Elevator Pitch

NNBN INSIGHT – What Does It Mean By “Elevator Pitch?”

An elevator pitch is a brief, concise and captivating speech designed to grab the attention of someone in a short period of time. It is most commonly used during a networking event, an interview, or a pitch meeting where you have limited time to sell your idea or yourself.

The elevator pitch concept originated in the business industry where executives and entrepreneurs found themselves constantly pitching their business ideas in elevators to potential investors or customers. The idea stuck and slowly made its way beyond the business world into the everyday lives of individuals.

Why is it called an elevator pitch? The reason for this name comes from the notion that you should be able to deliver your pitch in the amount of time it takes for someone to ride an elevator from one floor to another.

An elevator pitch should be well-rehearsed and designed to inspire and generate interest in what you have to say. A good elevator takes time to develop, but the key is to keep it concise and make it memorable.

Characteristics of a powerful elevator pitch include:

1. Concision:

Elevator pitches are meant to be short and sweet. You should be able to present your idea within 30 seconds or less in a manner that is understandable and concise. Remember the goal of an elevator pitch is to sell your idea and to get the listener to want to know more.

2. Clear and simple language:

Your pitch should be communicated in plain language using words that are easily understood. Avoid technical jargon or any complicated terms that will only confuse your listener.

3. Relatable information:

Start your pitch with something relatable to the listener. Sharing a commonality can create rapport and help the listener to relate to your message.

4. Persuasive phrasing:

Aim to be persuasive in your language, it must be compelling enough to get the listener interested. Utilize strong and descriptive words that build up your idea.

5. Have an impact:

Your elevator pitch should leave the listener intrigued enough to want to continue the conversation. That being said, your pitch should be impactful, and memorable enough that the listener will remember it and view you as an expert in your field.

 

An elevator pitch framework should consist of:

1. Introduce yourself:

Begin by introducing yourself, briefly explain who you are and what you do.

2. Define the problem:

Explain the problem that exists or the pain point your idea solves. The problem should be relatable and relevant to your audience.

3. Offer the solution:

Next, introduce your idea as the solution to that problem. Explain the benefits and how it will help make a difference.

4. Call to action:

If the pitch was successful, close with a call to action, such as scheduling a follow-up meeting or sending them more information.

Remember to focus your pitch on your idea or product. Avoid telling your life story or sharing too much information about yourself. The pitch is meant to be focused on the idea, so keep that in mind when creating your pitch.

 

There are different types of elevator pitches depending on the situation:

1. The Investor Pitch:

This pitch is aimed at venture capitalists or angel investors who are interested in funding a startup. The pitch needs to be concise while highlighting the problem that the startup solves, the opportunity available and the chances of success.

2. The Job Interview Pitch:

This pitch is aimed at convincing your potential employer that you are the best fit for the job. You need to highlight your experience, skills, and how you will be an asset to the company.

3. The Networking Pitch:

This pitch is designed to attract potential clients or partners to your business. You need to be able to articulate your business idea and what sets you apart from others.

4. The Sales Pitch:

This pitch is designed to persuade potential customers to buy your product or service. You need to highlight the benefits of your product or service, and how it will solve their problems.

 

Tips for creating a compelling elevator pitch:

1. Practice makes perfect:

It is important to practice your pitch until you can deliver it flawlessly. This will help you to avoid fumbling over your words, allowing you to deliver your pitch with confidence and clarity.

2. Tailor your pitch:

Take the time to tailor your pitch to the specific audience you are presenting to. This will increase the effectiveness of your pitch and make it more relevant to your listeners.

3. Create a hook:

The beginning of your pitch should start with a hook. It must be interesting enough to capture the attention of the listener, while still being brief and to the point.

4. Highlight your achievements:

Be humble but don’t forget to showcase your accomplishments. This will show that you are capable and credible.

5. Be passionate:

Find a way to translate your passion for your idea into your speech. This will help to convey that you really believe in what you are pitching.

In conclusion, an elevator pitch is a powerful tool when used effectively. It takes skill and practice to ensure it is delivered confidently and in a compelling and concise manner. When executed properly, the elevator pitch can open up new opportunities and help you to achieve your goals.