So, let me get your attention for a moment.
Picture this *cues dramatic music* you have just created an amazing natural and organic hair care line and it is a craze among your friends, family and naturalistas within your local community. Business is booming and you have more orders than you can make products! You know its time for you to expand and put this product on local market and make plans for it to hit shelves internationally.
Your product is all that and a bag of chips... minus the funding. *womp, womp, womp*
You've explored the bank loan route but you think that that's selling your soul to the devil so you turn to your government because you keep hearing about the "initiatives they have implemented to assist entrepreneurs like yourself and boost the economy". Your hopes tun up now! Only to find out that the government is investigating a corruption scandal in the programme and have put a hold on all applications. Sigh*
With broke friends and family... what's an entrep to do?
You start looking at investors now. Venture capitalists who are looking to fund the next break out product/service/idea on the market.
You hear that one of the biggest investors in hair and beauty supplies will be at next week's corporate mingle so you pick out your outfit and print your business cards hoping to meet and have a convo with her.
You arrive early, get a glass of water and start the networking process but you're secretly just waiting for her to appear.
You've drank too much water and need to take a trip to the ladies room. Just as you enter you see Ms. Hair and Beauty Investor coming out of one of the stalls!
You have less than one minute to sell your business... you introduce yourself and then the worst thing happens... you start rambling, talking about how your mother inspired you, how you tested it on your family first etc. etc. and include a whole heap of minor details never having gotten to the point about why she should invest in your company.
Your minute is up. Ms. Investor has completed washing and drying her hands and re-applying her lipstick. You're still rambling. She thanks you for your time, wishes you all the best in the with your business and excuses herself.
You feel like a fool and on top of that you remember that you didn't even give her your business card. You are a hot mess so you go into one of the bathroom stalls and cry your eyes out over that missed opportunity.
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| What we DON'T want to happen! |
The foregoing situation could have had a better outcome if the entrepreneur understood and mastered what's called the "Elevator Pitch".
elevatorpitchessentials.com calls it a "communication tool that helps you articulate your message. It can also be sales tool that can help you raise money and close the deals that you need to to be successful". Perhaps more importantly however, an elevator pitch is a teaching tool. It's where you, the owner of the business/creator of the idea get the chance to showcase your "primer". You know, as in painting, you put on the primer first to prep the wall for the main coats? yes! It's where you get the conversation started by giving a basic introduction to your business. You give just enough information that will peak their interest and make them come back for more :)
The catch with this "primer" is that it has to be prepared in a manner where it can be executed in 30 seconds to 1 minute. You see, as entrepreneurs, we meet people who can influence our future in the most untimely places like the elevator or the in the scenario above... the restroom. Regardless, we must make the most of this situation and communicate the key and unique points about our business across in this time.
It may sound simple but it's far from. You basically have to condense your business into no more than 200 words in a convincing and appealing manner.
Before I get into the points you need to include when you're pitching to a potential investor, I would like you to remember the following:
1. Keep it simple- avoid all complicated jargon, you don't want to confuse the investor/client. You want things to be clear and simple so it can be effective.
2. Write it down and speak it out- Don't just say "it's in my head", make sure you write it on paper so you can edit it accordingly to ensure that you include EVERYTHING you need to. When you're done editing... speak it out! Practice in front of a mirror or better yet, in front of your family! Make sure it's not robotic. Remember, you're going to be selling your idea to people so practice how you're going to speak to them. Don't forget the importance of your tone and being conversational.
3. Commit it to memory! You NEVER know when and where you're going to meet these movers and shakers!
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Steve Bridger who writes the blog, "The Write Copy" (www.thewritecopy.co.uk) offers the following tips on how what you should include and how you should structure your elvator pitch:
The 60 Second Template – Words by the Second
A Guide to Successful Business ‘Speed’ Pitching.
1. Your name, company name & what is your role or function?
Approx 10 seconds. – 30 words
2. What are your unique selling points – what makes you different – Why should I listen to you?
Approx 15 seconds – 45 words
3. What benefits will your organisation contribute to help a potential client?
Approx 20 Seconds. – 60/80 words
4. Ask whether they or someone they know would be interested in learning more/receiving a follow-up email/arrange a meeting
Approx 10 Seconds. – 30 words
5. Ask for their business card and give them yours
Approx 5 Seconds – 15 words
If you'd like to know more about crafting your elevator pitch, you can visit the following websites:
A. Harvard Business School ===>>>http://www.alumni.hbs.edu/careers/pitch/
B. Forbes.com ===>>> http://www.forbes.com/sites/nextavenue/2013/02/04/the-perfect-elevator-pitch-to-land-a-job/
(Here they talk about how to pitch yourself as a brand. Not only is this important in entrepreneurship but the tips can be applied to your business as well).
C. Bloomberg Business Week ===>>>
Here's to making magic in a minute!
Happy Pitching!
Janelle
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