Your Elevator Pitch Keeps You Ready for Unforeseen Opportunities (and those you expect)

Imagine for a moment you're attending a business conference and you suddenly find yourself in a one-on-one encounter with one of the “Sharks” from the popular TV show Shark Tank. Imagine further that, after you greet them, they happen to ask what you do for a living. Would you have a quick, clear answer ready to go? What if you had a solid new product idea and were the conference looking for an investor? Here you are, with one of the most curious angel investors in the country right in front of you and, without your elevator pitch ready to go, you have to wave goodbye and look for an investor elsewhere.

That is a missed opportunity. Will you be ready next time?

Granted, the scenario described above is unlikely for most of us. However, in business and life, unforeseen opportunities do crop up from time to time. There are also expected meetings where you may have a chance to promote yourself and your business. While they won’t all be opportunities to “cash in” with shark-like investors, they could easily lead to new projects or referrals.

Being ready at all times, by developing and memorizing your elevator pitch, just might be the best tool you can carry with you every day.

Merge Your UVP and USP into Your Elevator Pitch

Now that you’ve spent hours sweating over your Unique Value Proposition (UVP) and Unique Selling Proposition (USP), we’re going to ask you to invest even more of your precious time and mental energy to create your elevator pitch.

Again, let’s define our terms. An elevator pitch is a “short, yet effective speech should be the most stellar speech that you can give to promote your company, your expertise, and your purpose within your industry.” (ClearVoice.com)

In other words, if we go back to the Shark example and put you in an elevator with one of them, could you clearly describe your business, your vision, and your goals in the 45-90 seconds it might take to reach their floor?

THAT is why we call it an elevator pitch. It’s a tool you can use to generate interest in what you do without taking up too much of the other person’s time.

“Your elevator pitch is a way to share your expertise and credentials [as well as your vision] quickly and effectively with people who don't know you.” (BalanceCareers.com)

It works whether you're looking for a job, seeking a business partner/investor, or trying to turn a prospect into a client.

Why You Need an Elevator Pitch

Why are they important – and effective?

An elevator pitch is especially effective when you're talking to a stranger or new contact who asks, “What do you do?”

“In situations like these, you need a short, snappy, easy-to-grasp explanation of your company and its products [or services]. The person you're speaking with might turn out to be a perfect fit – or know someone who is.” (HubSpot.com)

However, to be clear: “An elevator pitch is never an opportunity to close a deal. It's an opportunity to close more of your prospect's attention and time. It's a quick introduction to you, your company, and how you can help your prospect.”

You need to think of your elevator pitch as an attention-getter. It should be engaging and friendly, without trying to “make a sale”. Rather, your goal should be to generate interest and to get more of your prospect’s curiosity, time, and attention.

According to HubSpot, your elevator pitch should include:

• Who you are

• What your company does

• Your unique value proposition

• Your unique sales proposition

• Your vision

If you can do all of these things in 30-45 seconds (or 90 seconds max), you are sure to get their attention and generate interest. Once you create a pitch you think is worthy of use, you’ll need to read and re-read it, then edit the pitch. Then, you’ll want to practice it incessantly, in front of others, and a mirror, until you have it memorized but can deliver it as if you’ve never said it before.

You want your elevator pitch to flow, to seem natural and off-the-cuff, rather than rehearsed and/or overused. Keep it fresh. Make it pithy. Always make sure it accurately reflects what you do.

Ted remains available for business consulting support to interior designers and furnishing store owners. With more than 25 years' experience in the luxury furnishings industry, he can answer questions about everything from general marketing to specific tips for developing a unique selling proposition and your UVP as the foundation and guides for your marketing strategy… Get in touch with TD Fall today.

Developing a Unique Selling Proposition as The Foundation for Your UVP

Should we have offered this information about developing a unique selling proposition (USP) before our post about creating your UVP? Maybe, but then, where would the mystery have been – the burning question we left you with that got you to come back and look for more?

Pretty sneaky, huh? (Sorry, not sorry!) LOL

You see, this is all part of our strategy to hook you on our series of posts on marketing your design business more effectively. We figure that, in the face of the pandemic and its eventual aftermath, a return to marketing basics has value for you and we hope to be able to provide that. Of course, if you need more individualized attention, Ted is available for business consulting support to interior designers and furnishing store owners.

Now, onward and upward…

What Your USP Says About Your Business

Once again, we need to define our terms for you:

“A unique selling proposition, more commonly referred to as a USP, is the one thing that makes your business better than the competition. ... Your USP plays to your strengths and should be based on what makes your brand or product uniquely valuable to your customers. Being ‘unique’ is rarely a strong USP in itself.” (Shopify.com)

Yeah, that unique thing they mention is taken care of when you create your UVP, right?

