Last week, in part I, we talked about the elevator speech and the pitfalls of attempting to approach new clients or prospects with memorized 30-second pitches. I shared that in my career I have forced the issue and given an elevator speech because that is what I was taught to do. So, I spent a few hours fine tuning my presentation, memorizing and trying to get the timing right, and then the rest of my career looking for an opportunity to use it. (To read last week’s post click here).
The Myth of the Elevator Pitch
Why do we feel compelled to have and deliver elevator speeches? Why is it that many of the best selling leadership and sales books teach the importance? Because we have all heard and believed the story of the young man seeking a job on Wall Street. After researching the travel habits of the company president and strategically positioning himself in the back of a cab the president was taking to the airport, he was given 30 seconds to make his pitch. He famously delivered his elevator speech and was immediately hired. Whether this account is true or not, the situation presented is unique and rare and is hardly a model worthy of emulation. For most of us, we find ourselves in conversations at cocktail parties, not sales pitches in cabs. So how do we deliver our value proposition in a conversation?
Here are five things you can do to enhance your conversational value:
1- Know your business and how what you do benefits. Focus here is on the benefits your business offers, not on the features. For example, if your business is selling flowers and you are at a Chamber of Commerce mixer. Prospect Susan approaches you and during the conversation the question of “what do you do” comes up. Previously we have been taught to prepare our 30 second “I am an award winning flower arrangement artist providing beautiful displays for businesses and families” speech. Notice how the focus is on you and what you do? It highlights the features of your business. Instead, try an approach focused on Susan and the benefit to her. “I help clients retain more clients and increase loyalty through aesthetically pleasing floral displays.” This approach is so different from what most people hear at mixers that additional interest naturally follows.
2- Guide conversations to elicit questions. Did you notice in the example above that the response to the “what do you do” question was designed to engage interest? It was not pushy or self promoting but rather subtly intriguing. We all want to retain more clients and increase loyalty but how do floral displays accomplish that? The prospect is compelled to ask for more information. “How do floral displays increase client retention?” The dialogue switches from a pitch to a conversation driven by the prospect’s desire to learn more.
3- Stand out by being different. Most companies are focused on proving that their offer is better. Our flowers are superior, we deliver in under 30 minutes, our exotic flowers are flown in fresh daily, we use only use high quality flowers. Boring! The focus is on trying to be incrementally better in what the customer already expects. How about trying to be different, “Our serenading florists make deliveries in tuxedos on Segways”. Now that would be different.
4- Be interested in the other person. Remember that you are in a conversation, not a sales pitch. Conversations are two way communication, meaning you need to care about the other person and what they do. At our Chamber mixer from above, you may not have an immediate need for Susan’s services but allowing her to share about her business builds trust. It may be cliché, but people don’t care how much you know until they know (and feel) your genuine interest in them. If you want to build a reputation as a good communicator follow Pareto’s 80/20 principle and listen more than you talk.
5- Find common ground. In any conversation, establishing commonalities is key to keeping the conversation going and then moving it from casual chit chat to a relationship of business. Continuing our example, Susan may not need a florist but she likely knows people who do. How can we find commonalities? Explore topics outside of business and be interested. Do your kids go to the same schools or play the same sports? Do you like the same movies, read similar books or both really hate Chamber mixers?
When you step away from your primary goal of making a sales pitch and work towards conversation you can establish a pleasant relationship that will naturally allow business discussions when the time is right.