A Business Coaching Tool: "An Elevator Pitch"

An elevator pitch is a short, concise, and persuasive speech that describes your business, product, or service in a way that captures the attention of your audience and inspires action.

The name "elevator pitch" comes from the idea that the speech should be short enough to deliver in the time it takes to ride an elevator (usually around 30 seconds to 2 minutes).

To write a better elevator pitch, there are several key factors to consider:

Identify your unique selling proposition: What sets you or your business apart from others in your industry? Identify your unique selling proposition and highlight it in your pitch. This should be a clear and compelling statement that communicates your value to the listener.

Know your audience: Consider who your audience is and what they might be interested in hearing from you. Tailor your pitch to their needs and interests.

Keep it concise: Your elevator pitch should be brief and to the point. Aim to keep it between 30 seconds and 1 minute long. Focus on the most important points and avoid going into unnecessary detail.

Use clear and simple language: Avoid using jargon or technical terms that your audience might not understand. Use clear and simple language that anyone can understand.

Make it memorable: A good elevator pitch should be memorable and leave a lasting impression on the listener. Use vivid language, storytelling, or other techniques to make your pitch stand out.

Practice and refine: Once you have a draft of your elevator pitch, practice it out loud and refine it until it flows smoothly and feels natural. You may need to adjust the wording or delivery based on feedback from others.

By considering these factors and putting in the time and effort to craft a compelling elevator pitch, you can make a strong impression on potential clients, investors, or partners and increase your chances of success.

A few examples of effective elevator pitches from different industries:

Airbnb: "We provide an online marketplace that connects people who need a place to stay with people who have a spare room or an entire home to rent out. By creating a community of hosts and guests around the world, we're making travel more affordable, accessible, and memorable."

Dropbox: "We offer a cloud-based file storage and sharing service that allows people to access their files from anywhere, on any device. With seamless integration across platforms, robust security features, and powerful collaboration tools, we're simplifying the way people work and helping them be more productive."

Warby Parker: "We design and sell stylish eyewear at affordable prices, with a focus on providing a seamless, personalized shopping experience for our customers. By cutting out the middlemen and leveraging technology, we're able to offer high-quality glasses and unparalleled customer service."

Tesla: "We're a leading manufacturer of electric cars, solar products, and energy storage solutions, with a mission to accelerate the transition to sustainable energy. By designing innovative, beautiful, and high-performance products that are powered by clean energy, we're helping to create a brighter future for everyone."

Square: "We provide a suite of tools and services that make it easy for businesses of all sizes to accept payments and manage their finances. From card readers and point-of-sale systems to invoicing and payroll, we're empowering entrepreneurs and small businesses to thrive in the digital economy."

Each of these elevator pitches effectively communicates the company's value proposition, target audience, and mission in a concise and compelling way.

To write the best elevator pitch for your business, here are some questions you can ask yourself:

• What is my business all about? Start by defining the core purpose and mission of your business. What problem are you solving or what value are you creating for your customers?
• Who is my target audience? Consider who your ideal customer is and what their needs and interests are. What are they looking for in a product or service like yours?
• What makes my business unique? Identify the key differentiators that set your business apart from competitors in your industry. What makes you stand out?
• What are the benefits of working with my business? Think about the specific benefits that your customers will enjoy by choosing to work with your business. What problems will you solve for them or what outcomes will you help them achieve?
• How can I convey all of this in a concise and compelling way? Once you have a clear sense of your purpose, audience, unique value, and benefits, focus on distilling this information into a brief, memorable pitch. What are the most important points you need to communicate in order to capture the listener's attention and interest?

By answering these questions and refining your pitch based on feedback and practice, you can develop a strong elevator pitch that effectively communicates the value of your business to potential customers, investors, or partners.

Writing an effective elevator pitch can be challenging. Here are some common challenges you may face:

Conciseness: One of the key challenges of writing an elevator pitch is keeping it brief and to the point. It can be difficult to distill the essence of your business into a few sentences or a short paragraph, especially if you are passionate about what you do and want to communicate everything.

Clarity: Another challenge is ensuring that your pitch is clear and easy to understand. You need to use language that is simple and straightforward, avoiding jargon or technical terms that your audience may not be familiar with.

Compelling storytelling: A great elevator pitch needs to be memorable and engaging. It should tell a story that captures the listener's attention and creates an emotional connection.

Adapting to different audiences: Your elevator pitch should be tailored to your specific audience, whether it's potential customers, investors, or partners. This can be challenging if you need to deliver the same pitch to different groups with different needs and interests.

Practice and delivery: Finally, delivering an elevator pitch can be challenging if you are nervous or unsure of yourself. It's important to practice your pitch and get feedback from others, so that you can refine it over time and feel confident when delivering it.

In general, writing an effective elevator pitch takes time and effort. You need to understand your business and your audience, and be able to communicate your value in a clear, concise, and compelling way. With practice and perseverance, however, you can develop a pitch that resonates with your listeners and helps you achieve your goals.

