Do’s and Don’ts For Your Elevator Pitch
Entrepreneurs are always on the lookout for breakthroughs, and well, opportunities can knock at their doors anytime. What happens when you bump into a prominent investor during a casual business meeting or in a major conference? You (literally) have a minute to greet and introduce yourself before they are whisked away by someone else.
Here’s the only thing that will come to your rescue – your elevator pitch. It is meant to convey important information in a short time frame, usually about 30-60 seconds. It does not matter how good (or bad) your idea is or how well you are doing if you spend that time going over trivial facts.
Although it takes effort and time to brush up your pitch and make it perfect, here are some do’s and don’ts to keep in mind.
What to Do
State the problem and solution
You must have observed specific gaps in the market, which are being fulfilled by your product or service. In your elevator pitch, be sure to emphasize the problem(s) you observed and how you can solve them.
You can also state key customer pain points or refer to your personal experience while describing this aspect of your business. You can throw in a couple of statistics to substantiate your observations, but do not go overboard with numbers.
Bring out your value proposition
Whether you are looking for investors or simply networking, you must show them the value your product brings to the table because that is central to your scalability potential. Your value proposition essentially describes the uniqueness of your product and answers why customers should buy from you.
Be cautious of not turning your entire elevator pitch into a value proposition statement. Some entrepreneurs get far too carried away in only explaining why their product is unique and leave out other major details.
Put in the time
Even though the elevator pitch is the shortest conversation you have with someone, it will take the longest time to perfect. You have to pack a punch with your pitch and leave no room for confusion. You must be willing to write and rewrite your pitch till you are satisfied with the outcome and feel that it will be impactful.
If you know the occasion or audience in advance, it is great to mold the pitch accordingly. Practice the pitch, say it out loud, and take inputs from whoever you can. The task seems tedious, but the potential outcome can easily cover up for it.
What Not to Do
Use extensive jargon or fancy vocabulary
The plan from the start should be to keep it as simple as possible. You can have an excellent knowledge base and know the industry jargon, but adding too many of such words will only make it confusing for the listener, especially if they belong to some other field.
You want the focus to be on what you are doing and how well you are doing it. It is good even to assume that your audience has very little knowledge of your field. Break it down as much as you can, and don’t overcomplicate any part of your pitch.
Rush through the pitch
So much to say, so little time! It is true, but the biggest mistake would be to try and pack every piece of information in the 60-second time frame that you have. The purpose behind an elevator pitch is to get your listener’s initial interest and then proceed with detailed discussions. For this initial interest, you only need to highlight a few key points and give each of those adequate time.
Start by penning down all that you would like to tell your audience and then move on to ranking these points based on their importance. You will get a fair idea of how you can divide your time and what all can be omitted from the elevator pitch.
Set unrealistic expectations
As you bring out your differentiators and expansion plans, remember to be realistic. Many entrepreneurs go on to say that they have no competition in the market or that they can multiply their growth manifold. Don’t make the mistake of overcommitting or overselling.
Try to present a balanced view of your business and make sure that you have enough material to substantiate your claims. Respect your competitors in the field, and don’t downplay their worth. Rather, bring out your key differentiators and show how you can be better.
Bottomline
The elevator pitch can land you some great deals if you prepare well for it. As you continue working on your pitch, you will develop the confidence to share your vision with others, and your passion will reflect through it as well.
You can also think of some questions that might come your way and prepare for them in advance. You can never be over-prepared!
