An elevator pitch is a brief statement that gives an overview of a particular product, idea or company. It is also referred to as an elevator statement or an elevator speech.
The elevator pitch employs persuasive language in its delivery. This is how it manages to spark the interest of investors. An elevator speech takes less than 30 seconds, the same time as a standard elevator ride, hence the name.
Elevator pitches convey the product concept in a simple and exciting manner.
It’s also straight to the point.
This entails condensing the product details and delivering them in a simplistic fashion. Here, we look at the different aspects of the elevator pitch and why you need one.
Features of a Great Elevator Pitch
• It is relevant to the target audience
• It employs the most appropriate visual aids
• It instantly captures the attention of the audience
• It is interesting
• It concludes with a call to action
Tips to Craft an Outstanding Elevator Pitch
• Create a few pitches on the same product and choose the most persuasive one
• Elevator pitches need to tell a story in a concise and quick manner
• Be clear on your objectives and goals regarding the product
• Write down concise action statements
• Record yourself and assess how good you are
• Highlight the most important areas
• Get rid of jargon
• Ensure proper timing – you won’t have more than 30 seconds
• Use bullet points to highlight key product features
• Take your time writing your pitch and test it out before using it
• Use a conversational tone
• Be confident about the product you are selling.
• Employ repetition
Great Ideas to End a Pitch
The end of an elevator pitch is crucial because it is your “call to action”. Here are some tips to help you nail it:
• Recap the main talking points of the pitch
• Use words that inspire your audience to take an action
• Pose an unusual or thought-provoking question
Safe Strategies to Pitch Ideas without Risking Your Idea
You also need to pitch ideas without risking the loss of your intellectual property rights to unscrupulous investors. Here is how you do it safely:
• Refrain from revealing too much detail
• Make use of Non-Disclosure Agreements
• Consider making a provisional patent application
• Trademark your name
• Undertake deep research of the potential investors
• Follow your instincts
What if you are dealing with senior executives?
• Provide him/her with essentials only
• Outline the opportunity or the problem
• Ensure you validate your claims with believable or solid evidence
• You may want to use visuals
• Refrain from the temptation of over-promising
• Use simple and easy to understand language
• Be ready at all times for a pushback and questions
Why You Need an Elevator Pitch
• It ensures you are ready whenever the opportunity strikes
• You are able to make the most out of the opportunities that come your way
• You are able to convince the interested parties using few words
• You can use it during networking events or job fairs to take advantage of opportunities