How To Prepare The Perfect Elevator Pitch

Tim Wesley

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Alejandro Cremades Contributor S.H.O.C.K. Strategic Marketing Newsletter

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 The ability to create an effective elevator pitch can make all the difference as a startup entrepreneur. What’s the formula for crafting a quick pitch that can take you to the next level?

Having heard dozens, if not thousands of pitches by entrepreneurs over the past few years, I can tell you that there a lot of cringeworthy ones, and a few that really blow away investors to the point they attract instant engagement.

As I mention in my book, The Art of Startup Fundraising, to fully appreciate the value of a good elevator pitch, you’ve got to look beyond just how it can set up an investor meeting or open your live presentation when out there fundraising for your startup.

An elevator pitch can be instrumental in earning the opportunity to pitch in the best places, start relationships with key co-founders, vendors and team members. It can keep you invisible, or win the help of powerful influencers. So, how do you craft a perfect pitch for propelling your venture?

Recognize You Need More Than One Elevator Pitch

Before you get frustrated trying to condense everything you want to say about your business into just a few words, know that you’ll be best off with several versions of your elevator pitch.

Stanford graduate and mentor at 500 Startups, Elliot Loh poses the following simple formula for crafting an elevator pitch.

We solve [problem] by providing [advantage], to help [target] accomplish [target’s goal].

Of course, startup life means you’ll be meeting and talking to many people in a wide variety of scenarios. It may be running the office mascot in a local park, huddling around the Keurig in your coworking space, networking at a big tech event or tradeshow, pitching from the sidelines during a pitch night or literally in the elevator.

Everyone you meet may play a different role in the ecosystem. Each has a different need, or way they can help. It’s your job to convey how you can solve their problem and be of service to them and everyone in their circle.

Be prepared with different pitches for potential investors, influencers who can help you get your product noticed or make introductions, and for others who may just become power users themselves.

Prepare Different Lengths of Your Pitches

How long is an elevator ride anyway? Are you riding to the new observation deck in the Empire State Building, or just two floors to a house party? Are you using this at a structured networking event where you have a couple of minutes dedicated to presenting yourself? Or do you just have five seconds to make sure a major angel or VC rep overhears you as they walk by?

Having several lengths of pitches can ensure you are always successful in getting your message across, without any embarrassing silences, or mumbling to race the words off of your tongue.

Keep it Simple

There may be situations in which you should be using industry tech terms. Tailoring your language and word use can definitely help with connecting. However, in the majority of cases you want your pitch to be incredibly simple. Cut the jargon and fad words. Make sure the average person with no knowledge of your industry gets it.

Numbers and analogies can also help transcend these differences. Via Techrepublic venture partner Rui Ma says “Experienced investors are looking for data they can use to benchmark you against other players in the industry," and "For less experienced investors, provide the numbers but also provide context.” For example, “We just add 300,000 new users last quarter, which was more than twice the pace of Facebook.”

The elevator pitch could also be a good way to ease your way into the content of your actual pitch deck. In some instances you may want to lead with your elevator pitch and then walk the prospective investors through your pitch deck guided by the questions the investor may ask you. If you need some help with your deck, I recently covered the pitch deck template that was created by Silicon Valley legend, Peter Thiel (see it here) where the most critical slides are highlighted. Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400M (see it here)

Know Your USP

Make sure to highlight what is unique and different about your product, service or company. You need to be different in order to deserve attention.

Have a Hook

It is insanely easy to gain opportunities to deliver your elevator pitch. Just ask someone what they do. They’ll almost always return the favor.

Just don’t leave it there, with a flat statement or declaration. Ending or following up with a question is a great way to keep the conversation going, get them engaged, and take things to the next step.

Be Prepared to Answer Questions

Be sure you’ve also thought of the questions you are most likely to get after delivering your pitch. If you are successful in gaining their attention, then you have to back up your big claim. How are you achieving this? How do you know you can keep it up? How are you really better than ‘XYZ’ competitor?

Practice Your Delivery

The elevator pitch is a multi-million dollar sentence or two. Maybe even multi-billion dollar string of words. It’s worth practicing. You can bet each of your favorite music artists invests in a voice coach. You favorite athletes spend hours rehearsing their most notable feats. Even the minimum wage phone sales person who keeps trying to cold call you has probably going through a lot of intensive training. Even Tony Robbins spends hours exercising his voice to speak to a crowd that has already spent thousands to hear him.

Don’t let this trick you into stalling on delivering your pitch or approaching investors. Do put in some thought, practice and even get feedback and hone it. You may even want to record yourself, listen and hone it.

