What is Elevator Pitch in Business & How to Create One?

Your next big break might just be an elevator ride away. Can you imagine? How well will you be prepared when the moment strikes? Learning the art of the elevator pitch can make your chance encounters into career-changing opportunities.

What is an elevator pitch?

An elevator pitch is a brief speech about your business idea, product, service, or project. It gets its name because it should be short and impactful enough to deliver in the time it takes to ride an elevator - around 30 seconds to 1 minute.

In an elevator pitch, an entrepreneur attempts to convince a venture capitalist that a business idea is worth investing in. Your pitch needs to explain the problem that your idea solves, why is it unique, and how it matters to the listener to be able to invest in it.

What is the goal of an elevator pitch?

An elevator pitch aims to convey the core and value of your proposition in a clear, concise, and persuasive manner. It should answer what problem your idea solves, what makes it unique or innovative, and why it is relevant or beneficial to the listener. By presenting a compelling elevator pitch, you aim to generate interest, engage the listener, and ideally secure a follow-up conversation or opportunity.

What Do You Say in an Elevator Speech?

Your pitch shall depend on the content you are pitching for and what you hope to achieve essentially. Say if you are promoting yourself for a job opportunity, your pitch would include the following:

• Your background
• Accomplishments
• The value proposition

If you are pitching a product or service. then the pitch would include:

• Your company’s background
• What your products or service offers
• How is it different from others in the market::

• The final tip is to always close a pitch with a call to action as it gives your audience a tangible way to continue the conversation and build your network.

Before writing an elevator speech how to organise your thoughts?

• Grab attention with a hook to a question

Beginning with a thought-provoking question instead of just stating facts is a good and smart way to get your audience curious about the problem you're solving.

• Make them feel the pain

Instead of just describing the issue of your business, let them experience the frustration or struggle caused by the problem. It is only when they empathise with the pain, that they shall appreciate your solution.

• Short and snappy

Instead of cramming words for your product or service features only cover the core problem and the solution to resolve it.

• Keep it simple

Simple language is better to understand better than any jargon and fancy words. Do away with buzzwords and communicate the idea naturally.

• Highlight a hint

If possible, mention early successes, like a key customer, positive test results, or competitor interest, as it adds credibility. Avoid overhyping its derogatory.

How is an elevator pitch different from a full deck pitch?

Let us understand the difference between an elevator pitch and a full deck pitch in the table given below. Each serves a distinct purpose:

How to write an elevator pitch?

In a matter of 30 to 60 minutes an effective elevator pitch typically includes seven key components. Let’s know each point in brief:

1. Recognize the Problem: Identify the Problem that your product or service can solve.
2. Simplify the Solution: Describe how your product or service can be the solution to the problem
3. Classify your Target Market: Identify who your ideal customers are and why they would benefit from your product or service.
4. Include your competitors: Acknowledge your competitors and explain what makes your product or service unique compared to theirs.
5. Introduce your Team: Introduce your team and explain why they are qualified to create and bring your product or service to market.
6. Explain your Financial Summary: Provide a brief overview of your financials, such as your revenue and funding needs.
7. Share Milestones: Share your key milestones and accomplishments, positive feedback from the beta tester, or secure funding for investors. This helps to demonstrate progress and build credibility with your audience.

With these tips for writing a crisp elevator pitch to the point, you can communicate the value of your product or service effectively to generate interest from potential investors, customers, and partners.

Some elevator pitch examples are mentioned below

1. Flipkart

Flipkart is India’s foremost e-commerce platform, offering an inclusive range of products from electronics to fashion. We started as an online bookstore, and today, we allow millions of customers across the country a unified shopping experience, prompt delivery, and competitive prices. Our focus is on making shopping more accessible and affordable for every Indian, no matter where they live.

2. Zomato

Zomato is your preferred app for discovering the best food around you, whether you're dining in or ordering online. We have transformed the way India eats by connecting over 1.5 million restaurants with customers across the country. With our stage, you can do many things like browse menus, read reviews, and order your favourite dishes with just a few taps.

3. Ola Cabs

Ola is India's most popular ride-booking service, offering reliable and affordable transportation at instant access. From budget-friendly rides to premium options, we cater to every need, helping millions of Indians get around quickly and safely. Our mission is to make commuting hassle-free while introducing eco-friendly vehicles to reduce the environmental impact with our growing fleet of electric vehicles.

4. Paytm

Paytm is India's largest digital payments platform, revolutionising the way people pay and manage their finances. From mobile recharges and bill payments to shopping and booking tickets, Paytm offers a secure and convenient way to handle all your transactions in one place. We're on a mission to make India cashless and empower millions with financial inclusion.

5. BYJU'S

BYJU'S is India's leading ed-tech platform, providing personalised learning experiences for students from K-12 and beyond. Our interactive and engaging lessons, combined with adaptive technology, help students grasp complex concepts easily and excel in their studies. We're redefining education in India, making quality learning accessible to every child, across the country and beyond.

Conclusion

Consistent practice is key to nailing your elevator pitch and mastering this skill pays huge dividends. Use the examples and tips in the blog as a guide and put in the effort to work on a pitch that is authentic and compelling. Make yours one to remember!

FAQs

Q1. How Long Should an Elevator Pitch Be?

Ans. An elevator pitch should ideally be about 30 to 60 seconds long—brief, but just long enough to touch on the important points. If you give a successful pitch that piques your audience's curiosity, you'll have time later to go into greater detail.

Q2. What Makes an Elevator Pitch Good?

Ans. The best elevator pitches are interesting and engaging and make the listener curious to find out more. Give your pitch confidently and get to the point quickly and that will make a good impression. A good elevator pitch sets the platform for further action, whether that's an interview, a meeting, or just an exchange of business cards.

Q3. What are the four success factors of an elevator pitch?

Ans. The basic outline of an elevator pitch should include:

• an attention-grabbing opening line
• something unique and memorable
• key elements of the employee value proposition
• a call to action

Q4. What is the star method for an elevator pitch?

Ans. You must deliberate for some time thinking about and writing down your top work and school experiences using the STAR Method (Situation, Task, Action, and Result).

• Choose the best one /two experiences you want to pitch
• Write a sentence or two focusing on your actions and the results of those actions