A worksheet to create an elevator speech

There’s a story behind this post. A few weeks ago, someone posted a request for advice on elevator speeches on an industry bulletin board (LMA Listserv). I replied that if she wanted a copy of the elevator speech worksheet I use in coaching, she should email me. I’ve made similar offers to this group before, and usually get 3 or 4 takers. This time, over 60 people asked for a copy. Then a client saw the item and asked if we could develop an elevator speech workshop. (We did.) Here is the worksheet I sent out.

When you meet potential clients at a convention or a networking event, you often have very little time to catch their attention and create a good first impression. A strong elevator speech will help insure that you get a chance to create a second impression. The basics are explained on page 146 of my book Legal Business Development: A Step by Step Guide: “The only goal of an elevator speech is to get people to say, ‘Tell me more.’… (This section of the book can be downloaded from the free resources section of our web page.) The best elevator speeches are built around a value proposition which includes not just your capability but also your competitive advantage, and some memorable facts.”

This worksheet will help you to create and improve your “elevator speech,” a 5 to 30 second introduction to you and your firm.

Step 1: Define your audience.

If you network at several types of events, you will need different elevator speeches for each, adapted to the people at the event. The elevator speech you use at a conference of venture capitalists should be at a much higher level of sophistication than the one you use at a fund raiser at your daughter’s school.

Step 2: Review your web page, brochure, and press releases and select a few compelling statements about your firm and/or your personal background.

Examples:

“We represented creditors in the Pacific Gas Electric bankruptcy, one of the largest in US history.” (Milbank)

“We have over 3,300 lawyers in 19 countries.” (Clifford Chance)

“In the last 20 years, we have argued over 60 Supreme Court cases.” (Sidley Austin)

“We represented Credit Suisse First Boston and their partners in financing Oracle’s $9.5 billion acquisition of PeopleSoft.” ( Shearman & Sterling)

“We have the largest IP practice in the world” (Fish & Richardson, according to a September 2006 survey by Managing Intellectual Property)

Step 3. Add a short and succinct value proposition.

A value proposition goes beyond your capability to summarize your impact on clients’ business needs.

Example: The capability statement for a labor law firm might say: “We have represented the five largest unions in the state for over 50 years.” While this establishes credibility, the value proposition takes it one step further by spelling out the implication for clients: “The depth of our experience allows us to identify key issues in contracts, and prevent problems before they occur.”

Step 4. Write something about cost.

You don’t want to use this all the time, but you should have something ready.

Examples:

We offer the same quality of services as large downtown firms at a fraction of the cost. (Many of our partners came from those firms.)

Some of our competitors focus on short-term cost and offer lower hourly rates. We focus on minimizing long-term costs by avoiding problems before they occur.

We specialize in “bet the company” cases, where the legal fees are a tiny fraction of the cost of winning or losing.

Step 5. Pick the three most compelling statements from your list above.

The first is your basic elevator speech, the information you always start with. The second and third can also be used when you have more time.

Step 6. Test and improve.

Try it out as often as you can. Enhance the parts that people respond positively to; drop the parts that don’t work. Prepare stories and evidence to back up your claims.

For a freedownloadable file of this worksheet, and for a more basic reference on elevator speeches, go to the Free resources section of our web page.