The more you practice, the more naturally confident you will be. Then you can really inject your personality and passion into, versus just reciting some stale words from a flash card. Investment manager, Sanna Westmanat VC Fund Creandum reminds us that "As a seed investor we not only invest in the idea but also in the people," meaning "I want to know that they're super excited about this and they'll put in the work that is needed for it."

Conclusion

Most entrepreneurs aren’t letting themselves down with their elevator pitch because they don’t know their value proposition or who it is for. They just rush out a couple of lines to introduce themselves, and forget the importance of tailoring it in length and substance for the current context. Others just fail to keep it simple enough, aren’t prepared for it to actually work and turn into an opportunity, or simply haven’t practiced it enough. Crush these factors and the world is your oyster.

Critical factors of a powerful elevator pitch are the following:

• An elevator pitch is simply a quick introduction to your business
• Around 30 seconds long
• Sparks interest and response
• It’s clear
• It’s authoritative
• It is about them, not you
• Highlights your value, and what problem you are solving
• Introduces your uniqueness
• It’s relatable

Below are a few tips to make an impact with your pitch.

1. Role play your pitch with team members, friends and family
2. Record yourself, and tweak it
3. Go listen to other pitches and note what works, or not
4. Check out elevator pitch competitions (some offer up to $10k prizes)
5. Document it in your mobile phone, so you won’t be at a loss for words
6. Practice, practice, practice until it becomes natural

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STARTUP TIPS FOR BUYING USED ITEMS

If you are like most startups, you have a bit of a problem saving money. Now, this isn’t your fault, as the revenue and income levels simply haven’t kept up with the your costs. As a result, many startups have to try and save money or spend less wherever they can.

One great way to save some money is to buy used items instead of new in order to stretch your dollars each month. While everyone knows to consider a used car, there are many other things you can buy used that you might not have thought about. And for a startup, you need to conserve cash.

Used doesn’t always mean bad, but it can. As a result, it is a good idea for you know a little about buying used before you end up wasting your money. This article is going to take a closer look at a few different tips for buying used items of all different kinds.

Know What to Buy Used and What Not To

While buying used can definitely save you some money, you shouldn’t be buying everything used. There are definitely some things you should try and buy new. While many will say to only buy “hard” items used (such as tables, coffee tables, vehicles, bookcases etc…) and buy “soft” items new (furniture and pillows), this isn’t always the case. For example, if furniture is cared for well and cleaned before you move it into your office, it can be a good way to save hundreds of dollars.

For a home item, it is a good rule of thumb for a lot of things as you probably don’t want to sleep in someone else’s old bed to simply save a little money. It is all about value and how much you weigh spending less money vs. the quality and experience you will get out of the item, costs versus benefits.

Do Your Research

This is arguably the most important thing to remember when buying used. If you buy used software or a gaming console, but it is only a tiny bit less money than buying new, you are probably better off buying new, as at least you know it is brand new. Without researching retail prices of goods, you could be spending more on used items than you should. Determining the costs of similar items will help.

Not only should you do your research to make sure you’re getting a good price compared to new or retail, but also to see if anyone else is selling something similar for less. Selling used goods is becoming a big business and thousands of people are using different websites to sell their items. As a result, there is a good chance someone else in your city is selling the same thing, so be sure to compare the prices before overspending when you don’t need to.

If You Have an Uneasy Feeling, Skip It

We have all had that “uneasy” feeling when buying a used item at one time or another. Whether you feel uneasy about the product you are buying, or the seller you are buying it from, it can be a stressful feeling. Instead of rolling the dice and still buying the item, more often than not, it makes sense to walk away.

Even if it is a really good deal, it might not be if the product isn’t as advertised or you get scammed. There will be other awesome deals, so don’t get too upset if you have to give up something that sounds too good to be true. Because if it sounds like that, it generally is.

In conclusion, buying used can be a very good way to save your startup money without sacrificing a lot of quality. If you follow the tips outline in this blog post, you should be well equipped to buy used without getting taken advantage of.

This weeks article by guest contributor.  

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Why You Should Focus on Your Strengths as a Business Owner

People always say to focus on your weaknesses, but as a business owner, focus on what you're good at instead.

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We hear a lot about taking our weaknesses and working on them until we become strong in those areas.

Unfortunately, trying to turn weaknesses into strengths might not be the best or most efficient use of your time as a business owner. Recently, I came across a philosophy that recommends you focus on your strengths, rather than wasting time on weaknesses.