To develop competency in writing an elevator pitch, here are some tips to keep in mind:

Understand your business: Start by gaining a deep understanding of your business, including its purpose, mission, and unique value proposition. This will help you identify the most important points to communicate in your elevator pitch.

Research your audience: Learn as much as you can about the people you will be delivering your elevator pitch to. What are their needs, interests, and pain points? How can your business help solve their problems?

Practice writing: Begin by drafting several versions of your elevator pitch, using different language, tones, and approaches. Experiment with different formats, such as a short paragraph or a series of bullet points.

Get feedback: Share your elevator pitch with others and ask for their feedback. This can be colleagues, mentors, or friends. Listen to their suggestions and incorporate them into your pitch as appropriate.

Refine and practice: Take the feedback you receive and refine your elevator pitch. Practice delivering it out loud until it flows smoothly and feels natural. Consider recording yourself and watching the playback to identify areas for improvement.

Continuously iterate: As you gain experience and learn more about your audience and business, continue to iterate and refine your elevator pitch. This will help you stay relevant and effective over time.

By following these steps, you can develop the competency to write an effective elevator pitch that captures the attention of your audience and communicates the value of your business in a clear and compelling way.

Here is an example of a coaching conversation to help someone write a better elevator pitch:

Coach: Let's start by talking about your business. Can you tell me what your business is all about?

Client: Sure, I run a small marketing agency that specializes in social media management for small businesses.

Coach: Great. And who is your target audience?

Client: Our target audience is small businesses that are looking to grow their online presence and reach new customers through social media.

Coach: Okay, so now let's focus on what makes your business unique. What sets you apart from other marketing agencies?

Client: Well, we have a team of experts who are really knowledgeable about social media marketing, and we offer customized strategies that are tailored to each client's specific needs.

Coach: Excellent. Now let's think about the benefits of working with your agency. What can small businesses expect to gain from your services?

Client: They can expect to see an increase in their social media engagement and followers, which can lead to more website traffic and ultimately more sales. Plus, we offer affordable pricing options that are tailored to their budget.

Coach: Great. So let's try to distill all of that into a concise elevator pitch. How about this: "At our social media marketing agency, we help small businesses grow their online presence with customized strategies that increase engagement, followers, and ultimately sales, all at an affordable price."

Client: That sounds pretty good. But how can I make it more memorable?

Coach: One way to make it more memorable is to tell a story that illustrates your value. For example, you could start by saying something like, "Imagine you're a small business owner who wants to grow your online presence, but you don't have the time or expertise to manage your social media channels. That's where we come in. At our agency, we specialize in social media management for small businesses, offering customized strategies that increase engagement, followers, and sales, all at an affordable price."

Client: I like that. It definitely makes it more engaging.

Coach: Great! Remember, an effective elevator pitch should be clear, concise, and memorable, while also communicating the unique value of your business. By focusing on your target audience, unique value proposition, and benefits, you can craft a pitch that captures the attention of your listeners and helps you achieve your goals.

When crafting an elevator pitch, there are certain things that you should avoid including, such as:

• Jargon or technical language that your audience may not understand.
• Long or complicated sentences that are difficult to follow.
• Information that is not relevant or important to your audience.
• Superlatives or exaggerated claims that are not backed up by facts or evidence.
• TMI (too much information) - be concise and stick to the most important points.
• Negative or critical comments about your competition or industry.
• A lack of clarity or focus - make sure your pitch is clear and to the point.
• A lack of passion or enthusiasm - your pitch should be delivered with energy and conviction.

Remember, the goal of an elevator pitch is to capture the attention of your audience, communicate the unique value of your business, and inspire action.

By avoiding these common pitfalls, you can craft a pitch that is engaging, persuasive, and memorable.

A few years ago, June worked with a startup that was trying to raise capital to fund their new app idea. They had a great product, but they were struggling to articulate it in a way that would capture the attention of potential investors.

So, June suggested that they work on developing an elevator pitch. An elevator pitch is a concise and compelling summary of your idea that can be delivered in the time it takes to ride an elevator (typically 30 seconds to 2 minutes). It's a powerful tool for getting someone interested in your idea quickly and effectively.

June and team began the process by brainstorming the key features and benefits of their app. They then worked on condensing these ideas into a single sentence that captured the essence of their product. This sentence became the foundation of their elevator pitch.

Next, They worked on refining the pitch to make it more engaging and persuasive. They added a hook at the beginning to grab the listener's attention and used clear, simple language to explain the benefits of the app. They also included some social proof, such as user testimonials or industry accolades, to bolster their credibility.

After a few iterations, they had a solid elevator pitch that the team was excited to use. They practiced delivering it in various scenarios, from casual conversations to more formal pitch meetings.

The result was impressive. The elevator pitch helped the team secure several meetings with potential investors, and they were able to secure the funding they needed to launch their app successfully. It was a great example of how a well-crafted elevator pitch can make a big difference in achieving your goals in the industry.

The lesson here is that no matter how great your idea is, you need to be able to communicate it effectively to get others on board. Developing an elevator pitch is a powerful way to do that, and it's an essential skill for anyone looking to make an impact in the industry.