Posted on May 18, 2020
How to create the perfect elevator pitch
What is your name and what are you doing? It’s a casual question but in fact, this is a really important opportunity, not only to introduce yourself but also to create new business. Make sure you always have your elevator pitch available.
The market of pharmaceutical raw materials might look boring. The products are chemical structures and all companies look the same. However, the reality is far from this. Especially in this market you and the service of your company is what’s making the difference.
Now, let’s say you are trying to sell your APIs and you are looking for new customers. The first step in building a relationship that (hopefully) will have a new business partner as a result, is a pitch. The real game is also limited with time. That’s why it’s called an elevator pitch. But even if you are not limited in the time it’s not really a good impression if you take 30 minutes to explain all the things your company is doing.
No matter what the situation is, you must be able to sell yourself in 1 minute. It has to be a great pitch! Especially when you sell APIs or Excipients, your products are quite similar to the products of your competitors. You must leave a mind-blowing impression. The person you are talking to has to remember you. This is how your elevator pitch should look like.
When talking to someone, keep in mind all they want is to find someone who can make their life easier. They have a ton of problems, and your job is to help them resolve at least some. The first step in gaining trust is showing an understanding of their situation. Talk about what bothers them, for example: When a purchaser has a great contract with a supplier of an API: Good price, always a fresh batch and all paperwork is fine. But, the supplier is always late with the delivery without communicating well, the purchaser is not feeling convertible at all with his current relationship. Find that sweet spot when they will think: “I feel safe talking to this guy. He understands my problems, he knows what it takes to get results, and he might save me a lot of money and time with his expertise/ service/ product.”
Don’t be afraid to augment the problem, but be very careful not to minimize it! Even if prospect’s problem is not a challenge for you (because you are that good at resolving it), don’t break the illusion it’s a significant obstacle. Instead, prepare them for the discovery of their life.
Remember, we are all humans, and we all need someone who will say: “I understand how you feel, I can take care of that, let me help you.”
What’s in it for me? Offer the solution.
Understanding the prospect’s problem is just one part of the successful pitch. Talking about how exactly you can help and connecting with him or her is a whole different thing. Let’s put it this way- your prospect needs Ramipril for example, and you sell Ramipril. But that is not enough to close a deal. Everybody sells Ramipril! But, are other suppliers also able to unburden the customer? That’s where you can make the difference. How can the prospect benefit if he or she buys from you, in other words: What is your added value?
Prove you can do it! Call to action.
Point out to previous experience, references, and success you had in similar situations before. Having a list of clients that can endorse your skills is an excellent persuasion tool. Your prospect might find some of his relations or big names on the list which brings you closer to a deal. Everything you do leads to only one thing- a close. Trade is all about building a relationship. Let’s put it this way: You go to a nice place and meet a nice guy or girl, talk for two hours, laugh, have fun, enjoy the evening, at some point realize you like each other, and in the end, you stand up and walk off the table. Without asking for a phone number or asking about the best time for the next date, the whole evening will end up there- at a great start that has no chance to turn into something unique and rewarding. Close the deal! Call to action (visit our website, schedule an appointment, sign the contract, or in the case of a guy or a girl - ask for a phone number).
Last but not least, avoid jargon, say only the most important things and practice your elevator pitch. Good luck!
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