You may think the term “elevator pitch” is an old idea. But it’s still very relevant in today’s business environment, especially now that people have a short attention span. From social media platforms to email messages, we receive tons of information every day. In this article, you will learn 4 strategies for crafting the perfect elevator pitch.
Elevator pitches are not like every other conversation. They are short, catchy, clear, specific, relatable conversations with a compelling call to action and an extension to continue the conversation.
Ideally, an elevator pitch shouldn’t be more than 3 sentences. But those three sentences should wow your audience enough to ask for an extension of the conversation.
It’s a great way to get investor’s attention to fund your idea or project.
Every great elevator pitch has two major concepts – your problem statement and value proposition. With these two concepts, you can discuss your project with potential investors and craft a sales pitch with it.
So, here are 4 Strategies for crafting the perfect elevator pitch;
Confidence is one of the most important strategies for crafting the perfect elevator pitch. Regardless of how unique your problem statement and proposition seem, nobody would take you seriously if you aren’t confident about them.
Yeah, I know meeting an investor is a big deal, especially if it’s your first experience. But you need to put yourself together. Otherwise, you may mess things up for yourself.
You may think elevator pitch is not a big deal until you find yourself in that situation. That is why you need to be mentally prepared for it at all times.
Just imagine being in the same elevator with Warren Buffet, Jeff Bezos, or Elon Musk; how will you pitch your idea to them in three sentences?
Well, this is the mindset you should always have as a business owner. But here are a few tips to help you build your confidence ahead of an elevator pitch;
- Plan it out in your head before it happens.
- Boil it down and make it very simple. It makes the atmosphere less tense.
- Pose in a way that makes you feel confident and strong.
- Practice every day until you unexpectedly bump into a real investor. When you practice your elevator pitch, you get so used to it that you can even say it in your dream.
- Talk a bit about yourself at the beginning of the pitch. It breaks the ice and makes people want to listen to you.
- Tell the investor what you want from them at the end of the pitch.
#2. Be Factual
Being factual is one of the best strategies for crafting the perfect elevator pitch. It’s normal to impress your potential investor during an elevator pitch.
But it’s crucial to only impress them with facts. Don’t over exaggerate or say things that aren’t true. Investors would always do their due diligence before funding your project.
And once they realize that you lied to them during the pitch, they won’t trust you with their hard-earned money.
Tell the truth about your idea or project during the elevator’s pitch, how far you have gone, your challenges, and how you want the potential investors to come in.
And once they do their fact findings and realize that you are honest, they may want to help you out.
Your potential investors will like to hear factual information, especially if they intend to invest in your company.
Being factual makes your idea more realistic than when you based your entire pitch on speculation.
So, it’s advisable to research your facts, know the details about the industry, and get them ready before your next elevator pitch.
#3. Use an Emotional Appeal
Using an emotional appeal is one of the best strategies for crafting the perfect elevator pitch. You are more likely to get someone’s attention with an elevator pitch if you include elements of emotional appeal.
Just think about the needs your business is trying to address and the emotions that go along with them.
For instance, if you have a product that removes snow or ice from cars during winter, you can say – Do you find it difficult to get inside your car after a snowstorm?
This question is relatable, and the person you are pitching may have experienced it in the past. So, with the right emotional appeal, your elevator pitch will get the person’s attention.
#4. Get Your Prospect Involved
One of the best strategies for crafting the perfect elevator pitch is to get your prospect involved. For an investor who hears countless pitches again, telling them about your company would be a bad idea.
Try to make the pitch memorable and exciting by engaging the prospect in a dialogue. You can ask them a direct question that requires a response and think of creative ways to get them directly involved in whatever you have to say.
These are some of the strategies for crafting the perfect elevator pitch. But it’s important to avoid these elevator pitch mistakes;
- Making your elevator pitch too long and generic.
- Not making the pitch intriguing enough to get your prospect’s attention.
- Using professional jargon that your prospect can’t understand.
- Appearing too excited and desperate.
- Pitching without understanding your audience.
- Speaking too fast.
- Focusing only on the problem without highlighting the solutions.
- Not giving your audience time to respond.
Now you understand the strategies for crafting the perfect elevator pitch and the mistakes to avoid. Take note and apply them during your next elevator pitch.