Now it’s time for some cool graphics! (YAY!)

First, let’s just get our heads around the basic concept of what a USP really is. This graphic, borrowed from TractionWise.com, illustrates the concept in a clear and simple way:

For a more detailed look at the issues your USP must address effective, we borrowed this graphic from Medium.com:

As you can see, both of the images present an area where your offerings best meet the needs of your prospective client, while avoiding areas of risk or similarity.

When you develop your USP, you avoid areas of similarity with your competition because there is nothing unique to offer in your UVP. Areas of risk are avoided for the obvious reason that you may actually push your prospects toward your competitor by mistake.

In other words, the whole point of developing a unique selling proposition is to figure out and proclaim how you are different from your competition – not to mention BETTER.

Why It Matters

You see, while it may seem counter-intuitive, it’s a simple fact of life that not every owner knows what makes their business unique, different, and better than their competitors. Frankly, some of it is just ego talking (“If it’s mine it MUST be better!”). But, more often, it’s a combination of lack of time, energy, and knowledge.

By this, we mean that, often, there is just too much to take care of for a single entrepreneur to be able to get it all done alone. Something has to give and, too often, it winds up being market research into the competition. That lack of knowledge can make developing your USP and UVP more than a time-consuming chore; it can make them completely ineffective.

That’s why it matters so much because of the time and energy you invest in this kind of work must have a solid return. So, set aside whatever time you need to get them done right.

Again, Ted remains available for business consulting support to interior designers and furnishing store owners. With more than 25 years' experience in the luxury furnishings industry, he is able to answer questions about everything from general marketing to specific tips for developing a unique selling proposition and your UVP as the foundation and guides for your marketing strategy… Get in touch with TD Fall today.

Hey There Goldilocks, Is Your UVP Too Much, Too Little, or Just Right?

Does your UVP cover everything from ABC to XYZ? If so, you're likely struggling to make ends meet.

Ok, now you're wondering just what the heck we’re talking about, aren’t you? Oh, nothing too important, just your Unique Value Proposition. Or, you know, the answer to why prospects should want to work with you!

Now that we have your undivided attention, let’s quickly define some terms so we can get to the meat of the matter. Sound like a plan?

What is Your Unique Value Proposition?

What is UVP?

“Also known as a unique selling proposition (USP), your UVP is a clear statement that describes the benefit of your offer, how you solve your customer's needs and what distinguishes you from the competition. Your unique value proposition should appear prominently on your landing page and in every marketing campaign.” (Unbounce.com)

Or, even more simply:

“A unique value proposition (UVP) is the core benefit or solution that differentiates your product or service from the competition and positions it as the best possible option on the market.” (CoSchedule.com)

So what do these definitions have to do with our opening question about “everything from ABC to XYZ”?

There is a tendency among entrepreneurs and small business owners to try to be all things to all people. After all, the thinking goes, whether you're trying to build or grow a business, you need more clients and, the best way to get more clients is to broaden your menu of services, isn’t it?

BUT, and here’s where that kind of thinking tales you – there’s no real value proposition to excite prospective clients there!

You see, your UVP should answer the question, “Are the unique features of this [product/service] worth the price?”

If it instead boasts the fact that you can do everything anyone could ever conceive of wanting from you (which is impossible, BTW), it offers no real value relative to the cost for the client. And, when all is said and done, clients buy VALUE, not your all-in-one fantasy menu.

Think a graphic will help? Here’s one borrowed, with thanks, from the folks at Omniconvert.com:

How’s that for adding clarity?

Where to Go From Here to Develop Your UVP

The website Dummies.com offers some excellent guidance for the next steps when developing your unique value proposition:

“Famed business author Neil Rackham believes a value proposition consists of four main parts: capability, impact, proof, and cost. You could have a strong selling proposition, but a weak value proposition.”

This model, the Value Proposition Builder, creates six stages for value proposition analysis:

• For what market is the value proposition being created?

• What does the market value the most – the value experience or the customer experience?

• What products are being offered?

• What benefits will the customer derive from the product?

• What alternative options exist?

• What evidence substantiates your value proposition?

“The unique selling proposition combined with the unique value proposition shows how marketable [your services] can be. It isn’t enough to be unique; you must be unique in a way that creates the perception of good value to the customer.” (emphasis added)

From this list, it’s easy to see that the most important feature of your UVP should be placing the emphasis on benefits and value. Or, to put it a simply as anyone can, make sure your UVP answers the client’s #1 question, “What’s in it for me?”

In these confusing times, Ted remains available for business consulting support to interior designers and furnishing store owners. With more than 25 years' experience in the luxury furnishings industry, he is able to answer questions about everything from general marketing to specific tips for developing your UVP as the guide for your marketing strategy… Get in touch with TD Fall today.