In this blog, explains how you can create a 60-seconds elevator pitch.
A good elevator pitch will help you in:
• Making employee interested to join your company
• Getting new customers
• Impressing investors so that they are ready to invest in your company
#1 what is an Elevator Pitch?
This concept generated through the elevator only. when we move upwards in a lift or elevator and lift doesn’t stop in between, then this journey from the ground floor to the 10th or 20th floor will be of only 30-60 seconds.
During this 60 seconds, if there had been some investor with you and you get an opportunity to tell him about you and your business, then this conversation if have right elevator pitch will impress hin and he may ask for a cup of coffee with you that means the investor is interested in your company.
It’s a research and a truth that around 10 years ago, the human attention span was of around 1 minute.
However, with the introduction of digitalisation and social media, this attention span has reduced to 16- 20 seconds. This has further reduced and today, a human has an attention span of less than 8 seconds that is similar to a goldfish, whose attention span is also less than 8 seconds.
If it is assumed that the attention span of humans is around 6 seconds, then for a 60-seconds elevator pitch, you need to have 10 slots of 6 -6 seconds.
Examples of some elevator pitches:
• Facebook is a big social media company. Now, what do they say? They say “we help individuals stay connected and share experiences online”. This is their elevator pitch. So, this small line completes the entire Facebook introduction in just 10 seconds. And this is called an elevator pitch.
• Slack is a billion-dollar global company. This is a communication tool with a chat window. They say “We help businesses and organisations to communlcate with a simple chat interface”.
• uber is a taxi app by which you can book a car or auto for travelling. They say that “we help individuals to go from A to Z with a simple ride-hailing app.”
So, an elevator pitch Is a message or communication about your brand, your company, that what value you are giving to your customer, what and how you are delivering that value to your customer, and what benefits the customer will get out of that value.
Many times, people think that the elevator pitch is only for investors to raise funds. But elevator pitch is for:
• Employeesto hire
• On-boarding the customer in your compan
It is always better to have different pitches for investors, employees, and customers.
• You have a business, namely XYZ. your website homepage should have the elevator pitch.
• On the XYZ investors page, you should have a different elevator pitch, on the XYZ employees page, you should have a different elevator pitch and on the XYZ customers page, you should have a different elevator pitch.
so, you should ensure that your elevator pitch is made as per the target audiences.
Your elevator pitch should be to the point f You giant to make it for investors,customers, or employees.
#2 Framework for Elevator Pitch
1. Investor —The steps for making an elevator pitch for investors are:
• Attention Catching Line – – For any investor the attention is traction or innovation. Suppose you are making a self-driven car, then you can say that you are making self- driving cars -this is attention catching. Similarly, if you are not making any new innovation and have a saree shop, then you may say that you make India’s most innovative saree that sells for Rs. 50,000 each – this is attention catching.
• Trustworthy Line -— You should say some trust-building lines to your investors like you may describe the sarees uniqueness and how it is made.
• Curiosity – It means investor takes interest in knowing more and more about your product and business. Curiosity building is very important. For example, my sarees are sold across India, and that too by spending absolutely zero rupees on marketing. You may also say that you sell 5 sarees per minute. This will create more curiosity.
• Ask –— It means what do you want to know from your investor and how much money you want to raise from the investor. After your elevator pitch. instead of sayinq direction for money from your investor, you may say you will raise 5 crores of money in the next two months. So, you dropped a small clue to him.
2. Customer – – The steps for making an elevator pitch for customers are:
• Attention Catching Line
• Trustworthy Line
• value -This means you show customers the benefit they will get. For example, if you are pitching a customer who might have seen or listened about your saree from website, radio, flyer, or hoardings, then he should know that this saree will have a long life. You can also say that the resale value of that saree is very high, as in the coming time, the saree will become antique and its value will increase.
• Uber says, “we take you from A to Z using our ride-hailing app.” So, the customer knows that it’s a ride-hailing app only. You have to tell the customer a clear cut value.
• If you are a mutual fund or broking company, then tell your customers that you help them in making money.
• If you are an insurance company, 1hen tell 1hat you insure their life.
3. Employee – The steps for making an elevator pitch for employees are:
• Attention Catching Line
• Trustworthy Line
• Opportunity — Employees should see that if he joins this company, then it’s a very big opportunity for him.
when you make a hiring page on your website or page for inviting new employees, then show big and true stories to them like how a junior employee came 6 years back, and now. he is at a senior position. How they have transformed the lives of their employees. Employees feel good that how they are creating value in the life of customers and stakeholders who are so satisfied. If you are hiring for:
• Technology – show them innovations
• Marketing – show them how innovatively you market your products and services and take challenges
• Sales – show aggression in your
• HR or operations – show stability and talk about culture.
All companies are communicating in 30 seconds. If you are not able to communicate In 30 seconds, then you are not in the customers’ minds.
Dettol’s Elevator pitch is very clear “100% germ disinfectant. So, when you go to the market you don’t say to the shopkeeper to give germ disinfectant, in fact, you ask for Dettol because a clear cut elevator pitch has impressed your mind.
Why it is called Elevator Pitch?
This concept generated through the elevator only. when we move upwards in a lift or elevator and lift doesn’t stop in between, then this journey from the ground floor to the 10th or 20th floor will be of only 30-60 seconds
How do you end an Elevator pitch?
If you feel an elevator pitch is appropriate for a certain situation, begin with the goal of gaining new insight or determining next steps.