Do you have an elevator pitch?
Can you communicate your why, how and what by the time you’ve ascended from the ground floor to the top floor? Ok, so it depends on the height of the building, but how about communicating it within 30 seconds?
Failure to capture your audience’s attention within this time frame gives them plenty of opportunity to walk away from engaging with you further, and ultimately the opportunity to make an investment decision.
This skill is also useful when looking to quickly gain market validation insights from potential customers and to peak their interest without giving away the meat and potatoes of your idea.
Pro Tip: Don’t fill your elevator pitch with jargon - it needs to be clear, precise and create interest. The last thing you want to do is put your potential investor to sleep by using jargon they don’t understand.
The KISS principle couldn’t be more true in this instance.
It’s about clearly articulating your value proposition, solution and ultimately your investment requirement.
When creating your pitch always think problem first, solution second.
By explaining the problem you’re solving first, it lends favour to people wanting to know more about your solution because they understand the problem you’re trying to solve. It also shows you’ve done market validation and that you’re delivering a product to market customers actually want, rather than creating a ‘solution’ and working backwards to find a problem.
Something Instagram did when launching their platform!
Adding emotional context to a pitch to bring your audience on a journey, is also beneficial. It makes your pitch more relatable.
“How does your solution tap into the emotional, powerful, evolutionary needs that we as humans have?”, asks David McClure, Entrepreneur and Angel Investor.
In summary, all good pitches should outline how your solution makes customers happy, how it’s better and different to existing products/services available. If it isn’t different, then change the context so that it is different to everything else.
Finally - practice, practice, practice. It’s the only way you’ll nail the final pitch.