The elevator pitch is an essential tool in every salesperson’s toolkit. The exercise of having to clearly and concisely explain what you do to somebody while riding in an elevator with them is excellent training. It forces you to “draw quickly” with your value proposition, and make the best first impression right off the bat. It will come into play every time you meet a new prospect, attend a networking function, and schmooze with new friends at a party.
Here’s my elevator pitch.
“I help brokers and advisers solve a major problem: how to take advantage of cross-selling opportunities to their clients when they don’t have the expertise or the time to sell the products themselves.”
Here are five reasons for why I find it to be very effective. If you can incorporate these basic elements into your own pitch, you will give it a lot of punch. My own practice is based on the distribution of life insurance, disability insurance, long-term care insurance, and fixed annuities; nonetheless, you can adapt it for your own products and services.
1. My pitch shows I am a problem solver. That is exactly what I am paid to do: solve problems. This is true for all of us in the financial services industry: we sell solutions to our clients’ financial problems, through products, strategies, and/or advice.
Since I work with fellow brokers and advisers, my pitch is directed to them. But, I say the same thing to consumers. I think it enhances my prestige when they know that I am a professional who helps other professionals.
2. My pitch also emphasizes that I solve a major problem – not just any problem. We each face all sorts of problems every day. Some are big, some are medium, and some are small. Not every expert can solve every problem. I am an expert who can solve a big problem. Therefore, I can deliver exceptional value.
3. I identify the problem quickly: how to take advantage of cross-selling opportunities. This is a dilemma we all face. The fact of the matter is that our clients have multiple product needs. When we sell them the product in which we specialize, it’s only natural to want to sell them products to meet their other needs. Many times they ask us for this help.
4. But I also show that I realize there’s a problem in doing this: many times, we don’t have the expertise or the time needed to sell these additional products. We have chosen to be a master of one craft, as opposed to a jack of all trades and master of none. Or, if we have developed the capability to deliver multiple products, we don’t always have the time or inclination to do so.
5. Note that I illustrate several reasons for why a broker or advisor may have this problem. It could be lack of expertise, but it could also be lack of time or inclination. In actuality, we don’t take advantage of cross-selling opportunities for any number of reasons. Simply by naming two, I get my prospect thinking about them, and perhaps any other reasons for why they are leaving money on the table.
So how exactly do we get that sale? This is what I get my prospect to think about in the fifteen seconds it takes to deliver my elevator pitch. Such is the power of that sales tool.