Can you think of selling your business or product in just 60 – seconds? Imagine you have to impress your client or your investor in just 60-seconds of your meet.
But is it possible? Yes, it is possible.
Have you heard about the term “Elevator Pitch”? And do you know how it can help you?
Elevator Pitch is a short description or synopsis of your experience, background, skills, product, or proposal in 60 seconds.
Maybe you are wondering why it is called an elevator pitch?
With 60-seconds it takes to ride an elevator from one-story building to another, you can provide what has been called the 60-second elevator pitch.
This brief description is to be just what your potential clients or your investors need to hear to be interested in your company.
But make one thing clear, never say your 60-second elevator pitch as soon as you meet, or they pick up your phone call as it may sound like a sales associate.
Now, you might be thinking about when to use an elevator pitch?
So, use your 60-second pitch when someone asks you questions like:
- What do you do?
- Who are you?
- Where do you work?
- What does your company do?
- What makes you better than others?
However, the right elevator pitch can take a lot of effort and dedication to prepare and right. Read on this blog to know the importance of elevator pitch and some components to keep in mind while crafting a 60-second elevator pitch.
WHAT’S IN IT
What is a 60-second Elevator Pitch?
“First Impression is the Last Impression”
In the initial startup’s days, the CEO or Founder of a company meets a lot of people from different industries. They look for capitalists, investors, and, more importantly, clients.
To impress those people, the Founder of a company must have skills and techniques to explain his or her startup. Here, your 60-second elevator pitch plays a significant role.
It is a summary or brief of your business, product, and yourself in 60 seconds or less. So it is the description of what you sell or what you do. It is also known as a 60-second elevator speech.
An elevator pitch should be fully prepared and practised. You can even pitch at a conference, networking events, a business meeting, or at a social gathering to your prospect.
You never know when you will have the chance to explain the perks of your company provides. So it is vital to work on your elevator speech. However, the elevator speech is never an opportunity to close a deal. But you can impress your prospect and gain their attention and time by providing a brief introduction to your company.
Job seekers for any field can also take advantage of an elevator pitch to impress your interviewer. This short speech helps you to introduce you to your career and business connections convincingly. It can help you build your network, a job, or connect with new colleagues on your first day.
I think now you have understood what exactly is a 60-second elevator pitch is. So let’s indulge more into this and know more about the impotence of elevator pitch.
Why is Elevator Pitch Important?
As you know about what the 60-second elevator pitch is, now the question comes why this pitch is so essential in today’s world.
Imagine you’re a scientist funded by taxpayers. Now it’s your responsibility to make your audience understand what you are studying on a broader level. Here communication between scientists and his audience plays a role.
Similarly, the Elevator pitch is an oral communication used to start a conversation between the two people. It is the best way to gain someone’s interest and attention to what you do and who you are.
Elevator pitch acts as a buffer that values you and your thoughts in the shortest timespan possible. It helps in developing new professional relationships. It organizes your ideas and allows you to evaluate the chief points that you think make you a success.
There will only 60 seconds to make a strong first impact as the average attention time of an ordinary person is just 60 seconds. Another reason is people have less time these days. You need to take them quickly or lose them forever.
I hope now you know the importance of the elevator pitch. So, let’s now discuss some components or tips that will help you craft a perfect pitch.
Components of a 60-second Elevator Pitch
To build a pitch that is to the point, brief, and compelling, it is vital to keep in mind some fundamental components. So, here are some components to craft your elevator pitch:
Identify Your Problem
The most important thing is that the service or a product you provide must have the capability to solve clients’ problems. If your product or service doesn’t answer your client’s problem, then your business model is not viable.
Usually, many people start their elevator pitch by directly describing the solution. But it is essential first to define a problem and then to identify a solution.
Try and refine your client’s problems to their most simplistic form. Ideally, you should be able to solve the problems you explain in one or two sentences, or potentially several points.
Identify Your Solution
Once you have describes the problem, now you need to define the solution. Demonstrate that you understand the nature of their core issues and concisely explain your solution about plan implementation, and how your product or service beat the competition. Again refine your client’s solution into the most simplistic form, ideally, in 1or2 statements.
Elevator Speech Should be Brief
Your pitch should be limited to 30-60 seconds. You don’t have to explain your whole history to the client. The average timespan of any individual is 60 second or less than 60 seconds, so at this time, you have summarized what your company and yourself.
Your pitch should be your mission statement. The pitch should be relevant and accurate. It should be well-rehearsed and practiced.
Know Your Audience
In this section, you should know who has the problem you are solving, and for whom to define the solutions and try to figure out your potential clients, you will be selling yourself.
Try to divide your target audience into small groups or segments and do some market research on each segment. Calculate the total amount that your client spend.
Practise and Practise
You practice your elevator speech again and again. A good pitch requires a lot of preparation and rehearsals.
Be Prepared With Your Business Card
Having a business card is always a great option. You can offer your business card at the end of your conversation to extend a meet.
So, these are some components that you need to keep in mind while delivering elevator speech. Now we will discuss some questions which are necessary for crafting your 60-second elevator pitch.
Questions You Need to Ask Yourself For Crafting Elevator Pitch
If you are preparing for your 60-second elevator speech, it is vital to know the critical questions that are most likely to answer:
Who Are You?
Your first job is to introduce yourself whenever you meet someone. You need to introduce yourself that who you are and what your role is in the company. Your introduction should be concise and cut to clear and earn the right to share further information later in the deal. For example, I am a sales funnel expert at XYZ company.
What Does Your Company Do?
You should be clear about your company’s mission and its goal. As a member of your company or a company owner, you must have a clear understanding of your company’s intention for its service and products, and you should know what you can do for them.
Your primary aim is to sell yourself by impressing your investor or the clients that why they should come to you. For example, I am a sales funnel expert at XYZ company. We design and develop customized online sales funnel for our clients.
What is the Value Proposition?
You just have introduced yourself and your company to your prospect. Now you have to describe your services or products you provide in 1-2 more statements.
For example, I am a sales funnel expert at XYZ company. We design and develop customized online sales funnel for our clients. It means two things: one, we provide an automated solution that boosts your purchases, and two, an online customer enjoys a flawless user experience tailored to their requirements and interest.
Where Do You Go From Here?
Your ending should be perfect and appealing. The finish should grab your prospect’s attention. You can mention some statistics and facts related to your current client. You can also end your elevator pitch with a question that will make your client curious to know more.
For example, I am a sales funnel expert at XYZ company. We design and develop customized online sales funnel for our clients. It means two things: one, we provide an automated solution that boosts your purchases, and two, an online customer enjoys a flawless user experience tailored to their requirements and interest. We have helped our clients increased their revenue by 110%. Do you know about e-commerce automation?
These are the question which needs to keep in mind while crafting your 60-second elevator pitch.
I would like to concludes that the elevator is the elevator pitch is the most important tool for your marketing scheme. It is the best way to introduce yourself and your company to others in a short time.
The primary aim of the this is to make sure that your client realizes they need your service and product. So, get out of your comfort zone and spend some time on the elevator pitch.
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