You are currently viewing What is Elevator Pitch? Purpose, Tips & Elements To Include For Building A Winning Elevator Pitch

What is Elevator Pitch? Purpose, Tips & Elements To Include For Building A Winning Elevator Pitch

🎯📢💁‍♀️ Whether you are introducing yourself at a networking event, telling new colleagues about your business, or pitching to another professional — you want to grab attention and get it fast.

In circumstances like these, you need a succinct and understandable summary of your business and its offerings, a.k.a. an elevator pitch.
📢👨‍💼🧲 An effective pitch deck is a crucial part of your fundraising toolkit if you’re trying to raise money for your company. A strong pitch deck enthuses potential investors about your concept and starts a discussion about your business that, ideally, results in an investment. Also, get to know the basic to the advanced practical concepts from what is lead generation to high-quality strategies to make your goal successful.
In this complete What Is Elevator Pitch, I’m going to give you the best formula for what you should put in your own pitch deck. Continue reading to learn what to include in your elevator pitch and how to transform a “good” pitch into a “great” one.
🚀 Without further ado, Let’s jump right into it……….

👉 What Is Elevator Pitch?

A presentation that offers a succinct but informative overview of your company is known as an elevator pitch, also known as a slide deck, pitch deck, or start-up deck.

An elevator pitch can also be delivered as a presentation, but it typically takes the form of a brief, powerful speech. Your pitch explains to the audience what your company does, who your clients are, and highlights your most significant successes.

It’s essential for startups and business owners to have a strong elevator pitch. It’s essential for generating interest in your business, obtaining funding from investors, and building a network of business associates. It’s also a useful tool for responding to queries about your company’s activities.

The main ideas of your business plan, the goods and services you offer, high-level financial projections, and funding requirements should all be covered. Your pitch deck will primarily be used as a tool to tell the story of your company, but it should also function well on its own as a visual document.

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👉  What Is The Purpose Of A Pitch Deck?

The purpose of your pitch deck is not to raise money, despite what might seem logical.

Wait! What?

The purpose of your pitch deck is really to get you to the next meeting. I know that doesn’t sound right.

Keep in mind that an investor will likely view your pitch deck and pitch presentation as some of the first materials to learn more about your business. Your objective is to generate interest in your business because investments are rarely made after just one meeting.

After hearing your pitch, you want investors to ask for more, not just send you on your way.

So, while a solid & perfect pitch deck is critical for raising money, the crucial goal of the deck is to get to the next step—another meeting and a request for more information. Keep reading this complete guide to What is Elevator Pitch to get in-depth knowledge of it.

👉  How Long Should An Elevator Pitch Be?

An effective & powerful elevator pitch should last no more than 30 seconds, just like the time duration you ride in an elevator. Keep in mind that you want your words to be simple to understand; if you try to go into too much detail, the conversation will drudge on and your prospect will lose interest.

Since you only have a few seconds to deliver it, you should prepare a strong elevator pitch in advance.

Your pitch needs a purpose, a flow, and a hook to grab the audience’s attention in order to demonstrate your value in under a minute. We’ll go over each of these in the form of key components below. 

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👉  Key Elements To Include For Building A Perfect & Winning Elevator Pitch 

The following format works for the majority of businesses and is most likely to pique the interest of potential investors, though every business is unique.

1-  Vision and value proposition

This is a succinct one-sentence summary of your business and the benefits you offer to your customers. The shorter & simple the better it is.

Consider this slide to be a brief tweet, and in 140 characters or less, describe your company in the simplest manner. The way that your parents would also be able to understand 

It’s typical for tech companies to compare themselves to well-known companies in their value proposition.

For instance, many pitches begin with phrases like:

“We’re the Netflix for Video Games” OR “We’re the Uber for Pets”

This may be effective, but you should take care to ensure that your comparisons make sense and that you aren’t just using a well-known company like Uber to indicate growth potential. Your company’s business model must genuinely resemble that of the organisation you are mentioning. Also, get to know what is Keyword Research in SEO and how you can optimize it properly.

2-  Define the problem

The most crucial step is to decide on a problem that is worth solving. Your business model is unviable if your product or service doesn’t address a problem that customers might be experiencing. Use this slide to discuss the issue you are trying to solve with the person or people involved.

That’s all there is to it. When defining the issue, try to use a relatable story. Your investors will understand your business and your objectives more fully if you can make the problem as real as you can. 

