Business pitches are essential to getting funded. It is a must-have skill for any entrepreneur wanting to make it big. One might have to pitch to clients or investors to convince them of ones idea. It is quite difficult to get hold of an investor and have him/her actively listen to the business idea. Therefore, an elevator pitch is the way to go. It is a short and crisp speech that lasts not more than a half a minute. It circumscribes various aspects such as the core business idea, the value proposition for investor and customers and the revenue model.
So, how can one make sure of delivering a winning elevator pitch?
First things first, you are not a salesperson and therefore don’t copy-paste the same pitch to different investors. Carve it for each investor to make it resonate with them.
What is an elevator pitch?
Elevator pitch is a brief, persuasive speech that is used to stimulate interest in a project or idea. This technique introduces a company or business quickly and compellingly. It is also known as elevator statement or elevator speech.
Let us learn – how to carve a winning elevator pitch.
Note: Every startup has a unique competitive edge, and the format/concept of each elevator pitch would differ depending on the stage you are on.
For example, you can use an elevator pitch to introduce your organization to potential clients . You could use them in your organization to sell a new idea to your CEO or to tell people about the change initiative that you’re leading.
How to build a winning elevator pitch?
Creating an effective elevator pitch is an iterative process. One will not get it right in the first try. One has to make many rough drafts of the pitch script before landing to the one that is effective.
Here are a few steps to follow:
1. Identify Your Goals and Define them in Elevator Pitch
First step is to identify the results one plans to seek from the elevator pitch. Jot it down on a piece of paper.
For example, if you want to tell potential clients why they should leave your competition and switch to your organisation, your goal should be “Convince the client to partner with us”
Also Read: Steps to a perfectly written Business plan
2. Brief of what You Do in the Pitch
Start your pitch by outlining what your organization does. In other words, focus on the real problems that your organisation helps solve. Always add data points to show the magnitude of your achievements. Add a few exciting insights and show the value that you add to your customers.
Our company develops mobile applications that businesses use to train their employees remotely. Due to this, our clients have been able to increase employee performance by 12%.
3. Talk about Your USP in the Elevator Pitch
Your elevator pitch also needs to communicate your unique selling proposition or USP. Identify and draw those elements that make you, your team, your organization, or your idea unique. It can include activities that are not performed by more than 5% of your competition.
4. Engage With a Question
You need to engage your audience. To do this, prepare open-ended questions (questions that can’t be replied with a yes or no answer) to involve them in a conversation. In addition, make sure that you’re able to answer any questions they have.
5. Put It All Together
When you’ve finished each segment of your pitch, put it all together. Then read it aloud and use a stopwatch to time yourself. It should be no longer than 20-30 seconds otherwise you risk losing the person’s interest. However, try to cut anything out that doesn’t need to be there.
Here’s how your pitch may look like:
Our company develops mobile applications that businesses use to train their employees remotely. Due to this, our clients have been able to increase employee performance by 12%. Unlike other similar companies, we visit each organization so as to exactly find out what our clients need. This has led to a high satisfaction rate. Close to 95 per cent of our clients are happy with the first version of the application we make for them.
6. Practice your Elevator Pitch
As cliché as it may sound, practice makes a person perfect. Remember, how you say it is just as important as what you say. If you don’t practice, you are likely to talk too fast, sound unnatural, or might skip important elements of your pitch.
In conclusion, make sure that you’re aware of your body language, tone and pitch. These convey just as much information to the listener as your words do. Moreover, practice in front of a mirror or in front of colleagues until the pitch feels natural.
People may not remember everything that you say, but they will likely remember your enthusiasm. So, try to sound enthusiastic and be proud of what you do.
You may want to keep small takeaway items with you, which you can give to people after you’ve delivered your pitch. These could be business cards or brochures because that talks about your product idea or business and remains with them after you’ve left.
Remember to tailor your pitch for different audiences.
Also read: 7 C’s of effective communication