Factor Marketing – Perfecting the Elevator Speech

Quick! Tell me what you do in two to three sentences. The elevator speech is a cornerstone marketing component for developing accounts receivable factoring clients.

Like with most businesses, the elevator speech is a brief commercial describing your services that can be used when contacting customers in person or by phone.

Here are five key elements of any successful elevator speech:

  1. Personal and Business Name
  2. Services Offered
  3. Who benefits
  4. What’s In It For Them (WIFT)
  5. Duration of 30 seconds or less

This introduction assumes there is a limited amount of time, like an elevator ride, to describe what you can offer. When putting the components together, a factoring consultant elevator speech might sound like the following examples:

“Hello! My name is Tracy Rewey with Diversified Investment Services. We help companies generate cash by purchasing outstanding invoices. We specialize in saying yes when the banks say no. Please contact us if you or anyone you know can benefit from an advance on their accounts receivable.”

“I’m Joe Smith owner of Cash Flow Solutions. We supply something every business needs – money! We provide cash advances on slow paying invoices. Rather than waiting 30 days for payments, our clients have immediate access to funds to meet payroll, pay bills, take advantage of supplier discounts, or expand their business.

The elevator speech should be customized to your individual style and the types of clients targeted. Be sure to spark interest and finish by handing the person a business card kept handy in a jacket pocket or an outside compartment of a briefcase.

Practice makes perfect so recite in front of a mirror and practice on family or friends. Once you have the elevator speech mastered you’ll be ready to use network marketing to develop clients that can benefit from accounts receivable financing.

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