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Table of Contents

Lead Story

Diverse perspectives on end-to-end encryption

News

Industry Update

PPISC urges solidarity for security

Red Flag enforcement delayed

Minding merchants' identities

Economic indicators suggest cautious optimism

MasterCard interchange rates as of April 2009

Features

AgenTalkSM:
Bob Dickerson

Small business remote deposit capture: Will ISOs claim the market as they have done with credit card

Bob Meara
Celent LLC

Selling Prepaid

Prepaid in brief

A new passport for the corporate world

Loyalty is closed-loop gift card's 'second wind'

Control your destiny, manage your program

Views

Use checks to open new verticals

Patti Murphy
The Takoma Group

Education

Street SmartsSM:
Developing your elevator speech

Jon Perry and Vanessa Lang
888QuikRate.com

Ten ways to juice your business

Michael Dotson
Worksmart Media Group

Pitfalls to avoid in acquiring relationships

Adam Atlas
Attorney at Law

The POS trifecta

Dale S. Laszig
DSL Direct LLC

Look to the stars

Vicki M. Daughdrill
Small Business Resources LLC

Company Profile

Infinity Payment Systems

New Products

Flag and filter online payments

Advanced Fraud Detection Suite
Authorize.Net

Outsourced residual computing

EZPay ISO Portal
Company: ePayware Inc.

Inspiration

May the forgiving force be with you

Departments

Forum

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

May 25, 2009  •  Issue 09:05:02

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Street SmartsSM

Developing your elevator speech

By Jon Perry and Vanessa Lang

The term "elevator speech" refers to a pitch made within the time span of a typical elevator ride - one wrapped up before you, or the person you're talking to, gets out. An elevator speech is a brief overview of your product, service or, if you are looking for a job, yourself. It is between 90 and 120 words, dished out in 30 seconds or less.

Besides your business card, there is nothing more important than the elevator speech. It is clean and crisp, focuses on one topic and ends with a call to action. It sounds easy, and most business owners think they have a great 30-second elevator speech. But, truly, most fall flat.

Jeff Klein, of Klein Creative (www.kleincreative.tv), is a friend of ours and a fellow speaker. Jeff's forte is helping people develop 30-second elevator speeches. He has helped us learn and understand many of the art's finer points.

A second friend, who is also a speaker and a Senior Columnist at the Fort Worth Star-Telegram, is Dave Lieber (www.yankeecowboy.com). As we were developing our elevator speeches, we had an "ah-ha" moment.

Dave's writing and speaking style revolves around his proven personal philosophy that all people love stories. Dave told me over and over again, "If you want to be a good speaker and a good writer, learn to tell stories. Everybody loves stories, and stories are the bridge to human connections."

In this article, we will go through the steps of creating, refining and practicing your elevator speech in the form of a story, designed for a specific group of people, with a precise call to action.

Creating the foundation

The foundation of an elevator speech is on paper, not in your head. Start out with a pad of paper, not a word processor. There's magic to paper and pen. It has you feel the words as the pen is writing. Paper makes writing easy to scratch out, make adjustments or scribble thoughts you want stored for later use.

On a sheet of paper, jot down those times you have been a superhero to your customers. Maybe you had a merchant with a terminal down and had it replaced that same day, programmed and ready to go.

Perhaps a customer was nonqualifying many transactions, and you helped the individual understand the transactions and spent time showing your customer how to get those transactions into a qualified category.

Our goal now is to gather three to five of these success stories for our elevator speech foundation.

As Lieber says in his book, The High Impact Writer:

One story

Here's one of our sample stories.

Certainly other ISOs could have helped the dry cleaner mentioned in the story. But none were available that day or the previous three days. We differentiated ourselves by showing a sense of urgency to assist the merchant. We had the technical expertise to rebuild a server, as well as create the network paths and security protocols for the merchant's local area network.

Lastly, we spent as much time as required, ensuring the merchant was up and running before we left. Boiling down the differentiators in this story, we have the following sample adjectives or descriptors:

After you have three to five of these stories outlined, look for how you differentiated yourself from the competition. Find your adjectives or descriptors. Try to keep away from platitudes like the lowest price, great service or other trite comments that don't build a picture. Remember, you are creating a story.

