Archive for the ‘Branding & Marketing’ Category

Every week as @SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat.  The show takes place every Wed on Twitter from 8-9pm ET.  This is excerpted from my recent interview with Barbara Lopez @Brightfarm who is President of Brightfarm Introductions.  Her company originally started out as a video production company specializing in writing :30-second and :60-second commercials. In 2008, she turned her process for writing videos into a simple process for creating elevator pitches.  For more details www.brightfarm.com.

Smallbizlady:  What is an elevator pitch?

Barbara Lopez: It is your verbal commercial.  Usually 30 to 60-seconds.   It’s designed to effectively answer the question, “What do you do?”.  The term was coined years ago as a business term.  It originated as the time it takes someone to ride an elevator and “pitch” what it is that you do to someone else.  Other common terms are elevator speech or networking commercial.  Nowadays, there are MULTIPLE places to use an elevator pitch, not JUST in an elevator. Obviously it’s used mostly in networking situations.  But really, your elevator pitch is the VERBAL commercial that you’re going to use about yourself every single day, which you’re going to share with every single person you meet.

Smallbizlady:  Who needs an elevator pitch?

Barbara Lopez: I truly believe that EVERYONE needs an elevator pitch.  Think about how often we’re all asked, “What do you do?.”  It’s a very common question, especially in social situations.  People ask that question because it’s a good way to get to know someone. It’s a safe place to start a conversation.  In that case, I think everyone needs one.

Smallbizlady: Why is it so important to have an elevator pitch?

Barbara Lopez: It’s crucial for business owners, entrepreneurs, and anyone looking to promote their business and career to have an elevator pitch.  After all, “when your mouth is OPEN, so is your business.”  “And when your mouth is CLOSED, so is your business.”  That means, if we want people to know that we’re open for business, we need to TELL them.  We can’t just assume that people know that we are. An elevator pitch is the perfect tool to do just that.  Everything in business STARTS with a bright introduction.  It’s your verbal commercial that you use in introducing yourself to every new person you meet. It could be in a professional networking situation.  Or in line at the grocery store or post office.  Or at a social event.  You never know when you might be talking to your next customer.

Smallbizlady:  What are the key benefits of having an elevator pitch?

Barbara Lopez: It gives us an opportunity to start out with a GREAT first impression when meeting someone new.  Has this ever happened to you?  Someone asks, “What do you do?” And your mind just goes…..blank?  Having an elevator pitch saves us from those types of awkward or embarrassing situations.

When we have a polished and professional elevator pitch, we also set ourselves apart from our competition in a BIG way.  It’s one thing just to say, “I’m a realtor”.  But it’s more important to tell more to engage conversation.  Being able to clearly and concisely describe what we do allows us to show that we are truly professional.  We’re not fly-by-night business people, but that we can easily explain what we do.  We can get the other person’s attention MUCH easier. We are respecting their time by being concise.  It’s a conversation starter.

Smallbizlady:  What are some common mistakes professionals have toward elevator pitches?

Barbara Lopez: Not knowing what to say. Resulting in “flying by the seat of their pants”.  Which is never the best impression. Also, thinking they have to list everything that they have to offer.  That’s not the best thing to do, because it can be overwhelming.  Some people also get anxious when it comes to pitching to entire groups at once.  Speaking to a group in a round-robin scenario is basically public speaking.  And that can add a lot more pressure or anxiety.

Smallbizlady:  What are some goals people should strive for when it comes to their elevator pitch?

Barbara Lopez: It’s best to keep these four in mind:  1)  Be clear and concise.  People want to know what you do in the shortest amount of time possible.  2)  Make a great first impression.  Deliver it well, so that the person continues the conversation.  3)  Stand apart from your competition.  Don’t just be pegged as someone in your industry.  Be the best in your industry.  4)  Attract them to want to know more.  Again, it’s just a conversation opener, so have a call to action to move the conversation forward.

Smallbizlady:  What are the critical components of an effective elevator pitch?

Barbara Lopez:  It basically boils down to 4 key points that other people WANT to know about you.  1)  What problem or pain point you solve for people.  2)  How you solve it.  3)  Why you’re different from your competition.  4)  How they can learn more about you and/or your service or product right away.

Smallbizlady:  Is it really that simple?

Barbara Lopez: Yes.  The key is to focus the elevator pitch on YOU and not so much on  your company/product/or service.  You want to position yourself as the expert or specialist when it comes to the problem you solve.  In networking, people want to connect with people, not businesses.  So it’s important to introduce yourself as the person to go to when they have that problem.  Or when someone else has that problem.

Smallbizlady: Where are some places professionals can use their elevator pitch?

Barbara Lopez:  Most people think it’s strictly for networking.  But there are so many other places you can use it.  Especially since it’s such a concise message about what you do and offer.  You can use the whole elevator pitch or even just parts of it in other areas of your marketing.  The back of your business card is great.  That way you’re sending people off with your pitch after they’ve just met you.  On your outgoing voicemail message.  That builds confidence when people call, to know you’re going to help with that specific problem.  On your website – especially your About page.  In your social media profiles.  As a starter for a sales letter or introductory email.

Smallbizlady:  What is the biggest piece of advice you can give professionals who don’t have an elevator pitch?

