What is an elevator pitch?
An elevator pitch is a brief, persuasive speech that is designed to spark interest in an idea, product, or service. The term “elevator pitch” comes from the idea that if you were to find yourself in an elevator with a potential investor or customer, you would only have a short amount of time to pitch your idea before they reach their floor and the opportunity is lost.
An elevator pitch should be concise, clear, and engaging, and it should quickly communicate the most important aspects of your idea or product. It typically lasts between 30 seconds and two minutes and should include a description of the problem your idea solves, your solution to that problem, and the potential benefits of your solution.
The goal of an elevator pitch is to capture the listener’s attention and leave them wanting to learn more about your idea or product. It is an important tool for entrepreneurs, salespeople, and anyone who needs to communicate a complex idea or product in a short amount of time.
What are the components of an elevator pitch?
An effective elevator pitch typically includes the following components:
- Hook: This is the opening sentence that captures the listener’s attention and makes them want to learn more. It can be a thought-provoking question, a startling statistic, or a bold statement that generates interest.
- Problem: Clearly and succinctly identify the problem or pain point your idea, product, or service is addressing. This is the issue that your target audience is facing and struggling with.
- Solution: Describe your solution to the problem. Be specific and highlight how your idea is different and unique from other solutions that exist.
- Value proposition: Clearly communicate the value of your solution, including the benefits and outcomes it provides. This is where you communicate how your idea can solve the listener’s problem.
- Call-to-action: End with a clear call-to-action that invites the listener to take the next step. This could be an invitation to schedule a meeting, visit your website, or request more information.
Remember, an effective elevator pitch is short and to the point, typically lasting no more than 30 seconds to two minutes. Make sure to practice and refine your pitch to ensure that it is clear, concise, and compelling.
Why are metrics important in an elevator pitch?
Metrics are important in an elevator pitch because they provide tangible evidence of the impact and value of your product or idea. They help to establish credibility and demonstrate that your product or idea is effective in addressing the problem you’ve identified.
By using metrics, you can illustrate the benefits and outcomes of your solution and provide evidence that it is better than other options on the market. Metrics can also help to quantify the potential return on investment for potential investors or customers, making it easier for them to see the value of your idea or product.
In addition, using metrics in an elevator pitch shows that you are data-driven and have a clear understanding of the impact of your solution. This can help to build trust and credibility with potential investors or customers.
Overall, metrics provide a powerful way to strengthen your elevator pitch and make it more persuasive and compelling. They can help you stand out from the competition and convince your audience that your idea or product is worth their time and investment.
What is an example of a good elevator pitch?
One that communicates value.
Example: “Hi, I’m Ashley, CEO of a boutique professional services firm, Duwel Dev. Our combined 35 years of experience, coaching, and tailored strategic plans help businesses boost their industry and government engagement by up to 300%. We do this by providing a tailored solution for managing marketing, including content creation, scheduling, and analytics. Our current clients have seen on average, a 36% increase in website traffic, a 23% increase in sales, and a 33% increase in government meetings attended since implementing our strategic plans. We’re well-networked and have secured partnerships with several major brands to better serve our clients. I’d love to schedule a capability briefing with you to show you how Duwel Dev can help your business grow.”
Why? In this pitch, the speaker starts with an introduction and then quickly gets to the problem they’re solving: businesses struggling to boost their federal engagement. They then describe their solution (implementing tailored solutions) and highlight their key differentiator (the ability to increase engagement by up to 300%). Then using specific metrics to illustrate the impact of their platform on their current clients, including a 36% increase in website traffic and a 23% increase in sales. Finally, they mention their partnerships to demonstrate their business success. This pitch is effective because it combines a clear problem/solution message with specific metrics and business success indicators.