An elevator pitch is a one-minute presentation of your idea and/or your product. A pitch can be an opportunity to build a genuine relationship with someone you can later use. Although there may not always be an immediate benefit, you should be prepared to offer an elevator pitch in any situation.
How long should an elevator pitch be?
It will mostly rely on what you’re pitching and to whom you’re pitching. A good rule of the business protocol is to keep it as short as possible by carefully selecting the essential points. Every firm has its own set of rules regarding pitch duration. Make sure you’re pitching to people in your sector or a similar audience who will be able to understand what you’re giving.
How to write an elevator pitch
When creating an elevator pitch, it can be tough to discern critical from irrelevant facts. While it’s usually a good idea to personalize your communication methods whenever possible, it’s not required to give prospects a complete history of your business. Only relevant and up-to-date information should be included. To begin creating your elevator pitch, you must first understand the essential components of a good elevator pitch.
- Introduce yourself
- Present the problem
- Offer the solution
- Explain your value proposition
- Engage the audience
Here are ideas from five startups that shared their finest business elevator pitch(with some of these from their initial days):
Most travelers booking online are concerned with pricing, and hotels are one of the most expensive aspects of travel.
Platforms like Couchsurfing have demonstrated that over half a million people are prepared to offer their couches or spare bedrooms.
They’ve built a platform that connects visitors with locals, allowing them to rent their rooms or exclusive properties. As a result, locals may monetize their idle rooms, and travelers save money—they take a 10% commission.
In the United States, there are 40 million independent workers, including consultants, freelancers, and small business owners. It’s difficult and expensive to find office space, especially in big cities like New York. So they came up with the idea of space as a service. They have 20 locations throughout the city where customers may rent a desk or an office without the hassles of a standard lease, saving at least 25% on the cost. They have access to a shared front desk, mailroom, and a community of people who share their interests.
Every week, the average office worker receives 304 emails. They also attend 62 meetings every month, half of which they perceive as a “waste of time.” Slack was created to help people work more efficiently. It arranges communications into channels and significantly decreases the need for emails and meetings. It’s linked with a slew of productivity apps, like Google Docs, Calendars, Email, Dropbox, Zoom, and more, so you can get notifications and take action without ever leaving the interface.
Cigarette Pollution Solutions
“I make energy from cigarette butts.”
Cigarette Pollution Solutions manufactures the Butts Only Box, a cigarette receptacle placed in public areas such as parks and beaches. While trash isn’t always ideal networking material, entrepreneur Ken Beckstead concentrates on the good stuff. His one-sentence introduction begs the issue of what happens when he carries cigarette stubs to a waste-to-energy facility, where they are converted into electricity.
“At work, we make it simple to say “thank you”.
KangoGift’s founder, Todd Horton, believes that too many elevator presentations adequately depict the company’s services.
His company’s first elevator pitch was unclear. He used to add, “We let companies put a gift in the hands of excellent employees,” referring to the idea of sending electronic gift cards to employees’ phones.
Horton is now concentrating on the function of the KangoGift program: expressing thanks. With that simple assumption in mind, prospective clients learn more about KangoGift’s tools, making it easier for managers to acknowledge exceptional work and for employees to receive more frequent recognition.
The elevator pitch is a unique communication talent in a commercial setting, not just a form of negotiation. However, this is a skill that can be developed. Therefore, do not be discouraged if you fail to persuade the interlocutor the first time.
It is not required to hunt for partners simply in the elevators of buildings where possible investors work if you need to raise a particular amount of money for your project. Preparing a short pitch presentation and being prepared to speak with a person not only in the elevator but in any location, such as a trade exhibition or a business lunch, is a lot more effective strategy.