An elevator pitch grabs people’s attention and makes them remember you and want to talk with you further. Whether you are trying to raise money for your business or just want to perfect your business strategy, an elevator pitch is an essential tool for achieving your goal.
Think of an elevator pitch as an executive summary that provides a brief overview of your business which can unlock a new business opportunity. In short, it can ideally be a one-page overview of your business. But crafting the perfect elevator pitch requires 7 essentials fundamentals to keep in mind.
Try and refine your customer’s problem down to its simplest form. You should be able to describe the problem you are solving in one or two sentences or potentially a few bullet points. Be as brief & clear as possible.
A clear problem statement will help you focus your solution on solving just one problem. You must describe your solution at a high level in just a few sentences. Try to make a connection and a strong impression by communicating that you understand the nature of their core problem. Explain what your solution is and how you plan to implement it.
You must talk about the market segment you are targeting, how many people are in each segment, and the total amount they currently spend.In the target market section of your elevator pitch, you will define exactly who has the problem you are solving and figure out how many potential customers you will be trying to sell to.
As you think about your competition and existing alternatives, think about what advantages your solution offers over the competition. Are you faster, cheaper, or better? Are you building a unique solution that customers would choose over other alternatives? These key differentiators will also help you focus your marketing on your key value proposition.
You should talk about why you and your business partners are the right teams to execute your vision.No matter how great or unique your solution is, if you don’t have the right people on board, you won’t be able to see it succeed. So, try finding a group of people with the right mix of professional skills.
Put together a sales forecast and an expense budget. Ensure that you can build a profitable company based on your assumptions. Detailed forecasting isn’t necessarily required. Understanding the business model is more important.
Conveying your business milestones is a crucial element as this section of the pitch illustrates how well you have thought through the detailed steps it’s going to take to start your business. Potential investors will want to know where you are in the trial process and what are your projected schedule and upcoming goals.
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