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What’s An Elevator Pitch and Why You Need One

Elevator
Photo By Kai Hendry

What would you do if one day you stumble onto an elevator, only to run into that one person who can take you or your business to the next level (that big sale, angel investor, business mentor, etc)? You have until the elevator ride is done to convince them you are what they need.?

This kind of thing happens all the time. It might be in an elevator, but will probably be somewhere else. It could be in the checkout in the grocery market, on a busy street. You usually only have a short time (often under 30 seconds) to convey a value proposition; what makes you special or unique? Why would they care? You need to have something quick and concise that will grab their attention. That’s where your elevator pitch comes in.

The elevator pitch is a powerful tool in your marketing toolbox. Some questions your elevator pitch should answer:

  • What is the problem your business or idea solves?
  • Is it simple and easy to understand?
  • Would people want to know more?
  • Does it get you excited?

Here’s an example from StartupNation:

Our company is called ConstructionBoots.com, an e-commerce website that sells brandname construction boots. There are currently no companies serving this niche exclusively. ConstructionBoots.com will drive traffic to the site by linking to other websites catering to the construction industry as well as through word-of-mouth. In industry surveys, over 90% of construction workers have these three traits: 1) they have a favorite brand of boots, 2) they know their size, and 3) they hate shopping at stores. In our own polling, over 70% indicated that they would prefer to buy their boots online and have them delivered. Accordingly, we expect a great market response and rapid sales ramp-up.

We need $1.5 million in funding to get to the point where the company is self-sustaining. This should happen in the middle of our second year. Right now, we’re seeking $500,000 of initial funding in exchange for a 30% ownership stake in the company. I am the CEO with lots of operational experience and deep contacts with boot manufacturers. Our Marketing Director was instrumental in the growth and recent sale of a very successful e-commerce clothing company. If we hit our numbers, we expect to be able to sell ConstructionBoots.com to a ‘brick and mortar’ retailer within 3 years.

A good elevator pitch should be versatile. You should be prepared to use it at social gatherings, on the phone, when meeting new people, or with anyone you need to give a short quick summary of your idea or business.

For more info, read:
http://www.yourelevatorpitch.com/
http://www.nfib.com/object/IO_20027.html
http://www.scottberkun.com/essays/38-how-to-pitch-an-idea/

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This entry was posted on Friday, January 30th, 2009 at 9:45 am and is filed under Advice. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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