As a business student and future entrepreneur, you will probably have to pitch some type of product (an idea, merchandise, or service) in the future. The window of opportunity to pitch your product is often small. Are you prepared to give a concise and attention-grabbing presentation in 30-90 seconds? Behold the elevator pitch.
As its name suggests, the elevator pitch is a presentation that is useful when the occasion calls to make a pitch in a very limited amount of time (i.e. when riding an elevator). The elevator pitch must communicate a product to its recipient so that the presenter garners interest and sets up contact in the future.
An elevator pitch must:
- Explain the product and the entity supporting it. As the presenter, you must provide the company and product name, a brief but impassioned overview of the product, the company mission, and your name and position in the company.
- Describe the product’s market. Demonstrate strong knowledge of the product’s market because it shows to investors that you have invested time to research your product’s feasibility in the real world.
Detail the market niche that your product will serve.
- Identify the competition. Competitors can be a good thing for your product because they signal to an investor that your product is in demand. Remember: everyone has competitors.
- Highlight the product’s competitive advantage. Differentiate your product from its competition. What makes your product better? Why will your business model succeed? Use research and statistics to support your claims. Be confident, but avoid looking unrealistic and bombastic.
- Conclude with a clear request and set-up future discussion. Let it be known if you are looking for an investor, advice, or technical support. Be sure to provide contact information; a well-designed business card with your name, company, and website address should suffice.
Some final words of wisdom: do practice your pitch beforehand, speak clearly, intelligently, and passionately, stick to your objective, and make good eye contact. Get to pitching!
