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Saturday, March 3, 2012
How To Make An Elevator Pitch
It may seem cliche, but there's a reason you often hear successful entrepreneurs and investors speaking about "elevator pitches" and their importance. You, as a business owner, ought to be able to quickly and concisely communicate what your business is and why it will be successful. Learn it, know it, practice it, and keep it under two minutes. You never know when you'll have an opportunity to deliver it. Many successful business deals happen outside the office. Here's what you need to do to be ready:
Explain efficiently what your business retails. Is it a product or a service?? Why does it have a value, and who wants it? Forget about the technical info regarding how the product functions. Actually, getting into that might even take away from the elevator pitch. Concentrate on outcomes and value that it contributes to clients and customers.
Don't be afraid to acknowledge other companies that are competitors or comparables. It's okay to have competitors; in fact, if you claim that you don't, you will instantly lose credibility. Remember that your company isn't EXACTLY the same as the others (and if it is, something must be very wrong!). Competition can even be a sign that other companies and investors thought this industry was worth participating in.
After you refer to the competition, you've got to succeed at convincing people that you'll be able to be the victor when compared to them. Comprehend your competitive edge and have the ability to talk about it. Venture capitalists are frequently attracted to such a competitive edge.
You've got to address the unsatisfied need in the marketplace. This must occur at the close of the pitch, so it'll be retained in the investors' heads. Employ facts-huge, staggering amounts of quantity-based facts can go a long distance. Close out the pitch with a self-assured declaration that your firm and not any other one is uniquely positioned for success by satisfying the marketplace need. Your competition fails to duplicate what you will do.
There is an art to every talk you give. Practice so that you'll have the chance to convey it without stammering or stuttering. Keep this in mind: You can't predict when the chance will come for you to convey it.
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Posted by Staff at 9:04:00 AM