Do you have an “elevator pitch” for your business or service? It is surprising how many business leaders struggle to clearly and concisely describe the value that their organisation delivers to a potential customer or even an investor.
An elevator pitch is a concise, considered and well-practiced description about your company that a complete stranger with no knowledge of your business should be able to understand in the time it would take to ride up in an elevator. It is not a “sales pitch.” Don’t make the mistake of using the entire pitch to tell the Investor how great your product or service is. In the case of an investor he is “buying” the business, not the product. Tell him how you will run the business and increase its future value.
To develop your elevator pitch ask yourself the following six key questions:
1. What is your product or service? Briefly describe what it is you sell. Do not go into excruciating detail.
2. Who is your market? Briefly discuss who you are selling the product or service to. What industry is it? How large of a market does it represent?
3. What is your revenue model? How do you expect to make money?
4. Who is behind the company? Tell them a little about you and your team’s background and achievements.
5. Who is your competition? Briefly discuss who they are and what they have accomplished.Successful competition is an advantage-they are proof your business model/ concept will work.
6. What is your competitive advantage? Explain how your company different and why you have an advantage over the competition. Better distribution channels? Key partners? Proprietary technology?
Once you have carefully thought through the answers to the above questions write them down in a single summary statement that links all of the answers together and then leave it for 24 hours. After this time go back and read the statement again to review its content and conciseness. Once you have done this verbally practice making the elevator pitch until it becomes natural statement to you.
For further information about this article or for a confidential, no obligation discussion on how this could impact your business please contact Mike Campbell, Managing Director on +44 7771 615641 or firstname.lastname@example.org. Or further information regarding Campbell Ventures please refer to campbell.pwebs.co.uk and www.china-business-experts.com.