Chala Dincoy is the CEO and founder of Repositioning Experts, and as someone who helps B2B CEOs fix up their elevator pitches, she’s an expert on creating the perfect message to make the most sales. Now, she’s here to share her One Big Tip for finding your sales niche and bringing in the most money with your elevator pitch.
Chala’s formula for an elevator pitch that works is simple: it should include who you help (if you do B2B sales, this is the industry you’re selling to. If you do B2C, it’s your interest group), what problem you solve for them, and what you do to solve the problem. This should be the most expensive and painful problem these businesses or individuals might experience because that’s what they will be most willing to pay for a solution to.
Chala says you should offer this concise elevator pitch any time your prospect is in front of you and asking what you do. This can be in person, or it can be virtual, which is more common these days– situations you may find yourself in lately, like virtual networking over zoom and virtual conferences, are the perfect opportunities to present your elevator pitch. Although 3 out of 4 business owners never get asked for their card after giving their pitch, a good one that follows Chala’s formula will always end with someone asking you for a way to talk to you, a meeting, or a business card. Perfecting your pitch is all about niching down and making sure you’re heard over all the other noise at these sorts of events.
Chala says that 70% of people purchase based on pain, while only 30% will make a purchase for improvement. This means that offering a solution to improve someone’s life won’t be nearly as effective as offering a solution to save someone’s life, she points out. That’s why it’s vital to niche down on an interest group and find the biggest pain point there. Then, use that as your hook. Chala offers a process for finding the most effective interest group and pain point: Start by writing down every interest group you can help and every problem you can solve for each one. Then, rate each one on a scale of 1-10, first based on your personal fit for these groups and issues based on your background, interest, and skill set; then based on how much money you could make by solving each problem. After you add your scores up, the next step is to actually talk to someone from those interest groups to check if your evaluations were accurate.
What is their most painful problem? What would they pay you to solve it? What would need to happen for them to hire you? Chala has found that even this research and information gather often results in sales. The key to this is offering a strategy session at the end of each conversation. During this strategy session, you can have a more in-depth conversation about the specific pain you’re addressing and what would happen if that pain is never solved, as well as the cost of not realizing the vision this pain is holding someone back from. Finally, you can offer your solution for that problem– Chala says you should “position yourself as the vehicle between pain and pleasure,” and that it will always end in a sale.
To connect with Chala and gain access to tons of training, programs, and interviews with B2B CEOs, join her private Facebook group and B2B CEO society at repositioner.com/society.