How to create an effective elevator pitch
Creating an elevator speech is less complicated than you may think if you're contemplating how you can summarize everything about your business in a few sentences.
Here are some key aspects to consider:
Know your business and target audience
Before you create your elevator pitch, make sure you create a business plan.
In your business plan, establish what you plan to offer, who you'll hire, and a variety of other details that are vital to creating your business. Not to mention, you perform market research, so you develop a profound understanding of who your target market is.
Know your goal
What do you plan to accomplish with your elevator speech? Do you want to find a co-founder, gain a new client, or sell your products to a large company? The possibilities are numerous. And not everyone will create the same type of elevator pitch since they may not have the same purpose.
Briefly describe your business
In your elevator pitch, sum up your business in a sentence or two. While it sounds difficult to keep your elevator speech short, especially if you've been in business for a bit, it's possible.
Think of what your company does or offers. Even if the concept of your products or offerings is technical in nature, leave out the technical jargon. Describe it in a way that almost any adult could understand what you do and provide.
Explain what makes your business unique
You have competition out there who are trying to obtain business in your niche. You need to find a way to stand out. Think about what sets your company apart. Why is your product or service better? Is it your customer service or the product itself?
Whenever you're going to networking events, meeting new people, or even cold emailing, you need to persuade people to choose you and your business over others. Therefore, make sure you explain why you're different in your elevator pitch.
It's easy to come across in a negative way, even if that wasn't your intention. For instance, you could exacerbate the problem or put the competition down. These, however, come across poorly and can be off-putting for your potential customers.
Instead, explain everything in a positive manner. If you mention anything about how your company is different, explain it in a way that shines a light on your product or services and doesn't trash the competition.
For instance, if you want to say your company offers quicker service, don't mention that other companies can take days to show up. State that you built your business around providing quicker service than the competition.
When you talk about something you know, it becomes almost effortless to just ramble on. You then might find people are ignoring you when you're pitching your idea. This can pose quite a problem when you're trying to summarize your business quickly and intrigue people.
For this reason, always create the elevator speech first before you start using it on people. You can then slim it down and make it more concise. Speak only about the most important points. Save everything else about your business for once the person takes an interest in learning more.
Be the solution
Whether you're at a professional networking event, sending an email, or preparing for job interviews, make your pitch encompass being a solution for their problem.
For instance, if someone has dry skin, your elevator pitch could sell lotion. Let's say the individual is a major investor. Their focus is on making money. Therefore, marketing your company is a way for them to earn big bucks.
Go out with a bang
At the end of your elevator speech, you need a solid conclusion that pulls the audience in. For instance, you could conclude with how your product or service can change people's lives. Or it may include how much becoming your partner could bring prosperity.
Besides ending with a thought-provoking statement, you could also end with a question to get the audience thinking and questioning if what you're saying is right for them. It could also be a question that gets them to respond so you can begin a conversation with them. If they're in a hurry, it's a prime opportunity to exchange information, such as a business card.