These simple personalized pre-game actions, inactions, and/or external inputs are used by many very successful people to help them perform better.
Check out some of them here: https://www.cnbc.com/amp/2017/07/13/this-mental-trick-helps-surgeons-and-athletes-perform-under-pressure.html
What is it?
It’s a short 30-60 second presentation you give to others, typically about your business, although it can be used for other purposes as well.
It comes from the concept that most people are willing to give you about 30-60 seconds of their attention to listen to what you have to say before either wanting to talk, their minds wander or they start thinking of ways to leave the conversation.
Depending on a few factors, that might be the time it takes to ride in an elevator.
What is the purpose of the Elevator Pitch?
To inform your listener about your business and spark their curiosity so they want to learn more about you.
The goal is to make a good impression on a prospect, not just with the information you relayed, but by the emotional connection that may have been established as well.
That way, the prospect is more likely to respond to your follow-up phone call, email or private social message.
Pay attention to how long you are talking at one go. Leave out some details so the prospect can ask you some follow-up questions.
Talking for too long at one go, as most of us have at some point, creates a situation I call a “Black Hole one-sided conversation.” It’s one-sided because there is only one person talking; there is no back and forth as their should be in a healthy conversation. It’s a black hole because it keeps going and going with no clue as to when it will end.
What are the main components of an Elevator Pitch?
1) Your name and company name, if you have one
2) Your Professional Title
3) Your Target Market (TM)
4) What you do for your clients
Stay tuned for more tips about how to create and deliver an effective Elevator Pitch.
Author – Tammy Defoe, GTApreneurs
January 14, 2020
When you are considering how to promote your business, consider the following factors:
- What is your TARGET MARKET? (i.e. Who are the people or businesses who are most likely to buy your products and/or services). If you try to promote to anyone and everyone, you will waste a lot of time and money and get much lower results than if you narrow down your audience.
- Is takes an AVERAGE of 5-7 TIMES or a person to see, hear or otherwise experience something that educates them and reminds them about your business before they DECIDE TO either BUY your products and/or services or to take action to investigate the product or service more thoroughly, such as booking an appointment to speak about the details more or to take a tour of your facility if you have one.
- For RELATIONSHIP-BASED BUSINESSES, it is not enough to rely on passive advertising methods to generate the kind of revenue you want from your business. PASSIVE ADVERTISING, such as having a Linkedin profile/LinkedIn company page, a Facebook business page, print media, a website, social media ads and other social media profiles in not enough. They are very important though, so people can look you and your business up if they want to learn more about you and see if you are a legitimate business, and to at least be a bit aware of your business and what you offer.
- SOCIAL MEDIA ADS – Do they work? They may or may not. I have found that they work best for product sales rather than service sales, except in certain cases. If the service is for an event hosted by a well-known presenter, such as Tony Robins or Kevin O’Leary for example, you will probably get more traction. But, for smaller, less known service businesses it might not be worth the money. If you are just starting out in your business, I do not recommend paying any money for social media ads, like Google, Facebook or others. They can be very expensive and your advertising dollars can get eaten up very quickly.
- For these types of businesses, it is especially important that you have PERSONAL CONNECTIONS with your target market, as the feeling of having more of an emotional connection with a service provider is more likely to tip the scales towards them wanting to become a bit more invested with you and what you offer.
- What kind of personal connections am I talking about?
- The old-fashioned phone call
- Personalized emails or messages on LinkedIn, Facebook or other social media platforms which allow for direct interaction between the service provider and their prospects and clients
- In-person meetings, such as networking events and coffee, meal appointments or office appointments
- Phone or video call appointments
- The #1 most inexpensive and least time consuming way to generate new business is through REFERRALS. Half the battle when it comes to selling anything is having people who are already interested in buying someone’s products and/services, as they don’t need to be educated on the type of products and/or services you provide and why it would be beneficial for them to buy it. They already want it and are looking for someone they can trust to give it to them and when they learn that someone they know or have been acquainted with tells them that they know someone who is a great service provider and who could help them out, most of the work has been done for you, you just need to bring them over the finish line.
- NETWORKING EVENTS – Attending these is the second least time-consuming way to make these personalized connections is by attending At these kinds of events, everyone is open to listening to what you have to say about your business. Everyone is of course there to also share with others what they do for their business, but, they know that they need to be open to others as well.
- The GREAT THING about Networking Events is that you can personally connect with a LARGE group of people in a VERY SHORT period of time. Of course, you still need to follow up as a one-time meeting doesn’t typically result in a new client immediately. But, you’ve made a very important connection with them which may increase the likelihood for further communications. They see you in person that you are a REAL person with a REAL business and they get a sense of your personality and authenticity.
- Not all networking events are created equal though! There are numerous networking events out there, all with slightly different formats and costs.
- When you are looking at the available events, look at the details of what will be happening at the events, the potential benefits to you and your business and the cost.
- NOTE: Most “FREE event’s are NOT FREE! Most often, events that are listed as “FREE” require that you PURCHASE food and/or beverages at the establishment where the event will be taking place. Restaurants, pubs, and event centres have to make money and they can’t allow patrons to take up space in their venue and not make any money from it. Every table and chair in a restaurant or pub is worth a certain dollar amount to the restaurant, and if you are paying them anything, they are losing money.
- Consider this, the average price for an appetizer at a restaurant, is around $9.00. You get a beverage with that for another $4.00 and you are at, $13.00. When you add on HST, that’s $13.00 + 13% = $14.69. When you add on a tip it comes to $14.69 + 15% = $17.00. If you order a full meal, the lowest price is likely around $15.00, plus a beverage at $4.00 = $19.00 + tax and tip = $24.69. In other words, FREE events might not actually be FREE!