As a business owner, it can be tempting to try to do all the things all the time. Or at least spend time getting better at things you think will help you advance your business. The reality, though, is that you might be wasting valuable time and energy trying to turn yourself into something you’re not.

Leverage your strengths

When I was introduced to the StrengthsFinder concept, I was intrigued. You don’t necessarily have to take the test (it costs money), though, to see that it makes a certain kind of sense to focus on your strengths, especially for business owners.

Rather than trying to be better at things you aren’t particularly good at, it makes more sense to focus on the things you excel at and leverage those into bigger results.

It’s kind of like using the Pareto principle for your own business efforts. You know that 20 percent of your effort is the basis for 80 percent of the results you get from your business. As a result, it makes sense to focus on the things you do well -- the things that are most likely to give you those results.

By focusing more on what you’re good at, instead of wasting time trying to do things you’re bad at (and having the poor results hold you back), consider building off your strengths. You’ll see a better outcome in the long run.

Outsource your weaknesses

I’m a huge fan of outsourcing. I find that outsourcing the things I’m bad at (or just don’t have the time or energy to do) frees up the ability for me to focus on more important things.

Look at the things in your business that you aren’t good at. Can these tasks be outsourced to someone else? Could someone else do them more effectively?

If the answer is yes, there’s no reason for you to be wasting your time on them -- especially if you aren’t very good at it.

Instead, pay someone else to take care of those tasks. If you don’t have the money from your business to pay to outsource all of the things you aren’t good at, start with the most tedious and time-consuming task. Once someone else is doing that task, focus your energy on building your strengths and using those to grow your business at a faster rate.

Another way you can focus on your strengths is to find a business partner who can complement you. The right business partner will have strengths that offset your weaknesses. That way, you can both benefit from a growing business.

No matter how you handle your strengths and weaknesses, the reality is that your best results -- and better business growth -- will come when you focus on your strengths.

S.H.O.C.K. article By Miranda Marquit

 Quote of the Week: "The golden rule for every business man is this: Put yourself in your customer's place."  -Orison Swett Marden

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5 Things You Need To Improve Your Lead Generation And Grow Your Business

.H.O.C.K Strategic Marketing Newsletter.  Quote of the Week "Our work is the presentation of our capabilities." -Edward Gibbon

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Content is more useful than a lot of people realize. Too many companies spend time creating content but don’t do a whole lot to ensure that their content is useful and has an effect on their goals. Companies with this kind of approach aren’t doing content wrong, necessarily; they’re just not using content as well as they could (and, honestly, should).

The numbers back this up. Content marketing is used by the majority of marketers, but one of the biggest challenges for 61 percent of marketers around the world is generating traffic and leads. Your content is a perfect tool for this — but only when you've built a plan that works to use content for lead generation.

Content is versatile, and you can use it for many goals within your company. If consistently generating qualified leads is one of your goals, then here are five things you need to have in place in order to do exactly that:

1. An actual plan to use content for lead generation

To be able to use content for your lead gen goals, you need to have a crystal clear idea of how content actually works to attract, engage, and convert people in your audience. You can use the templates at www.shockmybusiness.com to generate leads with content if you need any help getting started.

Think about how you're encouraging your marketing and sales teams to talk to each other. Are they collaborating on content that speaks to the needs of your target audience? Have you laid out a clear path from one piece of content to the next that brings each visitor closer to conversion? Are you using all the content tools you have available — like your PR team, your blog, your email — to make this goal a reality?

2. Helpful, useful content

If the content you're creating isn't helpful to your audience members, they're not going to engage with your brand, let alone convert into a lead. Your goal should always be to help people with your content: address a pain point, answer a question, or help them get better at something.

You can do this with a variety of content, and content on your website and blog is a great start. But to really provide that extra education and help meet the needs of people who are coming to your site, consider producing longer-form, gated content, like reports, guides, and checklists.

Not only does this allow you to dive deeper and be even more helpful, but it also gives you the chance to collect valuable contact information about your audience members. The right gated content can reinforce your brand as a trustworthy resource and give you the chance to keep your audience members engaged over time.

3. Compelling landing pages

Now, if you've read any of my content or heard me speak anywhere, you've probably heard me say that your work isn't done once you produce a piece of content. That's true here, too. If you’re going to create gated content, then you're going to need landing pages. 

These are the pages where visitors trade their info for your content — so the stakes are pretty high. They're just as important as the gated content itself, so don’t get lazy when you're creating these pages. Create pages that compel visitors to take action, and ask for only the information you absolutely need to start effective follow-up communication.