Simple issues can exist, and that’s fine. You can create a business as long as you, as an entrepreneur, are resolving an issue that clients are experiencing.

Examples of problem statements that might be emphasised in a pitch include the following:

“Transferring Photos from mobile is a difficult and complex process.”

In Eugene, Oregon, there are no good Chinese restaurants.

“It is demanding, time-consuming, and expensive to analyse the results from MRI tests.”

Try to simplify your customer’s issue as much as possible. In a perfect world, you would be able, to sum up the issue you are trying to solve in one or two sentences, or perhaps even a few bullet points.  Keep reading this complete guide to What is Elevator Pitch to get in-depth knowledge of it.

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3-  Know your target market

Naturally, as you define the issue you’re attempting to address, you should consider the potential customers who may experience this problem.

You should specify exactly who has the problem you’re trying to solve in the target market section of your elevator pitch, as well as how many potential customers you’ll be attempting to sell to.

This is where you tell the short & crisp story about the scope and scale of the problem you are solving for your targeted customers.

4-  Market segmentation

In order to market to smaller groups of people, you should try to segment your target market.

Although it can be tempting to identify a target market that is as broad as possible, but that doesn’t make for a credible pitch. 

For instance, it might be enticing to state that “everyone” is your target market if you run a brand-new shoe business. Everyone has feet, so they must all need shoes, right?

Wrong! 

In all likelihood, your new shoe business is going after a particular demographic, like athletes. You could further divide the market into subgroups within this athletic population, such as walkers, runners, hikers, and so forth.

🤷‍♀️ How big is your potential market?

You’ll need to conduct some market research and estimation after you’ve made a solid list of target market segments to determine how many people are in each segment.

💰 What do your customers already spend?

Next, make an attempt to estimate how much the typical member of each group currently spends annually on the problem you are attempting to solve.

Simply multiply the total population by the average annual spending per person, and you will have an accurate estimate of the size of your target market.

But be careful when using this slide. It can be tempting to try to define your market as broadly as you can. Investors will instead want to see that you have a very niche and accessible market.

The more specific your pitch will be, the more it will sound realistic. 

You should discuss the market segments you are aiming for in your pitch, along with their respective populations and average annual spending levels.

These figures are essential and must be included in any effective pitch presentation. Keep reading this complete guide to What is Elevator Pitch to get in-depth knowledge of it.

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5-  Describe the competition

Every business faces competition in one form or another. Even if no one else has come up with a solution that is similar to what you have, your potential customers are still finding an alternative way to solve their problems.

For instance, the first cars didn’t face competition from other vehicles. There was a horse and walking competition.

Consider your solution’s advantages over the competition as you consider your competitors and the available alternatives.

Is your offer better, quicker, more affordable, or more effective? Why would a prospective customer pick your offering over an alternative? What distinct advantages do you possess over your competitors? Do you have a “secret sauce” that they don’t?

A great exercise to ensure that you are creating a distinctive solution that customers will hopefully select over competing offerings is to describe your key competitive advantages.

Explaining how you differ from the other market participants and why customers should choose you is crucial in this situation.

These distinctive qualities will also assist you in concentrating your marketing efforts on the primary value proposition that you provide that your competitors do not.

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6-  Describe your solution

Too many business owners begin their elevator pitch by outlining their intended solution, which is typically a good or service they believe the market requires. They omit the key components and fail to specify the issue they are trying to solve.

This stage of traditional storytelling involves developing the issue and describing how detrimental it is to many people. That issue is now being addressed by your product or service.

If you can, illustrate your solution with pictures and stories. Almost always, showing is preferable to telling.

As a smart entrepreneur, you can avoid making this error by first confirming that you are actually addressing a customer issue before defining your solution.

Explaining your solution is necessary after you have precisely defined the issue you’re trying to solve. With a clear problem statement, you can narrow your focus on that particular issue and avoid trying to solve too many potential issues at once.

Once more, make an effort to keep your solution description to a minimum. In just a few sentences or bullet points, you should be able to briefly describe your solution. Keep reading this complete guide to What is Elevator Pitch to get in-depth knowledge of it.

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7-  Share who’s on your team

No matter how great your idea is, only the right team will be able to successfully implement it and create a great company.

You should explain why you and your business partners are the best teams to carry out your vision and why your team’s skill set is exactly what your business needs to succeed in the “team” section of your elevator pitch.

Highlight the important team members, their achievements at previous employers, and the important knowledge they bring to the table.

