Welcome to Part 3 of the Pitching series! In this edition, I’ll share the art of creating a concise elevator pitch – a powerful tool when time is limited, and attention spans are short. The elevator pitch is your chance to make a lasting impression on potential investors, customers, or co-founders. Let’s dive in and learn how to craft a pitch that packs a punch.
The Art of the Elevator Pitch: Less is More
The elevator pitch gets its name from the typical duration of an elevator ride of 10 to 30 seconds. In this short span, you must seize the opportunity to showcase your business succinctly and effectively in 1 to 2 sentences. Whether you find yourself at networking events, exhibitions, or online platforms like Clubhouse, this elevator pitch is your chance to stand out in a sea of entrepreneurs.
Even in this scene, Justin Timberlake’s character who is an entrepreneur doesn’t say the name of the company but instead leads with the elevator pitch, letting Dakota Johnson reach the conclusion as to what she thinks the company does.
Pain, Gain and Solution
In crafting an elevator pitch, you have limited time to convey your business’s essence. Therefore, focus solely on the Pain & Gain and Solution, the key elements from Part 1 of the Pitching series. Once you have brought it down to a few sentences by using the techniques and templates outlined in Part 2, shrinking it further to 1 sentence should be easy.
- Pain & Gain: In 1 sentence, identify the problem your business addresses and the benefits it brings to your target audience.
We solve [PAIN] for [CUSTOMERS], empowering them to achieve [GAIN]. - Solution: In 1 sentence, describe your innovative solution. Keep it simple and impactful.
Our solution is [SOLUTION].
You can even say it in a single sentence as:
We create [SOLUTION] for [CUSTOMERS] who have / to solve [PAIN] (optional: so they can [GAIN].)
Confidence and Clarity Matter
With only a few seconds at your disposal, deliver your elevator pitch confidently and clearly. Speak slowly enough to ensure everyone understands your message without appearing rushed or nervous. Remember, the goal is to pique curiosity and open the door for further conversation.
Adaptability: Your Key to Success
Unlike a formal presentation with slides, an elevator pitch is a verbal snapshot of your business. You won’t have a chance to delve into details or whip out your laptop for a demo, but that’s okay! The elevator pitch serves as a starting point for conversations tailored to the interests of different audiences.
You can use the same pitch for EVERYONE YOU MEET
At networking events anytime someone asks what you do, for potential customers, on your business website, in cold emails to investors, and more.
Pitching to Different Audiences
Even though your pitch is the same different audiences will likely ask you questions about what is important to them
- Investors: Be prepared for questions on your business model, traction, and investment needs. Anticipate inquiries about your revenue streams and growth projections
- Potential Co-founders: Expect questions about your product details, technology stack, and development roadmap. Showcase the exciting opportunities for collaboration and growth
- Customers: Be ready to answer queries about your team, pricing, and the unique benefits your solution brings to them. Share how your solution can solve their pain points effectively
Remember, Practice is Key
Practice your elevator pitch until it becomes second nature. The more you rehearse, the more confident and fluid your delivery will be. Ensure that you can recite your pitch effortlessly without referring to notes or slides.
So, the next time someone asks for your elevator pitch, you’ll be ready to deliver it with finesse. Always be Pitching!