4. Effective distribution and promotion plans

Of course, you can’t generate leads if nobody knows about the great content you’re creating. You need to get your brand and content in front of new people. Use any avenues you have to make this happen — share it on social media, contribute content to outside publications, invest in PR, leverage social promotion or Google Ads to promote the content. There are plenty of ways to get your content out there, so get creative.

5. Consistent contact and nurturing

One important thing to remember: Just because leads don’t show enthusiasm about your products or services right away doesn’t mean they won’t become customers at another time. Very, very few leads will be ready to buy right away, so make sure you've got a plan to keep your brand top of mind with those people.

Share content with them via personalized email campaigns, stay active on social media, and continue to be a resource for your audience members. Do what you can to build trust, and when they’re ready to buy, you’ll be the first person they call.

These five components are the building blocks for consistent lead generation with content marketing. Tailor each to fit your company and its needs, and you can start seeing your leads grow.

This article provided by John Hall the CEO of Influence & Co.

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This Company Forces Its Employees to Unplug and It Can't Stop Growing

You can have a company culture born of habits and happenstance or one that consciously aligns with your values and allows you to thrive. What's it gonna be?----By John Hall CEO and co-founder, Influence & Co

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Full Article: Culture is often overlooked when starting a business. You have to find customers, deal with growth, and tackle logistics, so culture isn't always at the top of the list. In fact, most company cultures form unintentionally out of personality and habits because, even though you know it's important, culture isn't paying to keep the lights on when you're just starting out.

But that's a mistake. Sure, you can grow your company without a strong culture. Uber did. But it's paying the price now, and new CEO Dara Khosrowshahi is having to course-correct at a time when he should be able to focus on upward mobility.

Companies that last are the ones that build strong cultures from day one. Culture plays a key role in growth and agility in a constantly evolving marketplace. It can unify employees around a common goal, help you stay on course during tough times, and allow you to pivot quickly in new directions when needed -- plus, it's crucial to employee retention.

Build Off Existing Cultures That Work

As you might guess, building something that's this essential to your company's future isn't exactly easy, and it definitely doesn't happen overnight. One way to start is by understanding who you are as a company and what you value; then find examples of other companies that share your values, so you can get a feel for policies and attitudes that might work for you, too.

A good example of culture driving success is Bandwidth, a communications platform as a service company. Based in Raleigh, North Carolina, it went public late last year and has since seen its stock steadily rise over 60 percent.

Like any company, Bandwidth is built around its founder, David Morken, who bootstrapped it over the first 10 years to a company of more 350 employees and a valuation over $630 million.

Every culture reflects its founder in some way. Morken values being active and unplugging for specific periods of time. The latter is somewhat rare, especially for a tech CEO, but his "vacation embargo" policy is one of the most progressive culture ideas in the country.

Align Your Culture With Your Values

Vacation time is mandatory at Bandwidth. You have to take it. The idea is simple: Bandwidth wants to keep its employees fresh and enable them to tackle challenges with new perspectives. That's hard to do when you're being pulled in a hundred different directions by notifications that always seem to demand your attention right this second.

One of the greatest challenges for organizations right now is focus. It's great you can now work from home or your favorite cafe or anywhere else, but that connectedness doesn't come without a price: We are constantly connected.

That's not a bad thing inherently, but it can be if you're expected to respond to an urgent email on a Saturday morning during your kid's soccer game or while you're on vacation. This constant, always-on state of connectivity leads to burnout. Consequently, it makes employees less motivated, less productive, and less excited to evangelize their own company.

No one wants to live like that. Morken, a father of six, said he values family time, so when he's on vacation, he can't be reached. Instead, he delegates responsibility and trusts his team. And every team member is afforded this same courtesy.

That's incredibly uncommon, especially for company founders, but the policy is strictly enforced because everyone in the company values it and would want the same in return. It's indicative of a culture of respect and trust, and it builds a bond throughout the organization.

Something to Remember ...

Unless you play an active role in building a culture that reinforces your values, then you're going to end up falling backward into reactive habits and processes that are going to be really hard to change down the road.

Your company is a reflection of you, so make sure your culture affords your employees the same things you'd want. The fastest way to lose trust and lower morale among your team members is to say one thing and then do another. Avoid that fallout by creating a culture that aligns with your values. The less you have to worry about fixing a broken culture, poor retention, and negative overall morale, the more you can concentrate on growing and thriving as a business now and in the future.

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