An elevator pitch is a 30 to 60-second answer to the question, “So, what do you do?”
Of course, it doesn’t always happen in an elevator. This is just an expression used to describe a quick summary of your business and its value proposition.
The idea of a perfect elevator pitch is one that will spark some interest in your business and ‘fingers-crossed’ lead to more questions and a more in-depth conversation around who you are and what you do.
You should be marketing all the time — wherever you are. Therefore, you need to master a compelling ‘elevator pitch’.
Once mastered, this ‘pitch’ is a great tool for you to use. Whether you are at a networking event or any other gathering of people, being able to give a quick overview of your business can help you take advantage of any opportunity that comes your way. You never know if that one person you meet today is the one who can help you take your business to the next level.
Once you make your pitch and you successfully engage that person, you have a conversation and not a pitch. So make sure you have the answers to any questions your audience might have for you. I have seen many a perfect pitch be followed by a lot of stuttering and stumbling over the answers. Being on the backfoot when trying to pitch your business isn’t a good place to be – so get prepared.
Your ‘elevator pitch’ needs to be CONCISE, CLEAR and COMPELLING and you should be able to say everything you need to in 30-60 seconds.
Follow this simple formula when creating your elevator pitch. Fill in the blanks and this could be the basis for a pretty good elevator pitch.
We provide (solution) for (target market) so that (value).
Another formula – still simple but more compelling perhaps – would be to highlight your target market and their problem you are solving at the outset:
Did you know that (target market) have (problem)? We’ve created (solution) so that (value)
Play around with the formula, use a mixture of both, feel comfortable with what you are ‘pitching’ and go for it.
As an example – Engine Room Hub’s 38-second pitch is:
One of the most common issues facing small to medium-sized businesses is finding new customers. (target market)
How do people find out about you, where you are and what you do? (problem)
Engine Room Hub has developed an online platform for Australian Business owners to showcase their business, further build on their personal brand by contributing content and to find customers by connecting with other businesses. (solution)
Our online platform will be underpinned by the all-important face-to-face meetups at local level around Australia. Encouraging Engine Room Hub’s business community to trade with each other in order to ensure mutual growth and sustainability leading to business longevity. (value)
Engine Room Hub has a Discussion Group around the elevator pitch where members can ‘road-test’ their pitch and get direct feedback. A fun and safe way to explore what works best for you.