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It doesn’t matter if you have already established your business or if you’re just starting out – having an elevator pitch ready at all times is a solid business strategy for anyone. An elevator pitch usually can happen in less than a minute, and it’s kind of a “one minute review” on your entire business. Here are a few things you should keep in mind when designing an excellent elevator pitch.
Identify the Problem
First, identify the problem that your company solves. This doesn’t mean a mass solution that’s meant to save the world. Think smaller than that. Problems can be simple, and your solution can aim to solve that simple issue – that’s okay. As long as you’re solving a problem at all, you’re good to go.
Now Talk about the Solution
Don’t start with the solution. Instead, start with the problem you are solving, and then talk about your personal and unique solution. The problem you present should be clear so that the solution is too. Keep your solution statement down to as few words as possible. You should be able to explain the vast majority of your product or service in less than two sentences.
Talk About Your Competition
It doesn’t matter if the solution you’ve come up with is completely unique – there are obviously other people in your niche that have come up with different solutions to the same issue. Talk about the advantages of your solution over those that other people have already seen.
Financial Summary
No, don’t talk about the poorness of your company, and don’t hand someone a sheet of your 4-year forecast. Instead, go quickly over what kind of numbers you expect to see in the next few years, and the kind of numbers you’ve already started to see.
