The bad news is he/she says, "Okay, you've got two minutes to show me what you've got!"
What do you do? Do you start talking a mile a minute and try to compress a half hour presentation into two minutes? Do you skip the entire presentation process and ask for an order?
It is unlikely that either of these strategies will work. You simply do not have enough time to position the value of your product in the customer's mind. In this scenario you have to read between the lines to hear what the prospect is really saying. The translation of, "you've got 2 minutes" is, "Don't waste my time." It is unlikely that the customer really has to be somewhere in 2 minutes, he is just saying that is the most time I'm willing to waste.
The key in these situations is not to get flustered, to stay calm and collected. When you get the two minute warning, you're job is to engage the customer and make him think, "This guy/gal might have something to offer after all. It can't hurt to listen to what they have to say." If you can use a question, a testimonial or make a statement that gets the customer thinking, you will get the time you need to properly present your product.
As with most things in life, it pays to be prepared. Thinking about what you're going to say before the clock starts ticking greatly increases your chance of staying in the game long after the 2 minute buzzer has sounded.
Thanks for reading.