Learn how to Grasp the Elevator Pitch and the Nutshell Resume
A lot of you should have heard of an elevator pitch, which is mainly a brief abstract of what you do that may be rapidly deployed upon an unsuspecting third social gathering earlier than they even know what hit them. Mainly, it’s a fast hearth gross sales pitch.
Actual property investor Dave Lindahl notes that an elevator pitch must comprise three issues that it’s essential to get out in a 30 second time frame,
- Who you might be. (Attempt to discover commonality if potential.)
- What you do.
- How one can profit them.
Lindahl invests in flats via syndications the place he brings on passive buyers to place up the down fee after which break up the fairness. So the elevator pitch he makes, at the very least when speaking to a fellow Bostonians, is as follows,
“Hello, my identify is Dave Lindahl, I’ve been residing in Boston for the previous 30 years. I’m an actual property investor and I put money into rising markets all through america. I usually give my buyers the next return on their investments than they will get in different monetary autos.”
I’d positively suggest placing collectively such a pitch whether or not you might be on the lookout for personal loans, wholesale offers, listings, and many others. However even with such a fast and concise assertion, it could actually nonetheless be a bit awkward to make such a pitch. That’s the place the “nutshell resume” is available in.
The Nutshell Resume
The nutshell resume comes from an incredible little ebook by Liel Lowndes referred to as Learn how to Discuss to Anybody. The ebook incorporates 92 suggestions for properly, speaking to anybody. They embrace issues like “by no means a unadorned metropolis.” For this tip, when somebody you’ve simply met asks you the place you’re from, don’t simply say the town or state however give some attention-grabbing truth about it. That piece of trivia will be the springboard for a dialog which may in any other case have stalled.
So for instance, I’d say, “I dwell in Kansas Metropolis, the town with extra fountains per capita than some other metropolis on the earth besides Rome.” (This will or will not be true however we prefer to say it regardless.) I might even have stated one thing about how now we have the most effective barbecue joint on the earth, or we’re well-known for jazz, or how Harry Truman grew up in Independence (a suburb of Kansas Metropolis) or how the Las Vegas and New York mob bosses use to satisfy in Kansas Metropolis or no matter.
However with reference to elevator pitches, the nutshell resume is a custom-tailored response to that oh-so-common query “what do you do?” An elevator pitch is an efficient factor to have on the prepared for if you’re giving a presentation or properly, in an elevator speaking to somebody about your enterprise. A nutshell resume acts extra as a name and response. As soon as you might be requested “what do you do” you reply along with your one sentence nutshell resume. If what you do will help that particular person, you might be successfully asking for his or her enterprise in a really pressure-free manner.
As Lowndes describes it,
“Simply as job-seeking high managers roll a unique written resume off their printers for every place they’re making use of for, let a unique true story roll off your tongue for every listener. Earlier than responding to ‘What do you do?’ ask your self, ‘What potential curiosity might this particular person have in my reply? May he refer enterprise to me? Purchase from me? Rent me? Marry my sister? Turn into my buddy?
“Wherever you go, pack a nutshell about your individual life to work into your communication bag of methods.” (Pg. 96)
She then offers some examples of fundamental job titles folks could blurt out when supplied the “what do you do?” query,
martial arts teacher
hairdresser” (Pg. 94)
These responses all fail. Identical to the “bare metropolis” you don’t wish to go away your job title “bare” both. Right here’s how Lowndes brings them to life,
“Don’t say ‘[real]property agent.’ Say ‘I assist folks transferring into our space discover the correct dwelling.’
Don’t say ‘monetary planner.’ Say ‘I assist plan their monetary future.’
Don’t say ‘martial arts teacher.’ Say ‘I assist folks defend themselves by educating martial arts.’
Don’t say ‘beauty surgeon.’ Say ‘I reconstruct folks’s faces after disfiguring accidents…’
Don’t say ‘hairdresser.’ Say ‘I assist a lady discover the correct coiffure for her explicit face.’” (Pg. 94-95)
If nothing else, the extra vigorous response will improve the percentages of the dialog taking off as an alternative of turning into painfully awkward, as such conversations have the tendency to do.
However furthermore you might be describing your profession in a manner which may profit that different particular person. And you might be doing so rapidly and at their invitation. So in her first instance of the true property agent, if that agent simply occurs to be speaking to somebody who’s seeking to transfer or is aware of somebody who’s, it’s extra of a name to motion. Your dialog accomplice will seemingly assume “hey I would like that service!”
Concerning actual property funding, a flipper would possibly say when requested to explain her job “I purchase dilapidated properties, repair them up and resell them.” Different instances, nonetheless, folks may not even know easy methods to do enterprise with you in the event that they wished to. We use personal loans to purchase properties and repair them up, earlier than renting them out and refinancing them with a financial institution (the BRRRR methodology). If I simply say “I purchase actual property, repair it up then lease it out” that received’t sign to a possible personal lender something. Most potential personal lenders don’t go round pondering that they’re potential personal lenders.
Alternatively, if I say “I borrow cash from personal lenders at eight % curiosity to purchase homes, repair them up after which lease them out” I’ve gotten my level throughout. If they’ve cash sitting in a CD incomes zero.three %, I’ve simply mainly stated they need to lend it to me as an alternative.
Certainly, a number of of our lenders have come from informal conversations with them about our enterprise the place we weren’t even making an attempt to make a gross sales pitch in any respect.
Successfully, this methodology makes a pitch in a particularly low-pressure manner and does so frequently to many various folks. And as Lowndes notes, you possibly can alter your nutshell resume relying on what sort of particular person you’re speaking to. However simply by repeating these pitches typically, you dramatically improve the percentages of operating into somebody who could wish to lend you cash or promote you a home or is a superb contractor or no matter.
This methodology will assist you take full benefit of networking and put your advertising on autopilot.
Do you will have an uncommon or inventive strategy to promote your enterprise?