How Do I Make a Great Elevator Pitch - And Why You Need One

The art of the elevator pitch: why you need one, and why you actually need several lengths too

Imagine stepping into an elevator with a potential investor or a potential client. You have only a brief moment to capture their attention and make a lasting impression. What do you say?

This is where an elevator pitch becomes invaluable. In this article, we will explore what an elevator pitch is, why it is essential to have one, and how it can benefit startup businesses.

What’s the purpose of an Elevator Pitch?

In short, you’ll be asked to communicate your business concept to a lot of people when you are a new business founder.

Sometimes it’s informal, like a friend or at a party – and sometimes it’s of great importance to your business, such as when seeking funding, a loan, or building your team.

The classic elevator pitch is 15 seconds and explains in just a few words: what your business does, who your customer is, and why they need your product.

An elevator pitch serves as a powerful tool for startups to succinctly communicate their value proposition, showcase their unique qualities, and create opportunities for growth.

photo Unsplash/disruptivo

What is an Elevator Pitch?

An elevator pitch is a brief, persuasive speech that entrepreneurs use to spark interest in their startup business. It is a concise summary that effectively communicates the essence of the business, its vision, and the problem it solves.

The name “elevator pitch” originates from the idea that it should be delivered within the duration of an elevator ride, typically lasting only a few seconds to a minute.

How Long Should Your Elevator Pitch Be?

15 Second Must-Have Elevator Pitch:

At a minimum you need a 15 second elevator pitch. This is 2-3 sentences that clearly describe what your business does, who your customer is, and why they need your business.

This comes in handy as the first thing you tell almost anyone who asks what your business does.

For many founders, being able to condense this business model description into a few sentences can be fairly difficult – but really doesn’t need to be, as long as you concisely answer those three big questions:

1. What does the business do?
2. How is the customer?
3. Why do they need it? 

60 Second Relaxed Elevator Pitch:

Sometimes you know you have more time to explain, and perhaps you have a listener who you know is interested enough to learn more details. This is your 60-90 second pitch.

It’s your 15 second pitch, with a few more exciting details.

The 5 Minute Stakeholder Pitch:

Sometimes you have an investor, or a loan officer, or perhaps a potential team member who really needs to deeply understand your business and your vision for it.

You know they have enough time available to really hear you and learn more about your new business.

You’ll need to step them through a high level overview, and then take them through some of the important details such as:

1. What problem the business solves
2. Why you are well suited to run the business
3. How your financial model will work
4. What innovations will your business have over competitors
5. What your marketing strategy is
6. …and so on, etc.

Importance of an Elevator Pitch for Startup Businesses

Having a well-crafted elevator pitch is vital for startup businesses due to several reasons. Firstly, it allows entrepreneurs to clearly and concisely communicate their business idea, product, or service to potential investors and stakeholders.

In a limited timeframe, an elevator pitch enables startups to capture attention, generate curiosity, and create an opportunity for further discussion.

Components of an Effective Elevator Pitch

An effective elevator pitch for startup businesses typically includes the following components:

• A compelling opening that grabs attention
• A clear explanation of the problem the startup solves – and what the VALUE OF THE SOLUTION IS to the listener
• A description of the unique solution or value proposition
• A demonstration of market potential and target audience
• A brief overview of the business model and revenue strategy
• A strong call to action, such as requesting a meeting or seeking funding

Crafting Your Elevator Pitch

When crafting your elevator pitch, consider the following tips:

1. Understand your target audience and tailor your pitch to their needs and interests.
2. Clearly define your value proposition and what sets your startup apart from competitors.
3. Keep the pitch concise and easy to understand, avoiding technical jargon.
4. Practice delivering your pitch until it feels natural and confident.
5. Seek feedback from mentors, colleagues, or potential customers to refine your pitch.

Why You Must Have an Elevator Pitch

An elevator pitch is an indispensable tool for startup businesses because:

• It helps entrepreneurs articulate their business idea and attract attention in a concise manner.
• It allows for efficient communication of the startup’s unique value proposition.
• It creates opportunities for networking, partnerships, and funding by capturing the interest of potential investors, customers, and partners.
• It serves as a foundation for other business communication, such as presentations, sales pitches, and marketing materials.
• It helps entrepreneurs build confidence and clarity in explaining their startup’s mission, vision, and goals.
• It enables startups to stand out from the competition by showcasing their unique qualities and value.

Conclusion

In the fast-paced world of startup businesses, an elevator pitch is an indispensable tool for capturing attention, creating opportunities, and conveying the essence of your business. By crafting a compelling and concise elevator pitch, tailored to your target audience, you can make a lasting impression and open doors to success.

Frequently Asked Questions (FAQs)

1. How long should an elevator pitch for startups be?

An elevator pitch for startups should ideally be concise, lasting around 15 seconds to a minute. This timeframe ensures that you can effectively convey your message without losing the listener’s attention.

As noted above there can be several length pitches, depending on who your listener is.

2. Can I use the same elevator pitch for different audiences?

While the core elements of your elevator pitch remain the same, it is essential to tailor it to different audiences. Consider the specific needs, interests, and pain points of each group you are targeting to make your pitch more relevant and impactful. 

3. How can an elevator pitch benefit my startup business?

An elevator pitch can benefit your startup business by enabling you to succinctly communicate your value proposition, attract potential investors, create networking opportunities, differentiate yourself from competitors, and build confidence in explaining your business idea.

4. Should I memorize my elevator pitch?

While it’s important to practice and internalize the key points of your elevator pitch, avoid memorizing it word for word. Instead, focus on understanding the core message and delivering it naturally, adapting to the specific context and audience.

5. Can an elevator pitch be used in written communication?

Yes, an elevator pitch can be adapted for written communication, such as in emails, business proposals, or website content. The key is to ensure that the written pitch maintains the same concise and compelling nature as the verbal version.