Whether you are trying to raise money for your business or just want to streamline your business strategy, a perfect elevator pitch is vital tool for achieving your goals. An elevator pitch can be delivered either verbally, ideally in 60 seconds or less, or as a one-page overview of your business.
Think of the elevator pitch as an executive summary that provides a quick overview of your business and details why you are going to be successful.
Key components for a seamless elevator pitch:-
- The Problem – You should try and distil your customer’s problem down to its simplest form. Ideally you should be able to describe the problem you are solving in one or two sentences, or potentially in bullet points.
- Your Solution – A clear problem statement will help you focus on solving just one problem. You should be able to describe your solution at a high level in just few sentences or bullet points.
- Target Market – Talk about the market segment you are targeting, how many companies/people are in each segment, and the total amount they currently spend.
- Competition – Describing your key differentiators from competitors ensures that you are building a unique solution that customers will choose over other alternatives.
- Your Team – You should talk about why you and your team are the right choice to execute on your vision. No matter how great or unique your solution is, if you don’t have the right person on board, you won’t be able to see its fruits on.
- Financial Summary – Put together a sales forecast and expenses budget. Ensure that you can build a profitable company based on your assumptions. A detailed forecast isn’t necessarily required, what is more important is that you understand your business model
- Milestone – Talk about your upcoming goals and when you plan to achieve them, if you have already achieved accomplished notable milestones, you should mention those.
Note:- Please feel free to make suggestions and/or comments