Every business in the world was born out of a single idea. Maybe yours was to open a roofing business in your city. Or maybe you wanted to showcase your heritage’s culinary secrets in a restaurant. Whatever it was, that idea is the identity of your business—something you should be able to present to anyone who asks, like introducing a friend’s name.
That brings us to the concept of the elevator pitch. In this article, we’ll explore what an elevator pitch is, why it’s essential, and how you can craft one that really sells your business. We’ll also share tips to help you perfect your pitch to make a lasting impression.
What is an Elevator Pitch?
Let’s get the basics out of the way first. If you’ve ever watched the TV show “Shark Tank,” you already know what an elevator pitch is. For those who haven’t, an elevator pitch is a short, snappy summary of your business that you can deliver in about 20-30 seconds – the time it takes for an elevator ride.
It’s like the logline in the movie industry, a one-sentence summary that hooks people and makes them want to know more.
To give you an idea, here are some famous sales elevator pitch examples:
- Airbnb: “Airbnb helps people list and book unique accommodations around the world, whether it’s a room in someone’s home, an apartment, a villa, or even an igloo.”
- Uber: “Uber is an on-demand transportation service that allows consumers to request a ride using a mobile app. The app shows available drivers nearby and gives accurate arrival times and fare estimates.”
- Slack: “Slack brings all your business communication together in one place to help teams collaborate easier and get more done.”
Why You Should Refine Your Elevator Pitch
Now, as a small business owner, you may not be appearing on TV pitching your business to the likes of Mark Cuban, Daymond John, and Lori Greiner. But that doesn’t mean you don’t need an elevator pitch.
First, you never know when you’ll meet someone interested in your business or a potential investor. It could be at a networking event, a local business meetup, or even in line at the grocery store. Having a polished elevator pitch ready means you’re always prepared to make a great first impression.
Secondly, writing a sales elevator pitch will help refine your business concept and goals. When you’re knee-deep in the day-to-day operations, it’s easy to lose sight of the big picture. Working on your pitch forces you to zoom out and focus on what matters.
It’s a great exercise to narrow down your unique selling points and target audience. Let’s say you run a med spa that offers various services but has a core focus on anti-aging treatments. With all the new services you’ve added over time, you might have forgotten your roots. An elevator pitch exercise will remind you of your initial goal and refocus.
In short, even if you don’t end up pitching to investors, an elevator pitch can help you get to know yourself (or your business) better. It’s like a mirror that reflects the essence of your business.
6 Tips to Perfect Your Sales Elevator Pitch
There’s an art to crafting compelling elevator pitches. It’s not just about cramming as much information as possible into 30 seconds. It’s about hitting the right notes and leaving a lasting impression. Let’s explore six sales elevator pitch tips to help you do that.
Know Your Goals and Target Audience
One of the most commonly forgotten elements in a pitch is the goals and audience. People often focus on the idea or the product and forget to mention who they’re targeting and what they’re ultimately trying to achieve.
When working on your elevator pitch, clearly define your target audience and the goals you’ve set for your business. This shows whoever’s listening that you have a clear understanding of your market and what you hope to achieve.
Remember, goals also extend beyond business objectives. You should also know the goal of your pitch. Are you looking for new investors or a partner, or are you simply trying to network and make connections? Knowing this will help you tailor your pitch accordingly.
Highlight Your Unique Selling Proposition
Your unique selling proposition (USP) is what sets you apart from competitors. It doesn’t matter if you’re offering a service that others are offering, like legal counsel. There should be something that makes your law cabinet stand out. Maybe you specialize in a specific type of law, and that’s your USP. Or maybe you offer competitive pricing or a unique approach to legal services.
This USP should be front and center in your elevator pitch.
Follow the Traditional Sales Elevator Pitch Template
While we won’t suggest starting with the cliché “Has this ever happened to you?”, using a template helps guide you to include all essential pitch elements:
Here’s an example of a traditional template: “Hello, my name is [name], and I am the founder/CEO of [business]. Our business offers [product/service] for [target audience] to solve [problem/pain point]. We have seen success by [unique selling point/competitive advantage] and are looking for investment to help us expand our reach.”
Including all these elements in your pitch shows potential investors that you have a clear understanding of your business.
Keep It Short
The whole point of an elevator pitch is to be able to deliver it in the span of an elevator ride, which is typically 30 seconds to one minute.
Yet, one of the most common mistakes people make when crafting an elevator pitch is trying to include too much information. It drags on, and by the time you get to the main point, you’ve lost your audience’s attention. Or it looks like you don’t know your business well enough to pick out the most important points.
To keep it short, focus on the most critical aspects of your business, eliminate unnecessary details, and use concise language. Remember, less is often more when it comes to elevator pitches.
Be Passionate
An elevator pitch goes beyond cold, hard facts. It’s also about selling your vision and passion for your business. People are looking for someone who truly believes in their product/service and has the drive to make it successful. Your conviction can be contagious.
To show passion, use enthusiasm in your tone, share personal anecdotes or experiences that have motivated you to start this business, and convey your belief in the potential of your business.
Practice Makes Perfect
Even if you have a great pitch written down, it’s important to practice delivering it. Otherwise, you might freeze up or stumble during an actual pitch.
Practice in front of friends, family, or even a mirror. Get feedback and make adjustments as needed. But also remember that it’s important to sound natural and not rehearsed. The pitch should flow naturally and not sound forced or robotic. Like an actual conversation.
Another tip we recommend is recording yourself every time you deliver the pitch, whether you’re alone or in front of someone. This can help you identify areas for improvement and perfect your delivery.
Use a Business Management Platform to Streamline Your Operations
A well-crafted pitch can open doors for your small business. It can help you network more effectively, attract potential investors, and even clarify your own business goals and unique selling points.
As a small business, another thing you can add to your pitch is that you’re using a platform that handles your CRM, billing, payments, and marketing all in one place for convenience. That’s what you get with Townsquare Interactive’s business management platform.
With Townsquare Interactive, you can streamline your business operations, leaving you more time to focus on perfecting your pitch and growing your business. Contact us for a free demo!