Word crunching

In a networking environment, it is difficult enough to remember the names of the people in attendance, let alone what they do, what they are looking for and what represents - for them - a good lead. Our goal at a networking event, even if it is our first time in attendance, is to be memorable. Tomorrow, people may not remember our names or our business, but they will remember our story.

Pick out a business, association or group of professionals to target, and ask yourself before attending an event, "Are these target customers the type of people this networking event would draw?" If the answer is yes, then you're almost there.

Take the three to five stories you created and type them into a word processor. Ensure you have a hero (our company in the above story), villain (the cleaner's current processor and software company), a plot (from a sea of dry cleaning bags to mapping of network hard drives) and finally the climax and resolution (he was up and running by 9 p.m.).

In your word processor, break the story apart, ensuring the components of hero, villain, plot and resolution are all clearly present. Under the story, summarize your adjectives and descriptors. Do this for each story you write.

Also, Jeff Klein taught us to purge mention of selling to "anybody," "someone" and "you" from your elevator speeches. Be clear, distinct and unambiguous.

Putting it together

The three components we bring together are your target customer, the story and finally the call to action. They must be done in that order. Nothing follows the call to action.

Here's how it works. Imagine you are at a networking event. Approximately 30 people are present. They take turns telling people how great their widgets are and asking that "you" or "anybody" or "someone" should see them first before buying widgets. Oh, they have blue widgets, green widgets, small widgets and large widgets. The price of their widgets is the lowest anywhere. They'll beat any competitor. Sound familiar?

That's how not to do it. Here's an example of an effective 149 word elevator speech:

Edit on the fly

In a networking environment, if someone introduces us by name and company, then we remove our personal introduction. It's not only redundant to leave the intro in, but more importantly, it takes away valuable time from your 30 seconds. With some basic editing, we are able to reduce the 149 words to 97 words. If we work harder, we can shave a few more. It all depends on what you can safely deliver in 30 seconds. Here's the edit.

Notice that when asking for dry cleaners, we don't use the terms "you," "anyone" or "somebody." We have trouble getting our arms around those generalities. We know so many people, it's difficult for our brains to immediately isolate who "you," "anyone" or "somebody" might be.

But when we start small, such as a dry cleaner, people think, "Can they do it for an attorney's office? Or a dental office? Or for a convenience store?" We have asked for a specific type of business and allowed the recipient to transform it to the general. If we were to attend another networking event the following week, we might ask for hair salons and use a different story.

Warm, not cold

Also notice we asked attendees to write dry cleaners' names on the back of their business cards. Why? Because when we get back to the office, we will send e-mail messages to the people who gave us cards, thanking them for the referrals from the networking event. Furthermore, we will copy into the e-mail our 97-word elevator speech and ask them to forward the message to the dry cleaners, copying us on the e-mail.

When we call on the dry cleaner, either in person or over the phone, we are not strangers. We've had one of their customers, a family member or business associate connect us with them. It turns a cold call into a wonderfully warm one.

Remember, people love stories, and they remember them. Develop your stories first. Ensure they have a beginning, middle and an end, with a hero and a villain. From your stories, extract differentiators in the form of adjectives and descriptors. Edit your story down to 90 to 120 words. Memorize your stories and have them verbally flow with dramatic flair. Say absolutely nothing else after your call to action.

We want to know if this article helps you in your business. Please post to us (Street Smarts) on GS Online's MLS Forum at www.greensheet.com.

Jon Perry and Vanessa Lang are the owners of 888QuikRate.com, an ISO based in Ft. Worth, Texas, that was named Small Business of the Year by the local newspaper, The Star Telegram. For more information, tweet them at http://twitter.com/dfwcard, comment on their blog at http://merchantservices.cc or visit their profile at http://linkedin.com/in/jonperry or http://linkedin.com/in/vanessalang. Alternatively, you can contact Jon and Vanessa by phone at 817-857-3557 or by e-mail at jon.perry@888quikrate.com or vanessa.lang@888quikrate.com.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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