Looking for tips to develop a robust and incredible elevator pitch? A compelling elevator pitch is pretty essential for achieving your business goals and objectives. Whether you want to raise money from venture capitalists or angel investors, or just willing to hire a perfect team for your business, elevator pitch is the most important task.
Basically, an elevator pitch is a short description of an idea that depicts your business objectives and visions. To be more precise, an elevator pitch can be delivered in 60 seconds or less than speech, a pitch presentation, or even as a one-page overview of your business. The best way to create an elevator pitch is to plan an executive summary that provides a quick overview of your business and details why you are going to be successful.
Tips for building a winning elevator pitch in 6 steps
If you are really trying to build a winning yet incredible elevator pitch, then keep on reading this article. While crafting your pitch, here are some important considerations to take into account.
Accentuate your Strengths
As a matter of fact, today's market is bombarded with a similar type of products and services. If you are also stepping into the market to the products like phones, laptops, or any other electronic gadgets, you need to come up with a great solution that your target audiences have been looking for. Therefore, before embarking into the market, ask yourself-
- How is your offering different from others?
- Are your products/ services satisfying the need of your customers?
- Do you have a patent for your business? Does the patent match the already existing in the market?
Thus, find the answers to questions mentioned above and do the proper research work to avoid every hassle while launching your business. When it comes to identifying a product's unique selling features, each aspect must be carefully examined, and generally, the most effective elevator pitch is built on one single selling feature.
Describe the Competition
Every business has competition. Whether you are offering salon services, grocery, or even setting up an education institute, you will encounter several numbers of rivals. These rivals can have the same solution to what you are expecting to come up with. If you are stuck in this situation, then you should always have a backup plan. Like, convince your customers by saying that you have a proper solution for your existing problem.
Let's take an example to understand this situation properly-
The year 1886 is regarded as the birth year of the modern car. What do you think, what would be there, competitors? Obviously, at that period, people liked to walk and rode on their horses. Therefore, before even launching the cars in the market, they had thought about their rivals and the existing alternatives.
In fact, they had thought about what benefits their solution can offer over them. So, they convince the customers about the comfort zone, speed, or even prices over walking and riding horses. That's how they had come up with a revolutionary change!
That's why it is always advisable to describe your competitors in the elevator pitch. Mentioning your key differentiators from your competition is a great exercise and ensures that you are building a unique solution that customers will hopefully choose over other alternatives.
Share who's on your team
After describing your rivals in the elevator pitch, you need to share the description of your team members. Only the right team can execute and build a great company effectively. So, specify the ''team'' portion separately in your elevator pitch. And in this part, you should talk about why your business partners and you are the right matches to execute your idea and vision.
Moreover, why your skill-set is precisely needed to lead your company to success. It has always been said that a company's leadership team is far more important than the idea. Trust it; this is true! It doesn't matter how much great or unique solution your business has, if you don't have the right person on board, you won't be able to see it to fruition.
Share your Message
As soon as you are done with crafting your elevator pitch, the next thing you need to do is to find out how you can share your company's message all over the world. Brand awareness is paramount for every organization so that the customers should get an idea about your offerings.
Since the consumer attention span is quite short, it is less than one minute for them to get captured by their target audience's attention. Ultimately, it has been observed that the elevator pitch must be described briefly and to-the-point.
Your powerful pitch should include:
- Who are you?
- What is your business objective?
- What you offer
- What problems does your brand solve?
- How your brand is different from your rivals?
- A call to action for your customers
Include a Financial Summary
What about your business finances? For an incredible and powerful elevator pitch, you need to prepare a financial summary to avoid any financial issues. Well, you are not obliged to add a full five-year financial forecast. You can just illustrate your business model. For a great pitch, what's more, important is that you understand your business model. In this model, you should know who pays your bills, what kind of business expenses you are willing to have.
Complete all the Milestones
The final key step to craft a powerful elevator pitch is specifying your business milestones or every scheduled task. In this part, you will talk about your future goals or visions and how you are going to achieve them. And if you have accomplished one milestone, then it is important to mention that.
For example- If you launched a new mobile application, your potential investors will want to know how many milestones you have accomplished. To be more precise, what's the projected schedule for final approvals from the mobile companies? On the other hand, if you are thinking about opening a restaurant, investors will be curious to know about plans to sign a lease, design the interior, and open for business.
Tip- Practice makes perfect
As soon as you draft your elevator pitch, make sure that you are practicing properly. This speech should come across as natural and conversational. If you want to do more thorough studies, then do it right because the foundation of every work should be strong enough to hold the success of that.
The one-sentence pitch- Conclusion
By now, you should have got a proper idea of crafting a powerful elevator pitch for your business before attending any business meetings. Being able to deliver your business vision in one sentence or 60-sec speech is incredibly valuable.
It aids you, as well as investors or other entrepreneurs, to get an idea about your organizations. In fact, it also helps you to do marketing your business. A simple, yet eye-catching lines (powerful elevator pitch) will communicate the core essence of your company and generate interest in learning more about what you do. All the best!