You are a business owner and you have a great business idea, you need to convince it to your prospective client,’ How you can help him to take his business to next level or what solution your company can offer to elevate his business?’ This is where ‘Elevator Pitch ‘comes into the picture.
Elevator Pitch is a conversation, or an ice breaker that helps a business to introduce, more precisely, the functionality and speciality of what you can offer, in front of a prospective client. It is a perfect opportunity, not to necessarily “sell” your business but to make the client know more about you and your business plans.
How to create a perfect elevator pitch?
Often clients don’t prefer long business plans. If you send a business plan to venture capitalist or potential investor, it just gets put on the pile and it doesn’t get read. So, what you need to do? Not always an elevator pitch going to give an elevator. It is an executive summary that provides a quick overview of your business and details on how you can help an interested investor or potential client to achieve success. It can be delivered either verbally, ideally in 60 seconds or less, or a one-page overview of your business, or a short video or a powerful PPT with maximum 10 slides.
Here are some must-have components for a perfect ‘Elevator Pitch’.
- Determine goal of the pitch
- Identify the problem to be solved
- Identify target customers
- Give your solution to the problem
- Build the right team
- Convey milestones
Let’s discuss in detail:
Determine goal of the pitch: A major mistake many start-ups make is asking a stranger to marry on first date. First gain trust and then ask for marriage. Very rarely sales happen in first meetings. So, the goal of the first meeting should be to schedule the second meeting. And that’s the purpose of the elevator pitch, to generate enough interest that they say “tell me more, let’s set up another time to meet. Make them care. introduce yourself and address a problem right out of the gate. Explain the benefits your company can offer, which is ultimately a real solution. Personalise client’s problem into a question and give them the best solution: your company.
Identify the problem to be solved: Try and distil your customer’s problem to its simplest form. Focus on one core problem and get to the root of the problem quickly. If you, as an entrepreneur, are solving a problem that customers have, you can build a business.
Identify the target customers: Identify the target audience who have similar problems you are solving. Try to divide your target market into smaller groups or segments. Carve out an industry or two with the same problem to become the most dominant player serving that industry.
Give your solution to the problem: As a smart entrepreneur, make sure that you are solving a real problem that customers have before you define your solution. Once you understood the problem well, give a clear and concise description of your solution. Keep in mind, do not stretch the solution to solve multiple potential problems, rather to conclude your solution statement only for that core problem.
Build a right team: Only the right resource can effectively execute a business plan. No matter how great or unique your solution is, if you don’t have the right people on board, you won’t be able to see it to fruition. In the elevator pitch talk about your team’s skills and expertise to let them understand how you are best suited for the execution.
Convey milestones: Don’t forget to mention the names of big brands you already associated with or some major software / product you developed. Not just your achieved milestones, say about upcoming ones also to make your business a reality.
Call-to-action: The final key element of the elevator pitch is a proper call-to-action. It’s nothing but asking or inviting the prospect to act. Here you can ask for an appointment or a follow-up-call.
In practice, you typically have just 60 seconds to complete all these steps. Elevator pitches are meant to be short, so don’t try to pack in too much. Give just a couple of details but nothing that can be internalised as confidential. Explain your expertise, why you are best suited for the execution and a general overview. There are no non-disclosure agreements signed at the beginning of a pitch. The secret sauce should be saved for later. All you’re required to do is can confidently broadcast that you know exactly what you’re doing.
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