- Then there are events that you pay a fee for. Consider this, what will you get for your money? What is the structure of the events and how do they differ from the free events? Do they provide FOOD and BEVERAGES? If they do, then consider the cost of the event with the food and beverages that you will get and the other features. It might be worth it to pay for the paid event if you will be getting MORE at than would might get at the “free” events.
- Next, there are PERSONAL EMAILS/SOCIAL MEDIA MESSAGES. These also work great, but, you may have to wait until the person checks their email account or social media pages to see your message and then they have to find it enough of a priority to read and reply to your message. Even then, if you have a wait a bit, it’s ok, just go for volume. Increase the number of messages you send.
- What you say in your message is critical, and it would be best to keep it short. To be most effective, make your goal to get an agreement to further contact with the person, not to sell them on the spot. If you do this right, you might get a phone appointment, a coffee appointment or an offer to let you send them some more information by email. If you get any of those agreements, consider it a VICTORY, and feel confident that you are on the way to potentially making a sale in the future. If you are not getting very many responses to your messages, consider revising your message, and see if it gets a better response. Ask others for their opinions.
- If your business provides a service that is not as well known or which might be perceived as not necessary, relevant or needed, this method might not be the best, as prospects will likely need more education about your services before they consider having any individual connection with you.
- PHONE CALLS – There are pros and cons of phone calls. First, it works better for some businesses than others. Second, the person might not be available to take your call. Third, it can take some extra emotional courage to call up someone you don’t know or don’t know well to have a conversation about what you can offer them.
- Will it work for your business? It will first depend on the type of business you have, but, more importantly what you say during the phone call. Most people don’t like to be called randomly by sales people.
- I recommend taking a more subtle approach. Call someone and let them know your name and what you do and ask if they would be interested in having you send them some and email information about a particular topic. You can also tell them that you are not interested in “spamming” them and that they can opt out of receiving any more emails from you at any time. At first, they might be skeptical, but, if you don’t ask them for a sale, you just offer to send them some information and how it might benefit them and they agree, you just got your foot into the proverbial door. Take it slow, one step at a time and it could lead to a sale in the future and/or a referral.
- EXCLUSIVE REFERRAL GROUPS – These types of groups have been proven to be EXTREMELY EFFECTIVE at generating new business for members. They do require a significant UPFRONT INVESTMENT; however, most people who join find that they are worth it. They tend to make money money off of the new clients
For more information and to register in advance, click here: https://gtapreneurs.com/networking-events-in-toronto-2/
*Determine If You Have a Relationship-Based Business That Would Benefit From Attending a Networking Event.
These are the types of business owners who typically attend networking events.
- Financial Advisor/CFP/Mutual Funds/Segregated Funds
- Insurance Agent – Life/Health
- Investments Advisor – Stocks/bonds
- Mortgage Broker
- Bank Representatives or other business lending businesses
- Real Estate Agent
- Lawyer – Family law
- Lawyer – Litigation
- Lawyer – Other/Legal Service
- Lawyer – Real Estate (Occasional)
- Lawyer – Corporate law (Occasional)
- Lawyer – Estate Planning (Occasional)
- Lawyer – Immigration (Occasional)
- Lawyer – Personal Injury (Occasional)
- Digital Marketing/Website design and hosting
- Business Coach/Consultant
- Software development/programming
- Other IT solutions
- Promotional Products/Printers
HEALTH & WELLNESS
- Life/Wellness/Spiritual/Intuitive Coach
- Nutritionist/Nutritional Supplements
- Fitness Trainer/Yoga
- Physical Therapist (Occasional)
- Acupuncturist (Occasional)
- Chiropractor (Occasional)
- General Contractor/Handyman (Occasional)
- Interior Designer/Staging
- Essential oils/Aromatherapy
- Travel Agent
- Photographer (Occasional)
- Sport/Rec facility (Occasional)
- Telecom – phone/internet/TV (Occasional)
These types of business owners would benefit from attending networking events:
HEALTH & WELLNESS
- Massage Therapist
- Naturopathic Doctor
- Wellness spa owner
- Roofing company
- Electrical contractor
- Plumbing contractor
- Eaves and Windows cleaning
- Homemade Candles
- Homemade Soaps
- Homemade Furniture
Networking (i.e. Meeting new people at events) is essential for relationship-based businesses, especially when they are first starting out.
Hopefully, you will get to the point in your business where you are living off of referrals, so you don’t have to go out to events, but, eventually you might need to freshen up your new prospect roster, so attending business networking events is a great place to start.
If you’ve never been to a networking event or it’s been awhile, it can be daunting. You walk into a room, with likely a bunch of strangers; then you’re supposed to just start talking.
But, how do you approach people, especially when they are already engaged in conversations with other people.
What is the best way to start a conversation; then keep it going, with the objective of gaining new prospects for your business?
What should you do before the event to prepare yourself?
Should you ask people at the events to go out for coffee with you or should you wait until later?
How long should you wait before you follow-up?
What is the best follow-up method?
I will answer these and many more questions which will help you be successful at acquiring new business from attending networking events.
The best way to be successful in business is to evaluate it yourself!
There are many programs that may print out automatic reports of your finances, which is great. But, I also recommend adding in Sales Activity Tracking so you can see how your efforts turned into the results you saw.
If you notice that you do not do as well as you wanted for a particular month, look at the sales activities you engaged in for that month and make modifications to your goals for those activities to see how they will affect the outcome for the next month.