The Elevator Pitch: What it is and Why you Need One
By Maggie Bremski
Starting your own business? Congratulations! You’re part of a special group of entrepreneurs who are driven to achieve amazing things. Just be sure to stock up on time, patience and perseverance. Why? Because a lot of your energy (especially in the early days), will be spent getting things up and running — financials, brand identity, marketing, business structure, etc. — these are all foundational elements that your business will need to thrive. And a key element you will want to have in place is a concise elevator pitch.
An elevator pitch is your verbal business card, distilling your business message into a 20 to 30 second snippet that is engaging, clear and memorable. It provides your audience with a taste of your business value proposition, and ideally leaves them wanting to learn more. Why do you need an elevator pitch? Well, you’ve read that most people form an impression of you in the first 4 seconds of talking with you. After that you have about 20 seconds to showcase, a few minutes more to dazzle, and a day to follow-up. First impressions are formed quickly and are important. It’s worth taking time to craft and master your 20 second pitch.
So how do we get people to buy in and not check out? When you first meet a contact ask about their business or need. Listening to their “why” will tell you a lot about them. Listening is your super power - people perceive us as more thoughtful and convincing when we listen. And because reciprocation is important, be prepared to respond to your contact’s questions with your elevator pitch.
Crafting your pitch
Now this doesn’t mean that you should wing it; being able to articulate your 20 second pitch means it is easier to inspire people with your why. To create a compelling elevator pitch, start by identifying your core messages.
Why does your business do what it does? Why is this important and why should your audience care? Think Simon Sinek and his “start with why” TED Talk. Consider the story that you are trying to tell.
Craft a succinct narrative with a hook - something that grabs attention from the beginning. What is the most important sound bite about your business that you want your contact to remember?
Include a call to action. You’ve explained who you are, what you do and why it is unique and important. There's one more important step: a call to action. During this stage of the elevator pitch, it’s time to call upon the listener. Some examples of a call to action include passing out your business card to continue the connection, setting up a meeting or asking for their business information. No matter what the call to action is, make sure to end with one so the listener is inspired to continue the conversation.
Rehearse! Practice is key to perfecting your elevator pitch. Speak your 20 seconds out loud until it feels natural and authentic.
Another great thing about elevator pitches is that they can be used almost anywhere and with anyone. Your polished introduction is now honed to be short and attention grabbing, and you can now introduce yourself effectively when meeting someone for the first time, on the phone or literally if you are stuck in an elevator with a colleague or potential client.
Now that you understand what an elevator pitch is and why it’s important, try and start putting yours together! This simple, yet effective tool can not only help describe your business, but also persuade your audience while making a lasting impression.
If you are still feeling unsure, don’t worry, Guildstreet is here to help. Contact our team today!