June 20, 2011
The term may sound like the typical business clichÃ©, however there is a reason you still hear successful business people and entrepreneurs using the phrase. As a business owner, you should be able to present your company quickly and concisely, particularly what it is and why it is going to be a success. You should learn, know, practice and keep your pitch under two minute’s tops. Tomorrow the opportunity may present itself for you to give your “elevator pitch”. Here are a few tips:
1. What does your company sell? Quickly now, provide this answer fast and concise! Do you offer a service or a product? Why is it in demand and who is purchasing it? Technical details will come later; do not try to focus on how it works. Results and added value are your main focus during an elevator pitch.
2. Be honest about the competition, do not try to hide them. Every single business out there has competition and if you try to act like you do not, you will quickly lose credibility. It is the differences between your company and the competition that is important, and there should be some major differences particularly in a highly competitive market. Competing businesses proves that someone else thought this was a good idea too; in fact, other investors put money into the idea.
The key to this part of the pitch is making sure you have presented a business that can win against your competition. Once you have done that then feel free to list your competitors. Understand your competitive advantage and be able to tick them off quickly to potential investors. Your advantages in the market place will often sell the venture capitalists on your idea.
3. Show them the pain, that is the unmet need in the world. This is the last point you are going to make in your pitch because you want it to be the thing the investor keeps in mind. Bring your facts to the table, especially large pieces of shocking numerical data! Wrap up your pitch by confidently expressing how your company is the only business qualified to meet the unmet need. Sure, you have competition but they cannot outperform you.
There is an art to the perfect elevator pitch, as there is with any type of presentation. You will want to practice yours religiously, so you can deliver in a moment’s notice with no uncertainty or hesitation. Just think, you never know when the opportunity to deliver your pitch is going to spring up!
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