It’s a common saying—and frequently true—that a company’s leadership team is more crucial than the idea. No matter how brilliant or original your solution is, if the right people aren’t on board, you won’t be able to see it through to completion.

It’s also acceptable to lack a fully assembled team. Understanding that your management team has gaps and that you need to hire the right people is more crucial than ever.

It’s crucial for any entrepreneur to understand what their team is lacking and that they need to find the right talent to fill the gaps.

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8-  Include a financial summary (Revenue model or business model)

After describing your product or service, you must discuss how it generates revenue. Who pays the bills and how much do you charge? It’s crucial to fill in the details because, for some businesses (content websites, for instance), advertisers pay the bills rather than customers.

You don’t always need to present a thorough five-year financial forecast to make a compelling pitch. It is more crucial that you comprehend your business model.

Although the term “business model” may sound complicated, it’s fortunately not. You only need to be aware of who will be paying your bills and the types of expenses you will incur.

For instance, your advertisers will be your main source of revenue if you launch an online news site. Writers, graphic designers, and web hosting will be at your expense.

It is undoubtedly helpful to put together a sales forecast and expense budget as you gain more knowledge of your industry.

Make sure you can develop a successful business based on your assumptions. However, you won’t need to include a thorough forecast in your elevator pitch.

You should unquestionably complete a forecast so that you can discuss the figures if you receive inquiries and provide the forecast if prospective investors are curious to learn more about your business. Keep reading this complete guide to What is Elevator Pitch to get in-depth knowledge of it.

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9-  Show traction with milestones (validation/roadmap)

Communicating your company milestones or your schedule is the last crucial component of your elevator pitch.

Here, you will discuss your upcoming objectives and the timeline for achieving them. You should mention any significant accomplishments you have already made.

Potential investors, for instance, will want to know where you are in the clinical trial process if you have developed a new medical device. Talk about your product’s sales or early adopters here if you have any.

What steps have been taken, and what is the anticipated timeframe for receiving FDA final approval? If you are opening a restaurant, investors will be interested in learning about your plans to sign a lease, create the interior, and open for business.

NOTE: Your business becomes a reality when you mention upcoming milestones in your pitch. This portion of your pitch demonstrates how thoroughly you have planned out the precise steps necessary to launch your business and begin making money.

You should also discuss your business’s progress if you’re fortunate enough to have made it this far and have proof that it will succeed.

Investors will be interested in learning about your successes if, for instance, you have pre-orders for your product or other strong customer interest evidence. This is known as traction.

What significant objectives have you already attained, and what significant actions do you intend to take next? Here, a roadmap for a product or business that lists important milestones is useful.

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10-  Marketing and sales strategy

What will your sales process entail and how will you attract customers’ attention? Outline your marketing and sales strategy using this slide. You should go into detail about the main strategies you plan to employ to expose your goods to potential customers.

It can be difficult for startups to attract customers, so it’s essential to demonstrate that you understand your target market and the various sales channels you intend to employ.

For Example: It will undoubtedly be helpful if you combine the best digital marketing tactics with the appropriate campaigns to reach your intended audience. It’s important to emphasise here any differences between your company’s marketing and sales procedures and those of your competitors.

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As we understand how challenging it can be for newcomers to reach the targeted audience, boost engagement & convert them into customers. Keep reading this complete guide to What is Elevator Pitch to get in-depth knowledge of it.

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11-  Investment and use of funds

Finally, it’s time to ask for the money. You’re doing this pitch deck for that reason, Right?

I know—I said that getting funding isn’t the only goal of this pitch deck. That remains true, but you must disclose your desired investment amount to potential investors.

More importantly, you must be able to justify why you require the sum of money you are requesting and how you intend to use it.

Investors will be curious about how their money is being used and how it will help you accomplish the objectives you have set for your company.

If you already have some investors on board, this is the time to discuss the other investors and their investment decisions.

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👉  Proven Tips To Make Your Pitch Successful

Here are some suggestions to help you deliver the best presentation you can:

1-  Keep your pitch simple 

Every business owner spends countless hours “in the weeds” thinking about every little detail of their organisation. For an investor pitch, however, less information is preferable to too much.

Slides should be simple to understand, communicate abstract ideas, and leave room for questions. Presentations that have fewer slides and use more straightforward language consistently outperform those with more slides and bullets.

2-  Include an executive summary

An executive summary is a two-to three-page overview of your business, also known as a summary memo. Investors can use it to present a summary of your business to their partners and other employees at their company. What is in your pitch deck should be covered in your executive summary but in written form. Keep reading this complete guide to What is Elevator Pitch to get in-depth knowledge of it.

