A business elevator pitch is a well-thought-out description of your business that can be given in 30 seconds or less (roughly the amount of time an elevator ride is). It’s your answer to the question, “So, what does your business do?”
The purpose of preparing one is to effectively teach people about your business when prompted. It’s not really a sales pitch, it’s more informational and conversational by nature. It should be memorized and rehearsed so you sound knowledgeable at any time. Don’t get caught with your pants down.
Without further ado…
1. What is your product or service?
Explain what your company does as simply as possible. As Einstein said, “If you can’t explain it to a six year old, you don’t understand it yourself.”
2. Who is it for?
Who is your target market? Who are the people you are selling to?
3. What is the benefit?
It’s important to dig deep and clarify the benefit. Understand the difference between a feature and a benefit. If you were marketing a running shoe, an example of a feature could be that it’s made with advanced rubber soles. The benefit would be that your feet don’t hurt after running. You always want to market the benefit, not just the feature. Benefits teach people why they need things—what problem the product or service is solving.
4. What is the USP (Unique Selling Proposition)?
Your unique selling proposition is the thing that sets you apart from your competition. It’s your niche. To use the running shoe example, let’s say the rubber in your running shoe uses a new form of rubber that is 200% more absorbent than any other rubber, which makes the comfort unmatched. That’s a USP. It’s something that consumers can remember you for.
Ask an open-ended question
After answering those 4 questions, you want to ask an open-ended question that helps you toward your end goal with the particular person you are talking to. This question can and should be tailored to fit who you’re talking to. If the person you’re talking to is a potential customer, you might ask something like, “What running shoe do you currently use?” It’s important to ask an open-ended question rather than a closed-ended question (one that can be answered with yes or no)so that the conversation can continue.