Tips to Perfect Your Elevator Pitch

A brief summary, a topline report, a high-concept pitch, a business plan in 25-words or less… You know it as the “elevator pitch,” the concise encapsulation of a big idea, so named for the time it takes to get from the ground floor to wherever your pitch-ee is stepping off the elevator. “I’ll give you 2 minutes. Go!”

This concept, first introduced in the 1980s, has become so integral to the business process, even illustrious institutions such as Harvard offer tips on how to perfect this all-important snapshot of your business concept. Here, a few tips of our own.

An Elevator Pitch for How to Deliver an Elevator Pitch

1. Clarity

The first step to an effective elevator pitch is clarity. What is the concept? Who is your customer? How does your idea address their needs?... Distill your idea down to those few key points that best explain your idea, then create a clear framework for communicating them.

2. Answers

Be prepared to respond to questions and comments: “Tell me more about you and your company.” “What is the purpose of your product or service?” “How can you help us succeed?” “What are the market opportunities?” Etc. An elevator pitch is not a sales pitch and your purpose is not to sell. But you do have to know the selling points and be ready to provide them when the opportunity arises.

3. Differentiators

One of the most important aspects of an elevator pitch is to point out what sets you apart from the competition and what is different about you, your product, your service, and your company.

4. Business Model

Wrap it all up with an explanation as to how your project, product and/or service is going to make money, and the reasons why it’s going to be successful.

The main requirement is that it should not be too long. Provide just enough essential information to generate interest. Make it clear, concise, and compelling.

And yes, rehearse it, but do not memorize it. The last thing you want is to sound robotic. Focus on memorizing only key words and ideas to ensure you are communicating naturally.

Now go get ‘em!

Content originally published by Eureka.


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