BUSINESS

Elevator Pitch – What Is It?

The elevator pitch is called by different names such as elevator speech, elevator statement, elevator chat, and others. It is a synopsis of quickly selling your business idea, plan, organization, or event to a party of interest.

Elevator Pitch 2The name suggests and reflects the idea that one should be able to deliver a summary of one’s creativity or innovation within the time span of an elevator ride or within thirty to sixty seconds.

Now, the question is what strategic approach should one take in making a value added and effective elevator pitch?

According to Tim Berry, a business planning guru, one should break up the 60 seconds time span into 4 blocks of 15 seconds accordingly:

First, one should tell a story, give the name of a person, and show what problem that person has, but most importantly one should generate empathy, humanize, and personalize the situation, or problem.

Second, identify the solution to the problem told in the story during the first 15 seconds. This ultimately is the selling of one’s product or business idea.

Third, one needs to show how he or she is different and what makes him or her uniquely qualified to be the one to solve the problem.

Fourth, this is where one talks about the business within the context of market potential, sales generation, money required, and exit strategy.

The elevator pitch is widely practiced or rehearsed by people within various professions to sell their ideas quickly.

By Yvad Billings, The Readers Bureau, Fellow