When you own and run your a business, you need to be able, to concisely describe your product or service at the drop of a hat to anyone who may seem interested in investing, partnering or provides an opportunity for the promotion of your business. To accomplish this every entrepreneur should be equipped to make a successful elevator pitch.
What is an Elevator Pitch?
Wikipedia defines the Elevator Pitch as “a short summary used to quickly and simply define a person, profession, product, service, organization or event and its value proposition” The term itself is derived from the idea that your pitch should be short enough to capture attention in the time taken in a typical elevator ride – between 30 seconds and 3 minutes. A perfect elevator pitch should make your recipient utter those three words” Tell me more”
Tips to make a Great Elevator Pitch
• Be Concise: You need to convey all the relevant details of your company- what you do, whom you do it for, and why the person you are addressing should care in a short amount of time
• Practice makes perfect: Rehearse your pitch by yourself , with a colleague or a family member to make sure you are able to capture the essence of your company and convince the person listening to sit up and take notice
• Be Confident: Treat every elevator pitch as your last chance to really put across what your company stands for. You will have to convey this confidently to inspire confidence in your venture
• Try to Connect: Whether you are addressing a potential investor or a consumer, attempt to connect with their core beliefs or perhaps discuss pain points that they face that you can overcome. Ensure that you communicate that you understand their situation and that you are the best solution to their issues
• Know yourself: To make the best of an elevator pitch you need to know what your standout selling points are- what puts you head and shoulders above the competition
• Add a personal touch: The person you are speaking to has probably heard hundreds of pitches but what can make you stand out is a personal anecdote or back story that is memorable and this will also pique further interest in your company
• Customize your pitch based on your audience: The adage “one size doesn’t fit all” as never been truer. Remember to keep your audience in mind when you give your pitch. What one person might find interesting may be dismissed as boring or irrelevant by another. Also as you continue to talk about your business you will be in a better position to gauge what points hit the right notes and what fall flat. Remember to do a quick review after each pitch and hone your points to make it stronger each time
• Keep your Pitch Conversational: Nothing can turn a person off quicker than an automated machine like pitch. You may have made your pitch a hundred times but make sure that to the person who is hearing it – it sounds fresh and new.
A great way to ensure that this happens is to keep your pitch conversational. This also allows the person you are pitching to feel more comfortable and not like he/she is being put in a tight corner. Remember and work on these key tips and hone your elevator pitch to make it “Pitch Perfect” when you finally approach an investor or consumer.