The elevator pitch is one of the most important tools in the early stages of startup development.
Designed as a short and easy-to-remember way to describe your business concept, if you don’t have time to explain the details (like taking an elevator), there are various signs of efficiency, but there are many wrong ways. This is one of the reasons innovation consulting services exist.
Why is the Elevator pitch important?
If you have an idea to sell and meet potential buyers, you should take this opportunity and aim for it quickly and with confidence. You need to make a solid presentation, see the main points of your product or service, and leave an unforgettable impression.
You can meet with one of these potential buyers anytime at a party, on the road, or, as the title suggests, in an elevator. When that person asks, “What are you doing?” or you have the opportunity to make the opening game, you must be prepared.
Here are some of the most probable causes and how they can be resolved.
1. You sound like other people
It’s tempting to describe your company in terms that are familiar to other entrepreneurs, but there is a risk that you will get into cliches. For example, how many times have you heard of a new technology startup calling it “Uber” in its industry?
Although it’s natural to want to ride a unicorn’s success, it’s not a memorable or original catch. Your business is different on several main points, so make a difference.
2. Out of length
Some experts suggest that the ideal slope of the elevator must be between 20 and 30 seconds, but it is difficult to enter numbers. It doesn’t have to be the whole “correct” length, but it might be the right length for you.
If your business idea is simple, you can distract or confuse your audience or feel overly confident if you spend too long describing it. If your business idea is more complex, shortening the plot can reduce its true value. Make the field as short as possible without losing the basics that make your business desirable.
3. The end result is not clear
“The point” depends on your audience, but it should always be clear when you throw. For investors, this means profit or longevity. Customers are often offered solutions to real problems.
For example, if you offer a new application that helps pet owners find a good dog park, you can talk about how well the app works, but that doesn’t matter to any group. Investors want to know how this application makes money, and future users want to know why they can’t just use Google Maps.
4. Your concept is too abstract
Entrepreneurs sometimes get lost in the abstract concepts of their ideas and cannot concretize them so that strangers will understand quickly or easily. This is usually a symptom of too much brainstorming and poor paper planning. Concentrate on the terrestrial structure and mechanism of your company rather than the abstract philosophy or purpose behind it.
5. You practice too much
The practice is perfect until it’s terrible. Rereading your elevator, like any speech, can cause problems. If you rely too much on a particular language or sequence of conversations, you risk sounding insincere or robotic. You will also let go of the opportunity to find a place where you can easily adapt to your audience while travelling.
6. You are practising too little
Of course, you can also make the opposite mistake. If you try to improvise your steps on the elevator, you will reach unnecessary points, expose yourself or leave some important details completely. Make at least a few dry slopes with a colleague or in front of a mirror before going live.
7. You do not experiment
One of the best ways to increase your height difference is by trying various options. There are certain intangible properties of successful pieces that are difficult to understand from the start or to be baked in your outline.
However, you can find out from your listener’s facial expressions and body language when you press an important point or connect. Use these signals in combination with a miniature version of your approach to finding out which phrase or angle best suits your idea.
Parking for your elevator is not something you can master, at least not permanently. On the contrary, of course, it must develop as you learn more about your business, gain more experience with potential partners and customers, and learn which techniques or approaches do not work. Review your framework regularly until you reach your main goal, whether it provides investment capital or attracts your first customer. For more details get in touch with us!
