How do you sell a product? Well, the simplest way is to let the most people know about it, and this is what marketing does; it conveys your messages to your potential customers so that they know you exist.
But simply knowing you exist doesn’t create a difference, for a business to succeed, it must persuade and sell its product to most, if not all, of its potential customers. Setting up or scaling a business requires a detailed analysis of the market so that your idea could come to reality.
According to Statista, in 2019, more than 770,000 new businesses entered the united states market, that’s a lot of competition, right? But it’s just not this: The US has around 32.5 million operational businesses that try to capture their share of the market.
In such a competition, selling your product to a consumer is not going to be easy, in fact, you might need to spend hundreds of hours determining a way to find new customers.
Well, we care for you and understand that you might be busier to spend hours thinking of a strategy; hence, we have come up with the best strategy to bring customers closer to your product.
What is an elevator pitch?
A business elevator pitch is our solution to driving newer customers towards your business. In simpler words, an elevator pitch is a persuasive speech that drives the attention of your potential customers towards the product.
Now you might be thinking that most of the businesses have salesmen doing the same job for them, but a significant proportion of these businesses don’t turn out on the top.
Developing the perfect elevator pitch isn’t a piece of cake and might take some time but all this wait and struggle is going to be worth it.
In this blog, we bring a step-by-step guide that shall help you develop the perfect business elevator pitch.
Step 1: Have a clear idea of your goal
One of the most basic steps to start with is to have a clear definition of your goal. You need to have a good understanding of what your aim is, for instance, do you expect the pitch to bring you increased sales, or is it one for the executives?
Having a goal would ease making a pitch for you, as it would provide you with a direction and perspective to look at. Along with it, objective planning helps the pitch stay relevant to the needs of the listener and avoid it from being vague and uninteresting.
Step 2: A description of what the business does?
Engaging customers in your business idea is not going to be a cakewalk, but once you have a product that satisfies the needs of the customers; half of your job is done. The remaining proportion would be dealt with by your elevator pitch.
When preparing an elevator pitch, ensure that you analyze deeply what is the role of your product in the consumer’s life, the pains it removes, and the problems it can solve.
Create a list of at least three pains or problems that your product can solve, and then, synchronize your entire speech in a tone that fits the theme.
Step 3: Identify your unique selling point
According to analytics, superman comics were the most sold superhero models during the year 2016, it had a share of 38% of the entire market.
While the market had several similar models for other superheroes, there was one function that made superman stand out, it was the ability to walk, once turned on.
The feature made it unique amongst its competition, as children found it enchanting and exciting, taking the sales figure to more than 8$ million worldwide.
This experience has an important lesson for any business; despite a cut-throat competition, if you have your own identity and specialty, your product can come out on top.
USP or Unique Selling Point is a feature or characteristic that differentiates your product from all other producers, bringing it an unfair advantage in the market.
Now, when creating your elevator pitch, you need to identify what is the specialty of your business that no other firm could replicate.
The specialty could be as small as replacing an old antenna with a shark-fin antenna, but it’s your job to persuade consumers in believing that the specialty is what makes the generic product “a solution”.
Step 4:Engage the Audience with Questions
The famous American philosopher Thomas Kuhn quoted, “the answer you get depends upon the questions you ask.”
When you have crafted a perfect elevator pitch, it’s time to engage your audience. The best way to engage your audience is through questioning. The questioning tactic helps to engage the audience in a more extended conversation.
In Order to Maximize Audience Engagement, You should prepare a list of open-ended questions. However, While Creating it, Make Sure To Exclude the question that Is Answered With “Yes” or “No.” Additionally, This will also act as a call to action for your elevator’s pitch.
Example: You may question just like:
- I would love to know about the hiring process of your firm.
- If your corporation is ever in need of an iOS Developer, I would be excited to discuss it.
A good thing to have ready is your website that they can easily go to after your encounter. Starting a blog that can show you skills and knowledge could prove highly valuable.
Step 5:Put it all together
So, now your elevator pitch is completed, and it’s time to put it all together. It is the most crucial step while crafting the elevator pitch, as here you can catch the flaws from the pitch and improve it.
Once you have put them all together, read it louder, and ensure to record the time it takes to read it. The ideal time is 30-45 seconds for an elevator pitch. Ensure that it isn’t longer than 60 seconds as it might ruin the readers’ interest.
However, make sure it’s informative and clearly conveying the message.
Meanwhile, try to cut out anything that doesn’t need to be there or make any sense. Remember, your pitch needs to be engaging and compelling.
So make it concise yet informative.
- My Name is Alex and after years of working at Various iOS App Development Companies. I am launching my own iOS App Development Company. If you are ever in need of a Professional iOS Developer Team, Feel Free to Discuss With Me. I will be thrilled to help you.
- Hello, I’m James. I am a junior in Legal at deckerjones.com. I have completed numerous projects for lovelacelaw.com. I’m very interested in gaining experience in legal with a firm such as Tesla. I would love to know about internship opportunities in your firm.
- I recently graduated from college with a degree in finance. Last summer, I interned with TFNBTX.com as an investment securities officer. Now, I’m interested in pursuing a summer internship position with other financial leaders in the area. Could you please tell me about internship opportunities with your company?
Step 6: Practice till You Aren’t Perfect
Lastly, practice! it makes one perfect! If you aren’t going to practice it, you are most likely to struggle while delivering the pitch; you may either forget the essential elements or have it too fast to leave a poor impression on the audience.
With regular practice, you would have greater confidence at the time. Thus, allowing you to deliver more effectively in front of the audience.
Tips While Practicing:
- Don’t Go too Fast.
- Take Advice from Established Speakers.
- Record Yourself and Listen to it to maximize the flaws.
- Keep Yourself Focused So that You don’t miss any Essential Point.
These are the few tips that you should focus on while practicing the pitch. You would surely succeed in delivering a perfect pitch by following these tips.
Crafting a perfect elevator pitch isn’t that tough compared to what people think. All it needs is brief information about what you do, your goals & lastly a few questions to interact with the audience. The article covered all the information that would enable you to nail the elevator pitch. If there is anything missed, do let me know in the comments.