Mastering the ‘elevator pitch’ in 8 steps

Have you ever asked a businessperson what he or she does for a living and regretted posing the question?

Of course you have. We all have. That’s because one of a few things happens.

• He goes into a longwinded explanation that does nothing to enlighten because it’s too unfocused.
• She gives an elliptical response that makes it obvious she hasn’t really thought about what she does.
• The answer is so brief and non-descript (I’m a consultant) that it’s impossible to assess the relevance to you and businesspeople you know.

Let’s instead examine a classic, real-life elevator pitch reported by a Harvard Business Review white paper years ago.

In 1994, Barnett Helzberg Jr. was walking by the Plaza Hotel in New York when he heard a woman hail Warren Buffett. Helzberg approached the legendary investor and said, “Hi, Mr. Buffett. I’m a shareholder in Berkshire Hathaway and a great admirer of yours. I believe that my company matches your criteria for investment.”

“Send me more details,” Buffett replied. A year later, Hertzberg sold his chain of more than 140 diamond stores to Buffett.

Helzberg’s elevator pitch was obviously a reference to an opportunity rather than an explanation of what he did for a living. But the outcome demonstrates the power of his clarity and brevity.

By definition, the elevator pitch is a 30-second description of your business or business opportunity. It gets its name from the brief time it takes for an elevator to travel a few stories.

So your objective is clear – deliver a clear, concise message that makes your case in a manner that impresses the recipient. Done correctly, your elevator pitch will demonstrate you know your business and are an effective communicator.

You will know immediately if you’ve created a compelling elevator pitch by paying attention to this simple litmus test: Are the people you pitched captivated enough to ask questions? Are they looking to add meat to the bones of your statement?

An elevator pitch, by nature, leaves out the details and paints a big picture with broad strokes. It’s up to the ensuing conversation to evoke fuller disclosure. Ultimately, do they want a follow-up meeting with you? Do they end up doing business with you?

There are many factors to take into consideration when crafting and delivering an elevator pitch. So let’s turn to an expert on the subject for some guidance. Milo O. Frank, the author of How to Get Your Point Across in 30 Seconds or Less, makes some of the following recommendations:

1. Keep it to 30 seconds. The 30-second timeframe is key because it’s based on the human attention span. That is why radio and TV commercials typically run just 30 seconds.
2. Understand your objective. It might be to get funding, a job, a new client, a budget item approved. Make sure the words you choose coincide with your objective.
3. Know the subject. Can you describe your business or objective in one sentence? If so, you’re well on your way.
4. Speak with clarity. Don’t use jargon or other esoteric terms. People won’t connect with that. Use simple language because it promotes clarity and humanizes you.
5. Know the audience. Target the right people. If you’re looking for $500,000 in funding don’t waste your time approaching a venture capitalist whose minimum investment is $5 million.
6. Find a hook. What about your 30-second pitch is going to really grab your target’s attention? Nothing accomplishes this objective like telling a person how they stand to benefit.
7. Use analogies. A company that was using search technology to help people find music on the internet described itself as “a company that does for music fans what Google does for information junkies.” That analogy not only explained what the company does for its customers, it also made an allusion to a potentially giant financial opportunity by bringing Google into the conversation.
8. Pay attention to presentation. Speak at a normal, clear tempo. If you speak at the rapid-fire pace of a telemarketer trying to get the message across before the other party hangs up the phone, you’ll sound like an amateur. If you have a relevant pitch, people will take 30 seconds to listen.

And don’t feel that you must fill 30 seconds. You might not need that much time. A shorter elevator pitch could be more effective. Barnett Helzberg’s pitch to Warren Buffett didn’t come close to 30 seconds and it resulted in the deal of a lifetime.

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