Have you ever heard of an “elevator pitch”? If you’re a film buff, you might recognize it as a common term to describe a filmmaker’s brief description of a movie idea. However, it can also be applied to business pitches. Learning how to create an elevator pitch for your business is one of many initial steps to take when starting your venture.
An elevator pitch is a succinct, compelling synopsis of an idea. In the business world, an elevator pitch detailing your business idea is something you should always have ready to go. You never know when that 30 seconds of time (fittingly, the average duration of an elevator ride) will happen, especially with someone who could help you achieve your goals.
Remember this: earning the opportunity for additional discussions with the person you’re pitching to is your goal. This is even more important than persuading someone to support your venture or work with you. In today’s blog, we’ll go over five basic steps for how to create an elevator pitch.
The Elevator Pitch of Today
It may have been commonplace in previous decades to literally pitch an idea to someone while in an elevator. But in today’s digital workforce, there are fewer opportunities to make a pitch that goes exactly according to that legend. Not to worry, though. An effective elevator pitch in the modern business world spans the boundaries of physical and digital space.
A few examples of where you might utilize an elevator pitch today are:
- Over email
- At community events
- In shared workspaces
- At networking events
- During virtual conferences
So, while it’s unlikely that you’ll simply run into the perfect person with whom to share your idea, you still have plenty of chances to make that pitch!
How to Create an Elevator Pitch
1. Know Your Business – and Your Audience!
It’s important to have a clear business strategy before you even think about an elevator pitch. There are many ways you can build up your business foundation before you even start your venture. And once you do start the work, keeping your organization’s mission top of mind is crucial. All these aspects must be communicated in your pitch. Otherwise, people won’t know what you’re trying to accomplish with your business.
A good grasp on what your business is about is the first step. But the second is knowing your target audience. A common goal of an elevator pitch is eventual collaboration with an interested party. That means you’ll need to consider what your potential partner can gain from working with you. This will involve doing some substantial research before you decide who you want to pitch to.
2. Keep it Concise
We can only hope that you are passionate about the business that you’re in. However, that passion can sometimes lead to overloading listening ears with unnecessary details. It’s great to be an expert in your field, but that doesn’t mean you need to prove it during an elevator pitch!
Rambling on and on about the intricate details of your business idea won’t set you up for the success you want. A surefire way to avoid doing this is planning out the bullet points of your elevator pitch before giving it. And always, always avoid technical jargon specific to your industry! Your pitch needs to be understandable to just about anyone.
You may be worried about mastering how to create an elevator pitch that is both concise and comprehensive. Our advice is this: save the nitty-gritty for when you begin that coveted second conversation!
3. Focus on The Goal
When drafting your elevator pitch, focus on what you ultimately want to accomplish with it. Some examples of goals that you can achieve with an elevator pitch are:
- Finding a business partner
- Selling your products/services on a larger scale
- Gaining additional clients
- Partnering with other organizations
- Expanding your reach
Everyone has different goals that they’re striving toward in their business ventures. And elevator pitches certainly reflect that. When considering how to create an elevator pitch that’ll bring you success, zeroing in on your goal(s) is paramount.
4. Showcase What’s Special
Think about what makes your business unique. Is it your innovative work environment? Your employees’ exceptional dedication? Your niche mission? Whatever that special something is, you need to convey it in your elevator pitch.
You might find that when describing what’s special about your business, you compare yourself to competitors. This is fine in an elevator pitch, but it’s best to keep comments about competitors to a minimum. And instead of taking time out of your own pitch to criticize others, frame your comparisons in a positive light – show listeners why YOU are great, not why everyone else isn’t.
5. Finish Strong
Your elevator pitch should close with something that makes the listener want to know more. A few options for how to create an elevator pitch closer that sticks are:
- A question, whether rhetorical or open-ended.
- Something memorable, like a repetition of how your business stands out.
- A CTA-like phrase that encourages the listener to take action.
- Detailing a compelling benefit for the listener, such as:
- Financial gain
- Improvement to their life or business
It might be difficult to determine how to create an elevator pitch with an ending that’s not overly cliche. If your closing line ideas seem cheesy, solicit opinions from friends or coworkers to help you gain some perspective. Whatever you decide to leave listeners with, make it unique to you and your business!
Conclusion
Deciding how to create an elevator pitch that will help you achieve your goals can seem like a daunting task. We hope that you can reference these key aspects of creating an elevator pitch as a starting point.
A final piece of advice: Make your elevator pitch fun! Your business is unique, and it exists for a reason. Communicate that to listeners and you’ll surely find success.
At KSR, we’ve made more than a few elevator pitches in our time. If you have questions about what we covered today, reach out!
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