Any conscientious vendor machine owner understands the importance of developing that perfect elevator speech. A persuasive speech can make the difference between growing your business and stagnation. Figuring out your elevator pitch requires a systematic approach and careful thought along with practice. Great salesmen don’t simply walk into a situation without a game plan.
Developing your elevator pitch is one of the hardest things you will ever have to do for your company. However, once you nail down the specifics, you can begin to build your vending machine business and bring in profits. You may only have 30 seconds to explain and sell your product, so make sure your elevator speech is to the point, persuasive and effective. The elevator speech is the key to getting that crucial first meeting to expand your business.
Create an outline for each of the elements of your speech can greatly improve your success. Your plan should have a basic outline that accomplishes the following goals:
- Create a pitch that fills a need.
- Resolve concerns and alleviate reservations about installing a machine.
- Talk about your company's reputation.
- Accommodate the target audience and discuss consumer behavior.
- Discuss vending machine options.
- Practice makes perfect.
We will be covering the above six points in a series of blog post. You can click on the links to get to the rest. Let's talk about the first now.
Filling a Need
One of the first steps to developing your elevator pitch is to find out what your clients want from you. Obviously, you know that you sell products available from a vending machine, but why would a school or business want to install your machines on their property? Before you can expand your business, you need to be able to convince your potential clients of the value that can be gained by installing a machines. Along with filling a need for a client, you must also assuage any fears the client may have. Paying attention to your prospect can help you to ascertain any reservations they may have.
The trick for showing how installing a vending machine will fill a need is to go beyond the obvious. Catch their attention in your very first sentence by telling them something they did not already know. Everyone knows that a vending machine dispense products like snacks, sodas, lottery tickets and consumer products, so don’t waste time telling your prospective client what they already know. The moment you start telling them what they know, you lose their attention and the contract is likely already lost.
Instead, focus on how a vending machine will increase value for their company. Start with a leading question, such as, “Were you aware that a vending machine can increase consumer spending and confidence in your company?” When your client answers, you can begin a conversation about how a vending machine can keep a customer in a store longer by providing food and beverages without having to leave the lot.
Each business that you approach is going to have different needs. A law firm may want a vending machine in the lobby, or may have concerns that a vending machine could look tacky. You need to develop a different elevator pitch for each company you plan to approach. While many of the same points may be the same with each company, you should tailor your speech to the specific industry you plan to target. For example, if you were targeting a law firm, you could state that installing a machine make your clients feel at ease and help relax anxious clients waiting in the lobby.
Before you can start talking about your company, offer a discount or discuss the merits of why a vending machine is good for business, you need to get the clients attention. This can be accomplished by telling the potential client something they didn’t already know. It opens up their curiosity and instantly puts you in a position of authority, since you provided an insight into the vending machine business that clearly sets you apart from other vendors.
Create a one sentence question or statement that makes their ears perk up and listen. When completing this stage of the sales pitch, create five possible opening sentences. Then, bring in four to five of your associates and give the pitch. Pay attention to how they respond and ask for their feedback. Watch for nonverbal cues. If their eyes glaze over or they appear uninterested, keep searching until you find the opening line that captures their attention. Don’t underestimate the importance of the opening sentence in your perfect elevator speech.
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