An elevator pitch is what gives a business an invitation to a second conversation. A common misconception is to create the pitch to focus solely on making sales.
However, the delivery should revolve around having an empathetic, passionate, and appealing conversation about the business. Through this, there is the creation of a potential long-lasting network of professionals who, in so many ways, would help the business achieve more than just sales.
Overall, this tool offers a potentially stronger market positioning, which expressly inspires growth for both businesses at all levels including small and medium-sized businesses.
Onto the “main challenge” – how to create a good elevator pitch for one’s business?
Well, it involves integrating both a thought process and important tips on the actual delivery.
The Thought Process Behind an Elevator Pitch
1. Explain the Problem
What is your business solving?
As an entrepreneur, you are probably solving a problem and charging for it. By defining the problem, the audience understands the market gap that the business would bridge.
For example, because most SMEs struggle to afford CRM software especially at the initial stages, a cheaper or a free alternative such as Kylas Growth Engine would be attractive to them during that phase.
2. Explain the Solution
What is the solution?
Your solution should be as specific as possible to the already identified problem. For example, by offering Kylas Growth Engine as the best sales CRM software available for SMEs, one might mention CRM benefits as being easy to use, offering expert help, and containing a secure technology.
3. Specify the Target Market
To whom is the solution aimed?
Analyze potential customers. Consider their segmentation and narrow down the market to the simplest unit possible, for example, in terms of demographics. Specificity is key when analyzing a business’s potential.
Also, consider the average spending pattern of the consumers to provide better insights into the real potential of the business.
4. Analyze the Competitors
How does the business stand out as the best alternative to the customers’ needs?
Almost every successful business has a hidden charm, which gives it a competitive edge over other businesses. As an entrepreneur, one must know the value proposition of their business model.
5. Reveal the Team
The workforce and skill set behind the idea is the driving force of the business. The sales pitch needs to identify the team with each person’s unique contribution to the business.
6. Offer Financial Insights
Having a financial forecast is important for follow-up questions by investors or any other potential stakeholder during the creation or actual delivery of a pitch. Consider providing a summary of those projections.
Previous and projected achievements not only help to set realistic goals but also gives life to the business.
The Actual Pitch
Once you have thought your pitch through, it’s time to pen it down. Make sure you create up to a 30 second or an 80 to 90-words pitch.
The trick here is to not be very straightforward, which is quite hard given the word count. But as this is going to be a part of a conversation, it has to have some transitional words.
It is good practice to let people know who you are. In your introduction, create a hook to grab your audience’s attention.
Equally, develop a conversational tone in order to engage the audience, evoke empathy, and drive passion through one’s voice, which aids in building a workable relationship between the business and the potential stakeholders.
Notably, one needs to practice brevity and precision, usually about one minute, during the delivery.
However, the pitch should be updated and focus on summarizing the brand strategy and vision. Even more, keeping track of market dynamics such as changes in consumer taste, fashion and preferences help the pitch to stay relevant.
Nonetheless, use simple language to deliver the points acquired during the thought process – creates recognition of professional ethics at its simplest yet effective level.
Ending the Elevator Pitch
Now that you have pitched your product and services, and established its attractiveness, it is time to finish strong with a clear call-to-action (CTA).
Remember that even the most well-crafted elevator pitch could fall flat if it lacks a clear CTA. So make sure you add one.
Mistakes to Avoid
- Avoid rambling and providing too much information.
- Avoid jargons and technical language. Your pitch should be simple enough for anyone to understand.
- Don’t give away too much information. Provide key information but don’t get into details.
- Your pitch should not sound rehearsed. It should be flexible enough for you to improvise on the spot.
- Don’t be too pushy while writing the script. Think as a customer. Would you like being pressured into something? No, right? So avoid doing this.
How and When To Use Elevator Pitch?
1. Individual Interactions
This situation is self-explanatory. The only input for such encounters is to give an effective introduction. Put your best foot forward while presenting your product’s benefits and always be confident.
2. At Trade Shows
People in trade shows do not stay at one booth for long. You only have a minute or less to capture their attention and make a great first impression.
A well-crafted elevator pitch can get your prospects excited about the opportunity you are offering. And on a good day, who knows it might even compel them to take the next steps with your business. So it is always good to be prepared.
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