s the same process you would go through if you were delivering a speech.

Also, realize your 30 to 60 second elevator speech will change over time as you change and as your business changes and evolves. You will get more comfortable with it, but you may need to make adjustments along the way. Learning to improvise on the spot when delivering your elevator speech depending on who you are speaking with at the time. You will be delivering the same basic message, but learning to make minor modifications on the fly to adapt it to your needs at the moment will make it much more effective.

Let me know what you come up with. I would like to see what you create.

All the best,

Mike Coleman