Sometimes, there is hardly any indication before a business opportunity presents itself. The opportunity may arise at a business function or a wedding event, giving you only a minute or less to make a good impression. To make the most of it, it is important to prepare an elevator pitch.
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As the name implies, an elevator pitch is a clear description of your product or service, business idea, or company in the shortest time possible – the time it takes to take an elevator ride from one floor to another. Whether you’re trying to raise funding from angel investors or secure a partnership, a solid elevator pitch can aid you in maximising opportunities that come your way.
To prepare an elevator pitch that drives results, here are 4 tips to keep in mind.
Be Thorough Yet Concise
The elevator pitch should contain key information that any prospect would be interested in. This should include the following details:
- The name of your company or product.
- The nature of your business or product.
- The problem it aims to solve.
- The value it offers.
Make it brief but aim to stimulate interest in your prospect. Although it may seem otherwise, people make purchase decisions based on emotions. Connect to them emotionally by conveying your passion and belief about your business.
Don’t hold back from demonstrating high energy and passion. Your prospects want to know that you’re passionate and confident about your ideas, so if you can pull this off, you would have won half the battle.
Your elevator pitch shouldn’t be ambiguous or too long before it answers the prospect’s question, “What am I getting out of this?”
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Endeavour to use easy-to-understand language that conveys a coherent message. Given the little time you have, you want your prospect to understand you without any confusion.
This comes back to the principle of speaking in terms of what your prospects want. Make sure they understand what you can do for them.
If you’re describing a position you’ve held or projects you’ve handled, expand on it by explaining why it matters to them.
It is not enough to make your listeners know what they’d be getting. You also have to tell them what to do to get it. Seal the pitch with a quick call to action. For example, you may want your prospect to hire you, consider a partnership with you, or buy your product. Give them a direct call by being clear and concise.
A good elevator pitch complements a great idea. It does not guarantee business deals or venture capitalist funding, but it can be a stepping stone for building long-lasting relationships that can benefit your business. Craft it to perfection. Rehearse it. Tweak it where necessary, so that you speak with confidence when the opportunity arises.
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