Whether you want to pitch your start-up or reinforce your idea to a former client, it is crucial to have a sense of clarity about your pitch. The ability to execute your idea is what separates you from the rest. Your idea might be brilliant, but what makes it appealing is how you convey it. An elevator pitch can be used in career fairs, interviews or to convince clients or investors. In this blog, we’ll walk you through a few steps and tips to help you create an impact while pitching your idea specifically in front of Entrepreneurs or VCs.
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What is an Elevator Pitch?
An elevator pitch is a short speech to summarize yourself, your product and company. It should be terse and apt. Your speech should be 30 seconds and should comprise 70-80 words maximum. And as the name suggests, you must be able to wrap your speech in an elevator ride. It is important to design your elevator speech in a manner that it easily accentuates the details about your company to a VC. These speeches are also useful in sudden situations where you run into a potential client or investor.
Do you know? Google earned its biggest funds in just 11 words that were, “Google organizes the world’s information and makes it universally accessible.” This line wowed the investors and the rest is history!
How to Nail Your Elevator Pitch?
Enlightening someone about your company in 30 seconds sounds impossible, but we’ll help you with 4 easy steps to layout and execute your elevator speech accurately. Before you start with the following steps, have a clear outline of your business endeavor:
Identifying Your Company’s Goal
Start laying down all the points that form the base of your company. What exactly is it that you do? Does your company bring a solution to a problem? Does your company sell a product? Write down the benefits of your solution and product. Keep it as simple and goal-oriented and jot down variations of your sample to pick the best one among them. The logline should also be catchy and easy to retain.
For example, Netflix provides over 1000 movies and shows in your pockets.
Highlight Your USP
The next step is to identify and define your Unique Selling Proposition. What makes you different from the other companies? What new does your product have among similar products? Write down these answers and also study a little about existing tech-giant companies. What did they introduce and how are they sustaining in the competition?
For example, Using the digital platform, Netflix offers viewers the entire cinematic world in an affordable and convenient way along with many perks.
Have a Hook
Here ask a rhetorical question to engage the listener or make them think about your product. They might even tend to remember these lines and later revert back.
For example, can you imagine watching 10 movies a day just for 50 bucks?
Practice Your Speech
Your million-dollar speech shouldn’t lack the perfect delivery. Hence, the most crucial step is to practice your speech to perfection. Work on your enunciations and pronunciations. Alter a few lines if they sound too wordy or difficult to understand. Don’t say it in a manner to just get done with it. Be calm and listen to your words while you say them. It might be just a few lines, but the more your practice the more naturally it will come out. Repeat it in front of the mirror and notice your body language. These expressions and non-verbal cues also reflect and influence your speech.
Be Prepared for Further Questions
After completing your speech, make a list of questions that you expect. Read a few pitches and see the common questions asked. Write down their answers and practice them. This will also help you tap the unattended areas of your speech that might have gone unnoticed.
Must Read: List of Famous Indian Entrepreneurs
Points to Avoid in Your Elevator Pitch
Apart from following the above-mentioned points, remember these ‘don’ts’ as well.
- Overconfidence: Even though you should refrain from being overconfident at all times, manifesting it in a pitch will make your whole speech kaput. Be humble and polite in your approach. Remember, there is a fine line between confidence and arrogance.
- Avoid Jargon or Truism: Make sure you pick your words correctly. Do not choose unfamiliar or difficult words that make you sound like you’re trying too hard to impress. Also, avoid choosing sentences that make you sound naive. Keep it professional and casual.
What’s Your Billion Dollar Idea?
Education New Zealand (ENZ) and Leverage Edu have partnered to help you win your golden ticket to enter the business world. If you have a terrific business idea, this is your perfect opportunity. Get a chance to present your unique concept to Venture Capitalists and Company CEO’s and win a chance to learn from the best. You will also be mentored by experts and experience rewarding virtual internships. Get your thoughts running! We’re excited and eager to see your ideas roll!
To conclude, the results are fairly uncertain and unpredictable. Follow the steps but keep your speech a true reflection of yourself and your company. Be optimistic and sincere with your execution. Investors notice these qualities that might hit the jackpot. Hope this blog helped you through your way for a good elevator speech.