Published: 2021-07-01
Views: 545
Author: Editorial
Published in: Sales & Marketing

An elevator pitch, also known as an elevator speech, is a succinct, powerful summary of what you do and why it matters to customers or investors. This article looks into how to write an elevator pitch.

What is an Elevator Pitch?

An elevator pitch, also known as an elevator speech, is a brief statement intended to pique the interest of investors, potential customers, and other key stakeholders in your company.

It explains what you do, why you do it, how you're different, and why it's important to the listener in simple terms.

All of this should be accomplished in 30 seconds or less, which is typically the length of an elevator ride or the amount of time people have to introduce themselves at networking events.

Elevator pitch and entrepreneurs

An elevator pitch for entrepreneurs should present your business or project in such a way that it attracts attention and piques the interest of the listener enough to say, "Tell me more."

Your elevator speech shouldn't be a sales pitch or a rundown of all your company's capabilities.

A 30-second laundry list of your company's capabilities will be about as appealing as all the disclaimers that announcers scurry through at the end of commercials.

Tips on how to write an elevator pitch

To write an elevator pitch or a speech, the first step is to figure out what questions your elevator pitch must answer to be successful.

Depending on the situation and the reason for your pitch, you'll ask different questions and provide different information.

Write out the answers to the questions below to help you focus your thoughts. At this point, don't worry about the length of your responses.

Your goal here is to gather the information that you can use to create pitches for various audiences.

However, keep in mind that your responses should be tailored to the self-interests of your listeners, not your own.

What's your name?

Whether you're pitching investors or potential customers, the first thing they'll want to know is who you are and how involved you are in the project you're about to present.

Not only your name and title, but also relevant information such as your years of industry experience, accomplishments, or other relevant information should be written down.

What kind of issue do you deal with?

Explain the problem you're solving, who the problem is for, and why it matters. Use terms that are simple to comprehend.

Remove the phrases like "end-to-end solutions" and "groundbreaking transformative technology." Buzzwords and jargon don't explain what you do, and they turn off listeners.

What is the significance of resolving this issue?

What is the impact of your product or service on those who use it? What impact does it have on their lives, businesses, or the environment when they use it?

Unless you emphasize the importance of the problem and the relief your product provides, what you do or how you do it won't have much appeal.

What Is the size of your product or service market?

In your industry, what specific niche do you fill, and how big is that niche? If you've created a new tool for appliance repair companies, investors aren't going to like the fact that the appliance repair industry is worth $5 billion.

They'll want to know how they'll make money if and when they invest in your business.

They'll want to know how many appliance repair shops there are, how many of these tools they'll buy, how often they'll buy it, and how much money they'll make (as the investor).

Your market size won't matter to your listeners if your elevator speech is aimed at attracting new customers rather than investors.

Customers will be interested in how your product or service will help them expand their market, serve more clients, cut costs, improve safety, or achieve other important objectives.

What distinguishes you from others?

Wherever there is a need, there are almost always several options for meeting it. What makes your solution better than existing products or services?

Generic statements are also unlikely to attract new customers. If you're giving an elevator pitch to customers, they'll want to know how you differ from your competitors and why that difference is significant enough for them to switch from their current provider or way of doing things to your solution.

What action your listeners should take as a result of what you've said

Although your 30-second elevator speech isn't technically a sales pitch, it is one. It should be written in such a way that it not only attracts attention but also informs listeners of the desired action.

What to say depends on the situation and who you're speaking with

 To make the most of each opportunity, make a list of all the situations in which you might be able to talk about your business, and then make a list of what you hope to accomplish as a result of that interaction.

Put yourself in the shoes of the listener for each version. In just a few words and in terms that will matter to the listener, summarize your answers to each of the questions you answered above.

An investor will want to know how strong the demand is and what reasonable expectations for a return on their investment are.

Refine your summaries after you've summarized the answers for each version of your pitch, making sure they're clear, concise, and compelling enough to elicit a "tell me more" response.

Keep in mind that you should be thinking about how the products will be used and how that use will benefit your listener greatly.

Once you've perfected each pitch, run it by people you know who don't know much about what you do. After you've given them your pitch, ask them to explain what you're selling and why people should buy it.

Rework the pitch if they don't seem to "get" the importance or understand what you do.

References:

Business Knowhow