Developing an elevator pitch is often cited as one of the most critical tasks for aspiring entrepreneurs. Anybody can benefit from learning how to give this type of short speech, though, as it draws on several essential skills. What is an elevator pitch, and why is it important for professionals? An elevator pitch is a brief persuasive speech that should be short enough to be delivered in the span of an elevator ride, and it’s essential for several reasons.
Although the time constraint may make it difficult, this challenge is part of the appeal of an elevator pitch. The pressure to briefly yet persuasively articulate the benefits you can offer will help you identify your strengths and capitalize on them. Find out how to develop an ideal elevator pitch and discover your identity.
Do Your Research
Research is the first step to creating an effective elevator pitch. If you know who you will deliver your pitch to, you can start by researching the person and their role. For example, you may be scheduled to attend a function that several CEOs will attend. Research each of them, learn about their credentials and find a way to connect your product or service to their professional background.
You should also research any projects that may be similar to yours. The purpose of an elevator pitch is to sell somebody on investing. You’re more likely to close the deal if you can confidently differentiate yourself from competitors trying to do what you’re doing.
Create a Strong Introduction
The structure of your elevator pitch will be tremendously important, too. You must strategically develop an introduction, a short sales spiel, and then a conclusion. The opening is arguably the more important part, as it’s your opportunity to grab your audience’s attention. If you review successful elevator pitch examples, you’ll see that they have one thing in common — an introduction that communicates who the speaker is and why they’re worth listening to.
When developing your introduction, you should follow the format of a successful elevator pitch example but create a twist to make it unique to you. Be sure to include information relevant to your pitch, and phrase it in a way that will make listeners want to know more.
Identify Problem & Give Solution
Your introduction must be followed by an overview of the problem you aim to address. This is the “commercial” part of your elevator pitch, wherein you pinpoint an issue and develop your proposed solution. If you are an entrepreneur building a 24/7 doggy daycare center, the problem is simple: most doggie daycares are only open on weekdays from 9 to 5.
Your elevator pitch should cover why this is a problem for customers, why you are proposing a new model, and how you’ll implement the solution to attract new clientele. By keeping it short and sweet, you’ll deliver the key points of your sales pitch without exhausting your audience. Most importantly, you should establish why you are uniquely qualified to offer a solution.
Show Your Skill Set & Why Your Idea Is Superior
You’re uniquely qualified because you have skills that nobody else does. Indeed, your skills are your superpower, and your elevator pitch is not the time to be shy. You need to take the opportunity to showcase your ability, advertise your strengths, and convince your listener that you can accomplish the idea that you are describing.
In doing so, you will also need to establish your idea’s competitiveness in the market. No matter what kind of product or service you are selling, there will be others competing against you for the attention and money of customers. Your elevator pitch must explain how you’ll edge out those competitors and establish a loyal clientele. These elements are essential to your success and your elevator pitch.
Answer All Questions Respectfully & Accept Feedback
If all goes well, you will field a few questions after you have delivered your elevator pitch. This is great — it means that your audience was listening and engaged. You should answer all of their questions to the best of your ability, and if you don’t have an immediate answer, get their contact info to follow up later.
In some cases, your audience might have some constructive feedback to offer after you’ve completed your elevator pitch. Although accepting feedback can be a challenge, you must do so with grace and gratitude. You should always thank listeners for their willingness to talk to you and give them a business card in case they need to contact you later. Give your elevator pitch confidence when working with a virtual meeting platform.