Barbara Lopez: Be prepared.  Take some time to focus on at least a 30-second elevator pitch.  You’ll feel much more comfortable and confident at networking functions.  And in your daily travels.  It can make a huge difference in the first impressions you’re making.  After all, you never know when you might be speaking to your very next customer.

Melinda Emerson, known to many as “SmallBizLady,” is a Veteran Entrepreneur, Small Business Coach and Social Media Strategist who hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs.  Her first book Become Your Own Boss in 12 Months is out in March 2010.

Every week as @SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat.  The show takes place every Wed on Twitter from 8-9pm ET.  This post is excerpted from my recent interview with @SandyAbrams author, of Your Idea, Inc. and CEO, Moisture Jamzz, Inc. founded in 1993 around her signature moisturizing glove product. Sandy built Moisture Jamzz, Inc. from scratch into a company grossing millions without a business degree.  For more information log onto http://www.yourideainc.com.

Smallbizlady: After you have researched the competition, if you still feel that your product has enough merit to compete, how do you move forward?

Sandy Abrams: You need to bring the product to life!  The first step to make it real is to move it from your head into reality. Draw it, write its description, write down who would want the product and why they will want/need it.  What solution is it providing?  Somehow when you take pen to paper, it makes it real and then you have something to work with.  It’s tangible now.

Smallbizlady: Now that the product seems “alive,” how do you actually know the marketplace will welcome it?

Sandy Abrams: Do your own market research. Talk to local store owners (you don’t have to give away your complete idea. You can talk in abstract form). Talk to friends and family; get feedback. Talk to those who like and/or use the marketplace’s current product and ask them if they would rather have your type of product. You may get some interesting constructive criticism that you can implement.

Smallbizlady: Would it help to go to an industry trade show at that point?

Sandy Abrams: Yes, I think it would help to walk a trade show within that industry and see what is happening, what the buzz is.  You will be exhibiting at this show at some point, will you be able to compete, stand out enough?  You can read the trade papers, always available at the trade shows.  In the trade papers you may find some sources for manufacturing.

Smallbizlady: If after all the research and marketplace investigation you feel your product is still needed, what’s next?

Sandy Abrams: You need to think about Intellectual Property Issues.  That is protecting your product with patent (if necessary), trademarks and possibly copyrights. You need to think about what you want to name your product, your company, your website and look into “owning” them with patents, trademarks or copyrights.

SmallBizlady: How do you know what kind of protection your product will need?

Sandy Abrams: I have some examples in my book, Your Idea, Inc. Personally, I find IP (intellectual property) very interesting! My husband is a trademark lawyer and he has taught me the importance of protecting your product.  A great starting point full of information is www.uspto.gov. That website is very informative and user friendly.  I also recommend a consultation with an IP attorney once you have learned the basics. Protecting yourself in the beginning makes your foundation for business solid.

Smallbizlady: When would you recommend actually setting up the business?

Sandy Abrams: After you have done all of your market research, IP research and think you will be moving forward to a manufacturer. Then its time to set up your business and market your product.

Smallbizlady: What exactly do you do first to set up the business?

Sandy Abrams: You need to take care of 2 things right away: a DBA form, aka Doing Business As or fictitious name.  So that you business has a legal name, so you can open a bank account and conduct business under that name. This information needs to be published in newspapers for a few weeks before you will receive your official documentation.

Smallbizlady:  Once you have the DBA and can conduct business, what’s the second thing?

Sandy Abrams: You need to get a resale license. This license will allow you to purchase materials for your product at the wholesale level and resell them to retailers so that they can sell them to consumers.  Once you have both the DBA and your resale number you are a legal business entity and can buy and sell.  I recommend services like LegalZoom.com to handle these forms for you. It saves a lot of time and they are reasonably priced services.

Smallbizlady: Once you are officially set up with those issues, what’s next?

Sandy Abrams: You need to set up your office so that you look like a real business.  You want to look just like a business that may have 10 employees, not just yourself.  With today’s technology, this is really simple, fast and not too costly.  You need to get yourself a business phone number, fax number and voicemail.  I recommend eFax and eVoice services. Set up even a basic website for now, even just with your contact information.  Just something to add credibility.  Get some business cards, letterhead. With these things in place, you can communicate professionally and have the façade of being a big business.

Smallbizlady: How do you know if what you are doing is the “right” thing?

Sandy Abrams: There is no right or wrong way on this journey.  Every entrepreneur took a different path to the marketplace, and you will have your own unique path based on your own research, connections and life experience.  That’s the beauty of being an entrepreneur, there are no set of rules to follow, no requirements to join “the club.”  You will learn as you go.

Smallbizlady: Do you have any final advice?

Sandy Abrams: Don’t get overwhelmed in the beginning stages, zoom into the smaller picture and take small steps.  It makes it more manageable and soon enough you will see tangible results and feel confident in continuing to grow.

Disclosure: I was sent 3 books to review and give away on Twitter in advance of this interview being conducted.

Melinda Emerson, known to many as “SmallBizLady,” is a Veteran Entrepreneur, Small Business Coach and Social Media Strategist who hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs.  Her first book Become Your Own Boss in 12 Months is out in March 2010.