How to Craft a Great Elevator Pitch

All new and existing business owners get the number one question: “Tell me a little bit about your business.” This can be your moment to shine or turn off the person you are talking to. I cannot tell you how many networking events I have been to and asked this simple question that should be answered in about 30 seconds, but ends up with them rambling on about I really don’t know what. I can tell you this. Those who rambled on and spoke only about themselves and not how they solved their clients' problems, I have zoned out and will never do business with them or refer them to anyone. Why? Because I have no idea what they do. Who their customers are. And how they concisely solve their customers’ problems.

 

The importance of an elevator pitch cannot be overstated. In networking scenarios, first impressions are crucial. A well-crafted pitch enables you to:

• Clearly Articulate Your Value Proposition: It allows you to convey your business's unique value concisely.
• Engage Potential Clients or Investors: A compelling pitch can pique interest and lead to further discussions.
• Differentiate Yourself from Competitors: Highlighting what sets you apart can make your business memorable.

Steps to Crafting an Effective Elevator Pitch

1. Identify Your Unique Selling Proposition (USP): Determine what makes your business stand out. This could be a unique product feature, exceptional customer service, or an innovative approach.
2. Define the Problem You Address: Clearly articulate the specific problem or need your business solves. This establishes relevance and resonates with your audience. Only pick one. You may solve many problems but pick the one problem your business solves the most.
3. Present Your Solution: Explain how your product or service effectively addresses the identified problem. Be crystal clear with some kind of metric.
4. Highlight the Benefits: Focus on the value and benefits your solution provides, rather than just its features. People want solutions to their problems, let them know what benefit they will receive by working with you.
5. Include a Call to Action: Conclude with a statement that encourages the listener to take the next step, such as scheduling a meeting or visiting your website.

Best Practices for Your Elevator Pitch

• Keep It Concise: Aim for a duration of 30 to 60 seconds.
• Use Clear and Simple Language: Avoid jargon that might confuse your audience. Avoid industry terms and acronyms.
• Practice Delivery: Rehearse to ensure a natural and confident presentation. Less words, but more concise vibrant words are better than long explanations. If you have to explain something in your pitch, you need to work on it a lot more.
• Tailor to Your Audience: Customize your pitch based on who you're speaking to, emphasizing aspects most relevant to them. Know your audience. You can have 5 different pitches ready to go for 5 different audiences.

Benefits of a Well-Crafted Elevator Pitch

• Enhanced Networking Opportunities: A strong pitch can open doors to new partnerships and clients. This includes referrals.
• Increased Business Visibility: Clearly articulating your value can lead to word-of-mouth referrals. Once again, if you are not clear in your message, no one understands what you do and will not refer to you.
• Improved Confidence: Knowing you can effectively communicate your business boosts self-assurance in various settings. Having a great elevator pitch will boost your confidence even if you hate speaking in front of people.