3-  Skip the bullets 

Skip the bullets while we’re on the subject. Slides with a lot of bullet points are dull and don’t support narrative development. Try to keep the number of words on each slide to a minimum and use large fonts. 

Whenever possible, use images in order to better tell your story and create a strong emotional connection with your ideas.

4-  Demo & screenshots

Include a placeholder slide in your presentation where you will actually demonstrate to potential investors how your product functions and what it can do if you have a prototype, screenshots of your online service, or any other “show and tell” opportunities.

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5-  Tell a story 

Talk about more than just the facts. Instead, concentrate on grabbing attention and inspiring excitement in your audience. Your deck doesn’t have to serve as your company’s comprehensive manual. To proceed to the next stage, it only needs to pique interest.

Telling stories about how your customers use your product, how they currently run into issues that need to be fixed, and how your business will improve their lives is one of the best ways to achieve this.

The more you can engage investors with relatable stories, the more you can generate interest in your business. 

6-  Exit strategy

You must explain to investors how they will receive a return on their investment if you are seeking their financial support. You accomplish this by creating an “exit strategy” slide that lists the potential buyers of your business should you be successful in expanding it.

Some high-growth startups can choose to go public and have an IPO, whereas other companies are more likely to be acquired by bigger players in their market.

7-  Keep your presentation short

Make sure there is enough time for questions, demonstrations, and discussion of your business idea. Plan for your presentation to last 20 to 30 minutes if your meeting is an hour long. Keep reading this complete guide to What is Elevator Pitch to get in-depth knowledge of it.

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8-  Detailed financial models 

Any investor who is seriously considering investing in your company will demand to see detailed financial forecasts for the next three years at the very least, so they can understand the underlying assumptions that underlie your forecasts.

Investors will be interested in learning more about your plans for hiring new employees and paying related costs, as well as for R&D, manufacturing, marketing, and other costs. Be prepared to offer a thorough forecast for your sales, profit and loss, and cash flow.

Also frequently needed is a balance sheet. Use graphics to visually represent your data whenever possible. It has been shown to be more efficient.

9-  Ask for the money 

Yes, it is a slide in the presentation deck above, but business owners occasionally forget to request funding.

It’s crucial to be able to articulate how the money will be used when you inquire. You should account for an influx of cash in your thorough financial projections.

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10-  Don’t overstate the market opportunity

Focus on bottom-up forecasts where you outline your expectations for how you’re going to acquire customers rather than top-down forecasts that state that you “only need to get 1% of a huge market” to be successful.

Use the numbers from an early version of your product’s sales if you already have them to inform the rest of your forecast.

11-  Keep your deck Current 

Raising money requires time. Before receiving an investment, you’ll probably have to make many, many pitches for your business. According to lore, Pandora made pitches to more than 300 VC firms before receiving funding.

Make sure to keep your deck updated with your most recent progress, roadmaps, and so on if you’re pitching to raise money while building your business. There is nothing worse than showing prospective investors an outdated deck. Keep reading this complete guide to What is Elevator Pitch to get in-depth knowledge of it.

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12-  Detailed market research 

More information about your target market and your prior market research may be requested of you. Although it’s not always the case, it’s a good idea to be prepared to present the information in some form if you have it.

Once more, this information shouldn’t be included in your initial pitch deck but should be available if necessary.

13-  Make sure your deck stands alone without your presentation 

Even though presenting your pitch deck will always make it better, it should ideally be able to convey some of your stories on its own.

Investors may want to review the deck again after you finish your presentation, so it needs to contain enough information to convey some of your main ideas on its own.

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14-  Send your deck as a PDF 

Almost always, you’ll be asked to send your slides to investors beforehand or to leave a copy behind. Avoid sending PowerPoint or Keynote files if this occurs.

Send a PDF in its place. This ensures that the fonts and styles you chose for the deck will be visible to anyone who views it.

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👉  The Key Takeaway: How Can You Take Your Elevator Pitching Strategy To The Next Level?

Hope you found this complete guide to what is Elevator Pitch helpful. Even though a brief speech might seem insignificant, the first few interactions can be important. With the right pitch, you can convert a prospect into a loyal customer or even a business partner after just one conversation.

💬✍ Feel free to comment below if you have any questions regarding digital marketing blogs & courses. We’d love to read your comments & assist you in solving your problems. 

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