This is an exercise that even the senior salespeople get uncomfortable with. If you have read my previous blogs, you know that selling to executives in the industry requires special techniques, since their priorities are different compared to the low and mid-level managers. And to do that in a time pressure situation is a totally different game altogether.
Before getting into the do’s and don’ts of an elevator pitch, for the folks who don’t know, let’s define an elevator pitch. ‘Elevator pitch’ as the name suggests is the scenario in which you are in an elevator when a senior executive from the company you’ve been desperately looking to work with, walks into the elevator. He/She is with you in the elevator for 30-45 seconds until they reach the destination. I mentioned they reach their destination, as I am guessing you’d not want to skip the chance and just get off at the floor you initially planned to go to. And during this time period, you have to convey who you are and be convincing enough for them to take the next step of a more detailed meeting. Now that’s out of the way, let’s get to the brass tacks.
In fact to make this situation real, how about you take a break of 45 seconds and try out your elevator pitch right now. Yeah go on.
I hope you had a good sense of how it feels like to go through this situation. In fact, to make it more real, try it out with someone. More often than not, you’ll be asked for a second chance. The problem is, that you wouldn’t get a second chance in real life.
For the folks who do last the 45 seconds, here are the things that’d go wrong:
1. Using the company’s marketing collateral: A lot of people delivering the elevator pitch haven’t practiced it in the past, hence they try and use the material they are most comfortable with. Often this is the marketing pitch that you’ve seen time and again. Therefore it becomes quite easy to rattle it out. The problem with that is that it sounds quite disingenuous. These leaders have seen thousands of such pitches done to them. By doing the same thing again, you’ll come out as one of the thousand others they have met with. And that’s not reason enough to meet you again.
2. Using acronyms and buzzwords: While they might sound cool to a lot of people (probably because they don’t understand it that much). It’s not such a good idea when you are doing it with an executive. Remember, they’ll tune off at the first acronym that they are not aware of.
3. Being subservient: In the elevator, both of you are aware of the positions you hold, but stretching that position so much that you sound subservient to the person talking to, takes away from the fact that you are trying to pitch a proposition which is beneficial to them. Hence trying to stay at the same footing is a better idea than to get into an order-taking mode.
4. Trying to close: Elevator pitches are good tools to take you to the next step. This is especially true for Technology Sales. Expecting that you’ll be able to sell a multi-million dollar deal to the executive you are talking to while in the elevator happens only in movies. Trying to expect too much of a company leader will probably get you blocked from the subsequent meeting that you would have otherwise got had you gone for the micro-commitment instead.
5. Sounding out of place: Unable to modify and sync your tone, voice pitch and tempo of speech, doesn’t give out a good impression. Speaking too fast or speaking in a quivering tone is a clear sign of nervousness and instantly puts off the listener. The listener will already form a poor opinion about the salesperson and would miss out on the actual pitch by mentally writing off the speaker and will not focus on the contents of the speech even if it is useful or interesting to them.
6. Excessive use of fillers and not having structure: wasting time with small talk does not deliver an impactful and compelling message. Also, it’s a clear indicator of lack of preparation. Even if people are not expected to be pitching in elevators everyday, all sales people are expected to know about their company and product well enough to spontaneously deliver clear and succinct messages spontaneously. Asking about health, weather or their day to the speaker takes time away from the useful information that will be important in making the speaker memorable and relevant.
These are indicators that things are going downhill. However, there are a few linguistic structures that must be kept in mind for deliverance of a flawless pitch:
1. Use logic and fact: this sounds like a no-brainer, does it not? But many people still overlook the importance of using correct facts instead of industry ranges. Facts are easily recognizable and establish the speaker’s credibility straight away as a truthful person. This is more important than impressive sounding phrases. It also makes the speaker sound logical. The listener automatically arrives at the conclusion that if the speaker is saying something true about a product or service then the same fact and information will be true for similar products and services in the industry. This is called geometric reasoning. Which means, if facts about abc are correct and abc is very similar to xyz, then the same data will also be correct for xyz.
2. Start with a softener instead of a filler: What is a softener? Anything that gently eases a listener into a conversation or into a mode of being receptive to the pitcher. Some helpful softeners for examples are: (a) it is a pleasure to meet you! This signifies recognition and respect for the listener. Alternatively, (b) I’m sorry to bother you. This shows that the salesperson appreciates the listener’s time. Also, (c) I’m not sure if you are familiar with us, LMN Ltd. This indicates a general idea of where the conversation is headed to the listener while also eliminating small talk.
3. Metaphors and Suggestions: Yes, they do sound patronizing on paper, however, clever use of this structure makes for a memorable pitch. How to actually use them? Subtle use of suggestions is an indirect way of conveying customer feedback or review. Background suggestions indirectly make the listener reach similar conclusions, such as saying, “since their customer also switched to our product recently..” Use of metaphors has a similar effect of making the listener arrive at similar conclusions without being too upfront or aggressive. Metaphors teach people with the aim of changing their opinion. This is what a pitcher’s ultimate goal is! To intellectually appeal to the listener by subconsciously enlightening listeners of facts that help them make a decision in the favor of the salesperson.
4. Silences and Options: Silences are not deadly and should be used to convey that people are listening and not just speaking. Conversation is a two way street. Giving a prepared speech will put the salesperson in the mentality of a preacher and not as a participant of a conversation. It allows for the executive on the other end to also take a breather in the divulge of information and not overwhelm them. They too get a chance to comment, ask a question or just process and analyze the situation. Deer in headlights is not a good look for even the most experienced. Which naturally also means providing the listener with options. If the sales people are not proactive in providing a fall back position themselves to the listener, the latter will more often than not choose to use the opt out option. What can be a good option? Making a graceful exit by suggesting to send them the presentation by an email. Or by asking them to provide a contact in their organization who would be better suited to receiving the presentation and following up with them.
CONCLUSION
Elevator pitches are those one off moments that can change the trajectory of your deal or career if it plays out well. But to get to the end point, you have to be prepared for it, and what best way to do it except for practice. As mentioned above, a canned pitch is not always a good idea, hence modulating your pitch based on the position of the executive you have come across is a good idea. And that can only happen if you have the base message of your pitch entrenched in your head. Make good use of this time and you can get into the hallowed walls of your chosen company pretty soon.
