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The Elevator Pitch

Business Life 14-06-2017

Picture the scene: the elevator door opens and you’re confronted with the ideal investor for your business. This is your chance to shine – to prove to them that you’ve got an idea packed full of potential. Now all you need to do is sell it.

This is where the Elevator Pitch comes in. It’s not a presentation or a full-blown business plan, but a short, concise summary of what your business, product or service does – in less than 60 seconds (roughly 200 words). It’s a chance for you to make that all-important, positive first impression, leaving potential investors interested and wanting to know more about you, and your business.

Here are 10 tips on how to craft the perfect Elevator Pitch:

1. Have a hook

Open your pitch with a question or statement that immediately engages your audience. Grab their attention from the beginning and they’ll listen to what you have to say.

2.  In a nutshell

Sum up what your idea, product or service is in a short, snappy sentence. Then, briefly describe who the target market will be.

3.  Be passionate

Pitch yourself. Be enthusiastic, engaging and to the point. Talk about what you can bring to the table – your achievements and skills, rather than focus too much on an intangible concept or idea.

4.  Differentiate yourself

Think about what makes you unique. What sets you apart from your competitors? You need to be able to communicate this, so do your homework and know your market.

5.  Revenue model

Clearly state how you think your business or idea will make money. It’s also integral to know what the projected return will be for investors. ‘What’s in it for me?’ will probably be one of the first things they ask.

6.  Ditch the jargon

You only have 60 seconds, so don’t turn your audience off before you’ve even begun with baffling tech speak or jargon. Say what you need to say in simple, layman’s terms.

7.  Practise

Rehearse your pitch so that you’re ready to roll when the opportunity arises.

8.  Know your audience

Tailor what you say so that it’s aimed directly at the person/group you’re talking to. Also, as your company grows and evolves, the way you talk about it should evolve too. Keep that level of excitement when you talk about your business or idea – think about what will spark interest.

9.  A request

End your pitch with a request for something – this could be a business card, a referral or the ti me to stage a full presentation. You’ve come this far, so don’t afraid to be bold.

10.  Listen

You’ve had your chance to talk, so remember to listen too, and accept any feedback. Even if nothing concrete comes from the pitch this time around, it’s still an opportunity to build your business network.

 

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