Monday, September 16, 2013

Pitching: The Elevator Pitch and 6 Successor for E-Pitch

Elevator Pitch - was originally introduced in this world in 1853 by Elisha Otis. The designed of elevator back then is not much different from the theory of Archimedes which using pulley. The problem with this design is when the rope got cut-off which might cause in fatal or the damage of whatever inside the elevator. Otis invented a patent to safeguard the elevator when the rope fails, a brake activate to prevent it from falling down.

Have you ever seen deals secured
in an elevator these days?
But the problem during that time, people are still skeptical about it. So Otis decided to conduct a demo in one conference. He demonstrated the elevator going down from top. While explaining (or pitching) in the elevator, he cut-down the rope. Everyone is panic - but the magic happened. The elevator did not fall down. There it goes the first elevator pitch in the world.

Elevator Pitch

In many sales courses, the instructor will introduce to you the elevator pitch. The idea of elevator pitch is when you came across someone, how are you going to promote your product and services within a very short period of time. Maybe 1 minute or 2.

In one of the course that I attended, Sales and Leadership Mastery (back in 2010), Blair Singer who is also Kiyosaki's Rich Dad's advisor shared with us the e-pitch technique. What do we need to do in our e-pitch?
We need to establish our credibility.
How?

4 things:
1. Time
2. Numbers
3. Results
4. ABC - Always Be Closing

Time
How long have you been into this business. The longer you are in the business, it will establish a good credibility.

Numbers
How many customers you have. How many people you help. How many of your products already in the market. How many of your branches exist in this world. Subjective, you should pick the one that help in building your own credibility.

Results
What are the results of your product? It helps people on becoming what? Remember - your product should be a solution to a problem.

ABC
Ask questions to close your sales.

How do I do that?
Example: For the pass 10 years, we have established our transport business. We have 45 total of transport for rent and we have served more than 3,500 happy customers in providing good transportation for their personal and business needs. As a result, people have save more money by renting our competitive rate car and take away the headache of maintenance. Would you be interested to know more about this?

Does this sounds good?

Yes it does. But however, the world is changing. The technology and culture is changing. Traditional sales doesn't work nowadays for 2 reasons:
1. 50 years ago you can only meet the CEO in the elevator. Nowaday, the technology make you easy to connect with people. Email, twitter, facebook etc.
2. Information overload - according to McKinsey Global Institute, on average people nowadays will hear or read approximately 100,000 words a day. Question: Which one will stick into our brain?

The strategy is to build rapport and trust before you start selling anything. In the past, difficult to find a solution because not so many companies offering the same solution. You need to browse through the Yellow Pages to find a solution. Hence, once you introduced, people will start to remember your products.

But now? Do you go to some stranger who you previously know offering a product? Or you start to google to see if there is any nearer, cheaper and easier for you?

To Sell is Human
Daniel Pink
Daniel Pink in his book - 'To Sell is Human' shared the 6 successor of E-Pitch

1. One Word Pitch
Introduced by Maurice Saatchi and Charles Saatchi (Founder Saatchi and Saatchi, and Saatchi). He introduced the "One Word Equity"
What will come into your mind if I'm talking about the technology and I said the word "Search"
Which credit card will you associate with the word "Priceless".
If your answer is "Google" and "Mastercard" you have demonstrated the One Word Equity.
This is what introduced by Saatchi as Brutal Simplicity of Thought

2. Question Pitch
Question makes people think. Instead of giving a statement, ask a question.
During the election campaign, instead of saying, the economy is getting worst for the past for years,
President Ronald Reagan asked a question of "Are you better off now than you were four years ago?"
The same message but different impact.

However becareful of using questions. A research in Ohio University have find out - 'When the underlying argument were weark, presenting in interrogative form had a negative effect.' In other word, if you are asking "Why pay more?" You need to make a damn sure that you are selling cheaper than anybody else. Or else it will give you the negative impact.

3. Rhyming Pitch
Rhyme created a psychological effect in our brain. Rhyme can enhanced reason. What actually happened? Rhymes boost what linguist and cognitive scientists called Processing Fluency. It stimulate our mind to process the input.

Do you remember poem that rhyme? Pantun such as:
"Dua Tiga Kucing Berlari,
Mana nak sama si kucing belang,
Dua Tiga boleh ku cari,
Mana nak sama cik adik seorang?"
How come you remember those? Some of my friend don't even remember their school anthem despite singing it every week for 5 years during the school assembly. Do you still remember you school anthem?

4. Subject-line Pitch
Subject-line or headline. Email is also a pitch. In a news paper, what determine you read the whole story? The headline right? If we have a weak subject-line or headline, do you think people will open your email? Out of so many emails that you received, how many actually did you open?
Question: What makes you open that email?

In 2011, a Professor from Carnegie Mellon University did a research, what make a certain subject lines a more effective than others. The conclusion was - "Think Out Load Method"
People will most likely open an email if it falls into these 2 categories:
1. Utility
2. Curiosity

Utility - If the thing is useful. This message should be straight forward, and people that resonant with it will open.
Example: The new Proton Suprima with the cheapest price in town.
If you are looking to buy a new car or know more about Suprima, most likely you will open the content.

Curiosity - Mysteriously Intriguing. This message provide some curiosity to the opener.
Example: The latest breakthrough innovation in driving experience.
People are curious, what car is that. They will open to find out more.

5.  Twitter Pitch
140 words or less. The success of twitter pitch is to engage recipient and encourages them to take the conversation further. In 2011, researchers from Carnegie Mellon, MIT and Georgia Tech did a study on "microblog content value." They come into conclusion of only 36 percent of tweet is worth reading, 25 percent as not worth reading and 39 percent is neutral.

Type of tweets that have the lowest rating falls into:
i. Complaint - "My plane is delay again today."
ii. Me Now - "I'm eating a Tuna Sandwich."
iii. Presence Maintenance - "Good morning everyone"

Avoid this 3 types of tweet and try to ask question for your tweet. But read back content no. 2 for better questioning.

6. The Pixar Pitch
Pixar create a great story and each story they've created is a huge success.
Did you know that they made it into a simple template? And it goes like this:

Once upon a time.....
Every day, .....
One day .....
Because of that .....
Because of that .....
Until finally .....

For more information:
http://www.pixartouchbook.com/blog/2011/5/15/pixar-story-rules-one-version.html

Summary:



Want to know more?
Go to the link below:
http://www.danpink.com/pitch/