Maria Auma: Nailing the Elevator Pitch Pt.1

Imagine you are in a shopping arcade; say one of the Nakumatt retail outlets and you are just about done with the cashier when you spot a former workmate with his family walking in your direction and towards the exit. You just set up your company a few months ago and are actively seeking out new clients. Dave, your former workmate would be an interesting person to offer your services too. He notices you and stops to exchange pleasantries with his five year old daughter walking beside him and his wife carrying their two year old a step behind. “So what are you doing with yourself now?” Dave asks. “Oh I started a company,” you reply. “Really? That sounds impressive? What does your company do?” You freeze for a moment or so, realizing that you had not prepared for this. Dave looks at you expectantly but quickly turns his attention from you when his daughter tags at him for that ice-cream her father promised her. “Well Peter, good luck with your new company. We should meet real soon,” Dave says as he walks off. You’re one chance to impress is gone a long with Dave whom you might not see again in a long time.

Importance of an elevator pitch

The reason an elevator pitch is extremely important is because often times getting it right will be the difference between you getting a second meeting with a potential client or being pushed over for a better alternative.

As a quick test, try describing in less than fifteen seconds what your business is and why the person you are talking to would be interested.

The reason why an elevator pitch needs to be short is because usually the people you approach are pressed for time, or running on borrowed time. All the time they have to spare is the time equivalent to an elevator ride. That would be about half a minute or so. So use that time to spark interest in your company or business by explaining what makes it unique and what your value proposition is.

What should be in an elevator pitch?

When developing your pitch be sure to consider these key pointers:

1. Identify your goal – What is the objective of your pitch? What are you trying to communicate to your listener? Do you want to tell them about your company, a brilliant idea or simply about what an asset you are?

2. Explain what you do – Be enthusiastic. People may not remember everything you say but they will remember your passion and enthusiasm. Your pitch needs to excite you. When I started BLI I knew deep down in my gut that it was what I wanted to do for the rest of my foreseeable future. I knew I wanted to work with entrepreneurs and help build companies. In fact I had already started doing so a few years before I registered the company. Your idea or company needs to make your blood rush and when people interact with you they should sense just how much you are committed to it.

3. Identify your USP – What is your unique selling proposition? You need to communicate that clearly such that the person listening understands quite easily why you might be interesting to work with. It could be a customer experience that your immediate competitor does not offer to their clients, or your approach to solving a particular business problem that could save your client valuable time yet still delivering what they need.

4. Engage with a question – Once you have explained your USP or business process ask the potential client a question in line with how their needs can be met by your expertise. Make the question open-ended to get them to open up to you. Building your pitch in this manner will give you a higher chance of getting a second appointment.

5. Practice – The best way to improve your pitch is to practice every day. Practice in your communication both written and formal. When writing make your pitch nuanced. By this I mean, don’t appear salesy because people will turn you away if you start to sound like you are selling them something. You have to talk to them in a way that makes them feel comfortable listening to what you have to say without making them feel that you are trying to extort them. Remember to tailor your pitch for different audiences and according to the setting. You need to sound as natural and comfortable with yourself as possible. 

In the second part, we'll delve into a real life scenario of a one-minute pitch.

 

Maria Auma is CEO of Blue Luxury Investments, Kampala, Uganda.