An elevator pitch is the easiest way to sum up your business in a few words. Learn how to craft the perfect elevator pitch for your small business.
You may think elevator pitches are exclusively for salespeople and business development specialists; the reality, however, couldn’t be further from the truth! Everybody active in an organization should be able to effectively communicate the value of their company.
Crafting an elevator pitch is an imperfect science, because no two companies are exactly alike. Further, identifying the best way to discuss your business’ merits can be hard. It’s important to hit on all the aspects that differentiate your company from the competition, while also outlining your scope of products and services.
Follow these rules of thumb for creating a 2 minute elevator pitch
When creating the perfect two-minute sales speech or quick-hitter for your company, these guidelines can help you get the creative process moving. The end result is a more effective pitch that communicates the intricacies and value propositions of your small business:
Identify your goals & audience
The first thing to do while drafting an elevator speech is to identify your goals and your target audience. If your product offers a B2B solution, your pitch will be quite different than the elevator pitch of a home services business. If the purpose of your elevator pitch is to network with potential business-to-business clients, for instance, you may want to explain how your services can improve their workflow and bottom line. To speak directly to product consumers, however, you will need to demonstrate an entirely different value set, such as quality products or lower prices.
Explain your value proposition
What exactly does your product or service have to offer? What pain point does your product or service relieve or what need does it fill? This is the essential question to answer in your elevator pitch. The bulk of your speech should focus on why your services or products have value, and what differentiates them from similar market offerings. If your pitch isn’t addressing these vital issues, it’s time to head back to the drawing board.
Wrap it up
End your elevator pitch by wrapping up all of the elements that make your company and its products or services competitive. As you wrap up your elevator pitch, don’t introduce any new information – just revisit the key points that differentiate your company and make your products stand out from other market offerings. Be sure to also offer your contact information during the wrap-up, such as a website, Twitter handle or phone number.
Practice makes perfect! Don’t forget to rehearse your elevator pitch.
Once you’ve identified and drafted these key components, your elevator pitch is almost ready for delivery! Always rehearse your pitch a few times with slight variations before reciting it in front of a live audience—whether it’s a single person or a whole crowd.
Remember, practice makes perfect. Also, don’t be afraid to stray from your script whenever appropriate! The purpose of drafting your elevator pitch in advance is to help you deliver an effective marketing message, not hamstring your ability to communicate the specialness of your company.
Do you have a killer elevator pitch for your small business or tips for making your value proposition stand out? Share it in the comments!