An elevator pitch is a brief, persuasive speech that you use to spark interest in what your organization does. You can also use it to create interest in a project, idea, or product. A good elevator pitch should last no longer than a short elevator ride of 20 to 30 seconds, hence the name. It should be interesting, memorable, and brief. It also needs to explain what makes you or your organization, product, or idea unique.
The elevator pitch goes beyond sharing what it is you do. Instead, the goal is to explore and understand your lead so that they want to know more. So, instead of saying, "I'm a virtual assistant," you might say, "I help busy small business owners get more done, in less time, to earn more profits." Any small business owner who heard that would likely want to know how they could earn more by doing less. Here is a four-step process to help you perfect your elevator pitch:
1. Become an expert on the products and services you sell
One thing that will set you apart from your competition is your knowledge. Study your products and services like you would study vocabulary for a school quiz. It's easy to say, "We're a gardening company, and we sell pots and plants", but so do all the other gardening companies. Prior to crafting your elevator pitch, dig into details of your products and services. Consider what you sell that is unique and what sets your business apart from the competition.
2. Bring your mission to life with examples
This is where specifics come in. Tell your listener exactly who you help, how you help them, what problem(s) your organization solves, and the successes you've seen. Try to answer who, what, where, and why:
Who does your work impact?
Where are you located?
What is your organization's mission?
Why should your listeners care about your organization? Just be careful not to overwhelm them with examples. There's no need to share every success you've had over the past year, just one is enough.
3. Ask a question
Elevator pitches are generally delivered in in-person situations, such as an elevator or networking event, which means you want to be social and engage your lead in a conversation. A great way to involve your lead is to ask a question that relates to your lead and your business. Using the virtual assistant question, you might ask, "What business activity do you find the most tedious?"
4. Give a call to action
Conversations are initiated for a reason. No one just gives their elevator pitch for fun. At the end of the day, you're hoping to bag a new client, connection, or investor. With that in mind, don't forget to seal your elevator pitch with a quick call to action. Be direct and ready to hand over a business card. You can also provide a means for further contact or for scheduling a meeting. However, your call to action should be simple and easy to act upon.
Chances are that you won't get it right on your first try. You might mess up or the person might not understand. Or worse, the person might just walk away without a response. But don't let that get you down. Practice your elevator pitch repeatedly in front of the mirror until you're confident. Try it on your friends or coworkers you trust and ask for their feedback. After the first few attempts, you'll get the hang of it, and then you'll be on a roll.
At The Bahamas Entrepreneurial Venture Fund, we aim at helping your business grow and develop into a significant economic contributor. Contact us for more information and your queries.
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