Nov 08 2007
The Elevator Pitch
Why is an “elevator” pitch so important? And why is it so difficult? And how does it differ from the value proposition that KJ described in her last post?
Our elevator pitch is important because it is the likely to be the first introduction a prospective customer or investor has to our company, and it’s live, not on paper. It’s difficult because it is challenging to distill all we know about the value our company brings to customers into a mere 100 words or so, and to make it compelling at that! It differs from the value proposition by expanding on it, and going into specific benefits that differentiate us from the rest of the pack, and if successful, leaves the recipient saying “tell me more”.
When someone asks, “So what does YOUR company do?” we must smartly, quickly, and confidently deliver the essentials. “My company <does this >, and provides <these benefits>. Companies who use us have <this characteristic> and have found that <benefit>. If you’d like to know more <call to action>.”
For example “My company provides ways for manufacturing companies to waste less and recycle more, thereby reducing their carbon footprint. Our innovative technology changes the way that manufacturing companies process materials. In addition, companies who have used us have found that that they were able to create more efficient processes that increased profitability. If you’d like to know more, I’ll be happy to have a longer conversation.”
Why is an elevator pitch so hard? It doesn’t need to be if you do these things:
- Know your benefits inside out
- Write down your speech
- Practice it, and practice it again…and again
- Teach it to everyone in the company