Learn how to boil down the essentials of your business or your own value with a to-the-point and effective elevator pitch.
Whether you’re starting a business or getting into sales, an elevator pitch is a must. You give this pitch when you meet prospects at any networking event, in passing or at meetings. Elevator pitches are also commonly used among people who are looking for a job.
An elevator pitch is a sales pitch that is typically 30 seconds long. Legend has it that it originated in Hollywood, where screenwriters would use an elevator ride to suggest stories to film executives.
Screenwriters, sales executives and others have limited time to get their unique selling proposition across, so a well-crafted and tested elevator pitch is critical.
When is an elevator pitch important?
There are three elements in a situation where a prepared elevator pitch is important:
You are meeting someone for the first time.
Your time to capture the person’s attention is limited.
The person is in a position to help you in some way.
In general, you can use an elevator pitch anytime someone asks you, “What do you do?” or “What does your company do?” It is a succinct and compelling summary that both answers the question and ideally intrigues the asker enough for them to ask more or to take some desired action.
How to write an elevator pitch: The research stage
Before you set pen to paper or fingers to keyboard, you should do your research. You need a full understanding of what you’re selling, who your company is and what you have to offer.
1. Become an expert on the products and services you sell.
One thing that will set you apart from your competition is your knowledge. Study your products and services like you would review vocabulary for a school quiz.
It’s easy to say, “We’re a gardening company, and we sell pots and plants,” but so do all the other gardening companies. Before crafting your elevator pitch, dig into the details of your products and services. Consider what is unique about your product and what sets your business apart from the competition. Perhaps, for instance, you sell rare heirloom plants and handmade pots from local artists. It is these details that will make your prospects want to know more about your business.
2. Know your audience.
As part of knowing your products and services, you should understand the problems they solve and your prospects’ pain points. The better you know your products and services and your target audience, the more confident you’ll be when giving your elevator pitch and answering follow-up questions. If you’ll be presenting to different types of audiences, you’ll want to customise your elevator pitches accordingly.
What you need to do is develop buyer personas – representations of your perfect customers – from market research. Once you’ve established your buyer personas, tailor your elevator pitch to address the pain points and needs of the buyer type you are discussing.
For example, when talking to a middle-income prospect about solar panels, you might say,
“Our product can virtually eliminate your electricity bills,” while an elevator pitch to an engineer might be, “Our systems are made using the latest solar cell technology for the highest efficiency,” and an elevator pitch for someone interested in saving the planet could be, “We help you reduce your carbon footprint and create clean, sustainable energy for your family.”
There are many ways to conduct market research, but the easiest methods are interviews with your current customers and surveys of groups who meet certain criteria for your target audience.
3. Highlight the key points of your products and services.
Most businesses have a lot of moving parts, but there’s no time to tell a long story in an elevator pitch. Instead, pull out the key points of your business and top-selling offerings to engage your audience. Think about the big picture, and instead of just listing product benefits, show value. Consider the following.
Is your product unique and interesting because it is …
Rare?
Exclusive/patented?
Hard to obtain?
Available at an unbeatable price?
Technologically superior?
Is your company unique and credible because it …
Has been around for a long time?
Is an innovator in its industry?
Is owned or financed by a well-respected and well-known person?
Has won a prestigious award?
Does your service …
Solve a problem that no one else can?
Solve a problem in a way that is more comprehensive or convenient?
4. Decide what you want the person to do at the end of your pitch.
The purpose of the elevator pitch is to motivate the listener to take some action. What that is depends on the role of the person you are pitching.
If the listener is a potential customer, you may want them to …
Schedule an appointment with a salesperson.
Visit your business.
Get a quote.
Add your company to a bid list.
If the listener is a current customer, you may want them to …
Schedule a visit or phone call with their company rep.
Make a referral or recommendation to a potential customer.
Visit your business to find out more about a new product or promotion.
If the listener is a potential mentor or employer, you may want them to …
Agree to meet with you.
Accept your resume.
Schedule an interview.
Find out if there is a suitable position in the company for you.
5. Put it all together.
Every good elevator pitch should be built on a standard foundation of these elements:
Your name and job title
Your company name (for business owners and salespeople)
What your company sells or, for job seekers, your most relevant skills and experience
The type of people you sell your products and services to or, for job seekers, some impressive results you have gotten for your present or past employer
Your unique selling proposition (covered above for job seekers)
A call to action
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