Short and Simple: Keys to an Effective Elevator Pitch
An elevator pitch is a powerful tool for entrepreneurs to help them market their business. The idea behind such a pitch is that you convey all important information within a short frame of time. In case you are pitching verbally, you should restrict your pitch to about 30-45 seconds. On the other hand, for written pitches, you should target approximately 150 words.
Whether you are trying to raise funds from angel investors, venture capitalists or only networking, a solid elevator pitch is sufficient to help you stand out.
Although it takes time to perfect an elevator pitch, here are a few points to bear in mind while framing yours. And remember, before you dive into your pitch, introduce yourself and your role in the company in a sentence.
Keep It Short
The primary feature of an elevator pitch is that details about the company and its plans are communicated within a specified period. Considering the shortage of time, it is imperative that you include only the most crucial details and do not waste time on irrelevant facts. You can start by making a list of all the points that you would like to convey and rank them based on their importance.
Keep It Simple
People generally tend to over-complicate things in a bid to sound convincing and knowledgeable. However, in the case of an elevator pitch, it is in your best interest to keep a distance from industry jargon and focus on simplicity. You can assume that your audience does not have extensive business knowledge. Hence, your pitch needs to be tailored accordingly.
Problem and Solution
A significant portion of your elevator pitch should focus on explaining the problem you sense in the market and how your product solves it. You should start by telling the gaps or pain points you observed from the consumer’s point of view. Then, you can go on to explain how you have addressed those through your product, while also explaining the consumer segment that will benefit the most from using your product.
Describe Your USP
It is unlikely that your product does not have direct or indirect competitors. However, what sets you apart from the others is your Unique Selling Proposition or USP. Therefore, it is essential to clearly explain your product’s USP so that the audience is aware of what it does differently and why it can be superior to all others. It can also help in evaluating the future potential of the startup.
Practice and Refinement
The need for thorough preparation cannot be stressed upon enough. If you have a million-dollar idea but are not able to showcase its worth, you will falter at the very first step. Once you are done writing your pitch, ensure that you practice and refine it as many times as you can. This will not only help you gain confidence but also ascertain if you can convey your points effectively.
You can additionally choose to make a couple more pitches which differ in length for use in a slightly different situation. In case you have prior knowledge of the audience, you can also improvise your pitch a little keeping their interest in mind.
To conclude, the effort you put into making your elevator pitch can reap great rewards. Be sure that you speak with confidence and your passion is reflected through the course of your pitch. You can also think of potential questions that the audience may have and prepare answers for the same in advance. It is also a good idea to keep business cards or brochures which can be distributed towards the end.
