One can never predict where or what interaction leads to a new business opportunity. Imagine you bump into a former client at an event. After exchanging pleasantries, she asks you what your new venture is all about. You hesitate. Where do you start? What do you say? Just as you start to organise your thoughts, her attention is diverted, and she walks away.

In such a scenario, it helps to have an ‘elevator pitch.’ This is a short, pre-prepared communication that explains what your organisation does, clearly and crisply. The term ‘elevator pitch’ derives from the thought that this speech should be communicated in the short period of an elevator ride.

Let’s explore how to craft an effective elevator pitch.

1. Identify your objective

Think about the goal of your pitch. For instance, do you want to tell potential clients about your organisation? Do you have a great new product idea that you want to pitch? Or are you looking for investors to raise funds?

An elevator pitch can be used to create interest in a project, idea, product or even yourself.

Also read: Entrepreneurship: A commitment to realise a vision

2. Describe what you do

Start your pitch by explaining what your organisation does. Highlight the problems that you solve and how you help people.

Business mentor Elliot Loh suggests the following formula for creating an elevator pitch.

We solve [problem] by providing [advantage], to help [target] accomplish [target’s goal].

Depending on your business stage, you may add a sentence about your business model:

We make money by charging [customers] to get [benefit].

3. Communicate your USP

Focus on what is unique and different about your product, service or organisation. You need to be distinctive to draw attention.

• How is your product different from others? 
• Is your approach unique?
• Is your offering solving for a genuine customer problem?
• Do you have a patent for your business?
• How is your product/ service/ idea better than the competition?
  
  

4. Share about your team

The right team can build a winning solution. In this part, you should talk about why your business partners and you (with your unique skill sets) are the right team to execute the idea and vision.

Also read: How to hire the right person for your team

5. Be ready to answer questions

Make sure you also consider the questions you are likely to get after sharing your pitch. Once you grab attention, you should be able to back your claims. What is your plan to execute your idea? How will you sustain your business? Have you tested your idea in the market? Are you better than your competitors?

6. Practice your speech

The elevator pitch maybe just a few sentences long, but it needs to pack a punch and therefore deserve practice. Do put in some thought, practice and get feedback on your pitch. You may even want to record yourself to improve your delivery further.

The more you practice, the more confident you will be. Then you can infuse the pitch with your personality and passion.

Whether you are trying to raise money or communicate your business proposition to potential clients and customers, a strong elevator pitch is an asset. Make sure you make yours memorable, concise, and unique.

Also read: How to discover your next big growth idea

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