Is an Elevator Pitch Important?

Adam Hoeksema · November 29, 2010 · Short URL: https://vator.tv/n/143b

3 Reasons you Need to Develop an Elevator Pitch Now

You may think that an elevator pitch is for those technology based companies out in California, but not for your small business.  Well you are wrong.  The purpose of an elevator pitch is to concisely describe the value that your business brings to society.  There are a few reasons that you should work on your elevator pitch sooner rather than later.

  1. You Never Know Who You Might Meet - The term elevator pitch basically comes from the idea that if you were on an elevator with Bill Gates, you would have 30 seconds to explain why your business is the greatest thing since sliced bread in hopes that he invests in you and your business.  Well you probably won't end up on an elevator with Bill Gates, but you will come across people everyday that might be able to help your small business.  Don't misunderstand, you should not look at everyone as a potential customer or investor, but you should be ready to explain your value when they ask. Then maybe they will offer to help or become a customer because of your powerful elevator pitch, not because you guilt tripped them into helping.  
  2. Others Can Repeat - If you have a standard elevator pitch that you use anytime that someone asks what you do, your employees are going to catch on.  Then the next time one of their connections asks what they do, they are more than likely to use your 30 second elevator pitch to explain the business.  There is power in consistency when it comes to branding.  Don't force your employees to memorize a pitch, but just consistently repeat your pitch in front of your employees.  It will happen naturally.
  3. Understand Where your Business is Lacking - Simply by going through the exercise of developing an elevator pitch you will be able to determine if your company is truly providing value.  If you can't sum up your value in 30 seconds you must not be providing much value, and it may be time to rethink your product or service offerings.

Every small business owner should have a specific and well-delivered elevator pitch.  This will take some time to develop, and it will take lots of practice to master.  As always, focus on the big problem and the unique solution that your business provides for that problem.  If you do this, you will provide value, and you will be able to communicate that to those who ask.

Make sure to check out my website, www.theexecutiveplan.com, and receive free guides, templates, examples, videos and articles on How to Write a Powerful Business Plan Executive Summary.

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