What is an Elevator Pitch?

We’re sure you’ve heard “elevator pitch” before, but you might be unsure exactly what goes into one. More importantly, you may not know how to create an effective one. In this article, we’ll break down the components of a great elevator pitch and teach you how to make the best one for you. 

Where did the term “elevator pitch” come from? Imagine you are inside the elevator with an investor you’ve wanted to meet with for the past few months. How many seconds or minutes do you think you’ll have with that person until you get to the floor of your destination? Five minutes? Probably one minute? Most likely even less than a minute. 

An elevator pitch is a short effective pitch you can deliver in the amount of time you spend in an elevator. While you most likely will not give your elevator pitch in an actual elevator, you should always have one ready for when you need to pitch your company in a short amount of time.  

If you go anywhere, you might network with people; you should have an elevator pitch ready. For example, you’ll need to perfect your elevator pitch before attending a speed networking event. You’ll also need to prepare one for a networking lunch or a business seminar where you’ll meet other industry players who could be potential partners or investors. 

Elements of an elevator pitch 

An elevator pitch is a short speech introducing yourself, your business or product, and your vision in thirty seconds or less. While this seems impossible, rest assured that it’s not. With time and effort, you can develop an effective elevator pitch that represents you and your company. 

Here are a few essential things to remember when composing your elevator pitch. According to an Entrepreneur article, the following elements are the three components of a perfect elevator pitch. 

1. Spur interest 

This is the most crucial aspect of an elevator pitch. Why would the person you’re talking to be interested in what you have to say? You have to give them a reason to listen to what you say, especially when you only have a few seconds to relay your main message. 

Your listener will only be interested if what you say affects them. You can stimulate interest by defining a problem or issue that affects your listener. To help do this, always keep your target market in mind when creating your elevator pitch. For example, you won’t talk extensively about cats to a dog lover who hates cats. While that’s an oversimplification, you get the idea.  

In your elevator pitch, feel free to be passionate about your business or company. Show them that you are excited about your product and believe in it. 

2. Make the transition 

Once your audience is interested, transition to offering an effective solution to the problem you mentioned. An effective elevator pitch combines emotion and excitement with logic or data.  

Tell your audience that you have the answer to the problem or issue that they’re facing. Remember that you only have a few seconds to give your elevator pitch, so make sure you arrange your pitch in a logical manner that is easy to follow and understand 

3. Share your vision 

Everything boils down to value. What value does your product or service provide to who you’re presenting your pitch to? Make sure the value is evident during your elevator pitch. Be confident in what you’re offering to the other person. Share reasons explaining why it’s valuable and the potential impact your product or service can have on their business or organization. 

Structure of an elevator pitch 

Now that you know the crucial elements of an effective elevator pitch, you must structure it accordingly. 

a. Introduce yourself – give a brief introduction of yourself and your organization. 

b. Describe the problem that you or your company can solve 

These first two aspects are where you spur interest. Remember, first impressions last. This is where you pique your listener’s interest and encourage them to continue listening to what you have to say. 

 c. Explain what makes your solution unique. Tell your listener why it stands out from other similar products or services available in the market. Put simply, give them your unique selling proposition. 

Remember that this is where you can transition to offering the answer to the problem you are trying to solve. What makes you different from others, and why do you stand out among others providing a similar solution? 

d. Give them a glimpse into the vision of your organization.  

This is where you share your vision for the future of your company and your ultimate goal. Let them understand why they would want to work, partner with, or invest in you. 

e. Conclude with a question or call to action 

To keep them engaged, you can ask about their current situation or if they have other pain points that they need help with. For example, you can ask, “Do you have any specific staffing problems?” if you offer a human resource solution. The goal is to keep them interested and create an opening for future interactions. 

Practice your elevator pitch 

Now that you have all the elements of your elevator pitch, it’s time to put them together. Remember that it should only be 30 seconds to 60 seconds long. This is not the time to go into deep detail and use flowery words. Be concise, get straight to the point, and ensure that each sentence of your elevator pitch adds value. 

We can’t say it enough, practice, practice, practice! Make sure that you memorize your elevator pitch and that it sounds natural. The more you practice saying it out loud, the more comfortable you’ll be with delivering your pitch. You don’t want to sound like you’re selling something (even if you are). The goal is to deliver it smoothly, confidently, and with impact. 

Perfecting your elevator pitch is crucial to networking and introducing yourself to others in your industry. Although it’s not easy to make one, you have more than enough time to start writing one. You don’t have to, and shouldn’t, create one on the spot. The best elevator pitches go through multiple revisions and several practices before it is ready. Good luck!