Business

Essential Tips to Make a Good Elevator Pitch

Oct 23 2019 By Sriya

You want to become a successful business owner. You have an awesome idea.

But, is having an awesome idea enough for a business? Don’t you need enough money?

In a very rare case, people with great idea have money to invest in their own business.

However, to establish a huge business, you need lots of investments.

And, no one is such great to invest in your business just like that, except your friends and families.

Somehow you need to find investors.

On top of your idea, you also require right technique to impress your investors.

And, that right technique completely involves in you elevator pitch.

For those who don’t know what elevator pitch is, it is a short description of an idea, product or company to hook someone’s interest and make them willing to invest.

Within few minutes, audience will determine whether your idea is good for investment or not. No further discussions.

So, either you nail it or fail it. Everything is decided within those few minutes.

But how do you write and deliver an effective and powerful elevator speech  that will do the job?

Mostly, people would say, explain what you do, pinpoint your USP and so on.

However, these are some standard rules that probably any business owner would know.

So, in this article, we will go through some other essential techniques of elevator pitch that you should know.

 

Understand Why Elevator Pitch Exist

Essential Tips to Make a Good Elevator Pitch

An elevator pitch is like the opening paragraph of a memo or report.

You are to create an introduction to the bigger topic that completes within one or two minutes. That is all.

One of the common mistakes entrepreneurs make is that they take the elevator pitch sometimes less and sometimes more than it can or should be.

But, keep in mind, elevator speech will not give you instant investments.

It is only the first stage where you impress your audience or investor through your idea.

Then your investors might entertain further discussion and get into details.

The pitch is only supposed to help you find people who might be interested, not make a complete sale.

There are tons of elevator pitch examples on the internet you can look for and understand the importance of it. So. do it.

 

Know What Your Audience Wants

Essential Tips to Make a Good Elevator Pitch

Another most common mistake any business owner or entrepreneur makes in marketing is that they try to sell the wrong thing.

Always be clear, it’s not about what you want, it’s about what your audience want.

Your ultimate aim to server to your investors can go into a wrong direction when you keep your interest foremost in mind.

To be honest, no one cares about you. They care about themselves, just like you do too.

So, being self-centered will never ever work in an elevator speech.

Even if you don’t like, for the sake of investment, you need to be amongst the audience and know what they are seeking for.

So, you need to break out the type of people you might come across.

Some could be investors, potential customers, supplier, or some could just be an audience.

If you have enough time, try to research about these people.

If not, just thoroughly scan their thoughts through their personality and the way they speak.

Like i said, there are lots of good elevator pitch examples on the internet you can look for to sharpen your knowledge.

 

Paint Pictures

Essential Tips to Make a Good Elevator Pitch

As you might know, marketing is about emotion. The more you get through your customers emotions, the more you sell.

You need something powerful that connects with your audience.

Because, you know, if it was so easy to convince customers, every other business would reach into peak of success.

So, in this case emotions play a key role for investments.

An investor might want to make more money as ego satisfaction, or have some personal reasons.

It’s difficult to precisely know any of these things in advance.

However, because decisions are emotional, you can improve your communications by painting pictures.

Rather than bragging about the market share you expect to gain in your elevator pitch, create a brief picture of what causes customers to opt for your company versus a competitor.

 

Practice

Most often people run through memorized pitches like regurgitating a poem like children do in schools.

If you do so, two problems come out. One, you will eventually do this on autopilot, no longer human connections.

Two, you will become like a robot and your investors will turn off immediately.

So, to avoid these mistakes in your elevator pitch, practice your pitch repeatedly in a better manner.

While writing the script, make note of the series of emotions that you want to evoke.

The most important thing is to tie together the emotions as well as the important points you want to hit.

Try the script while emphasizing different feelings at different times.

The ultimate goal is to be able to talk to someone, make a pitch while realizing that a human connection is more important that specific words.

Giving everything within few minutes and then being able to impress the audience with the fear of time being up, that takes a lot.

Believe me, no one can give an elevator speech and impress the investors at the same time without practicing. Literally no one.

However, if you find people who say they do, that means either they are lying or they are pro at giving elevator pitch.

Also, look for some good elevator pitch templates on the internet to get more knowledge regarding elevator pitch.

 

Follow Up

You give an elevator pitch, someone seems pretty impressed with your idea, then what?

They applause for your speech, and they leave?

Eventually, most will. Because why not, they are the investors. They don’t need you, you need them the most.

So, before your investors get out of your hand, play actively.

Get contact information and schedule your follow-up activity, whether it’s sending additional information or getting in touch.

Chances are you’ll need to follow up multiple times to remind them. Because why not, they are busy people and might forget about you.

However, in the name of following up, do not put too much pressure on the investor that they end up the deal with you.


Related Posts