Build a Compelling Elevator Pitch for Your Business
The term comes from the concept that you might find yourself in an elevator with the perfect prospect, investor, etc., and only have the time of the journey to entice them about what you do.
The first thing to know is that, when crafting an elevator pitch, you have to write it down. And you will revise it multiple times before you are done. You should also say every new version out loud because it is supposed to be a verbal pitch and has to flow properly.
Second, the target length can vary but most experts suggest an elevator pitch should be no longer than 30 seconds. Third, you will have to customize your elevator pitch for specific audiences, but there are certain elements you should include for an effective elevator pitch.
- Address the problem or pain that your business addresses.
- Follow up with how your solve it.
- Detail who has this challenge (i.e., the target market).
- Explain how big the market is for the solution.
- Stress the main benefit you provide.
- Figure out what makes your company different.
- Make it exciting.
The goal is to intrigue and engage, versus telling someone all there is to know about you. You can’t be everything to everyone so determine your niche and go for it. You should also have a hook (e.g., you could ask a question, “Have you ever felt held back by lack of time and wished you could clone yourself so you could get everything done, when you want it done, the way you want it done?”). Think about why you are in business and what gets you motivated and out of bed in the morning. That should be included in the elevator pitch. Another point to consider is your specific qualifications to solve the problem and/or the people behind your business such as prominent investors, board members, associations or business partners.