Our Five Tips to Perfect Your Elevator Pitch.
Did you know the first true “elevator pitch” was given by the elevator pioneer himself – Elisha Otis, founder of Otis Elevator Company?
In 1853, elevators were already in use but not widely adapted as they were prone to malfunctioning. As a result, they were considered dangerous and only as stable as their weakest rope. Recognizing these concerns, Otis engineered a concept for a safer (and more economical) way to hoist people and materials to secondary floors.
Instead of trying to sell this new concept with complicated engineering-terms and specifications, he demonstrated it live before a convention center audience. Otis rented out a space in a large New York exhibit hall and set up a display of an open elevator shaft. After being hoisted three floors up, he had his assistant cut the rope with an ax in a dramatic fashion. Rather than plummeting to the ground with a crash, his newly engineered stopping mechanism brought the elevator to a safe halt before hitting the ground.
In less than thirty seconds, Otis demonstrated the value of his concept – and the opportunity to deploy elevators in buildings for the movement of people and materials. Thus, the origins of Otis Elevator Company began.
Friday, July 29, 2022 – ironically or perhaps not – is “National Talk in an Elevator Day.” The idea for this holiday is really about making new connections with those you happen to meet in the now routine habit of riding in elevators (thanks to Elisha Otis!).
However, that opportunity might lead to new business ventures and growth if you by chance connect with a valuable prospect or investor – and have perfected your elevator pitch.
An elevator pitch is quite simply the distillation of your company or business idea proposition. It is intended to present in as few words as possible – with limited complexity – the uniqueness of your service so that it captures the attention of your prospect for a follow-on conversation.
At ASC, we believe that when it comes to presenting your story – less is almost always more. We work with our clients to hone in on their core message, strengths and opportunities so that their “elevator pitch” is primed and perfected for each and every opportunity.
Here are our 5 best tips for building your elevator pitch:
Remove the Jargon – While acronyms and abbreviations may help quickly reference concepts and program names, chances are they will not immediately resonate with your audience. It is important to speak in plain language – in terms your elderly grandmother could understand without question – and skip the technical terms or industry-specific references. Don’t try to impress your audience with big words and theories – make it comprehensible and easy to understand the first time they hear your message.
Practice Makes Perfect – We never advocate that our clients restate a script in a robotic fashion, but we do encourage them to practice their message and allow it to evolve over time. Practice in front of a mirror or colleagues will help you perfect the delivery and increase your confidence. However, practice in front of your stakeholders will provide clues on how to evolve it. Listen to their follow-up questions; pay attention to what peaks their interest; and then refine the pitch to weave in their questions and elevate the areas that resonate most.
Know Your Audience – Embrace multiple versions of your elevator pitch, and adapt it to each audience. Have a version – slightly different – that is intended for variations of your stakeholders. Pay attention to the pain points or opportunities of your various audiences, and then speak to those elements in your pitch.
Provide Concrete Examples or Proof Point – Data and facts are everything. The goal of your elevator pitch is not to simply persuade an audience, but demonstrate with conviction the merits of your business or conceptual idea. Weave in an industry-specific data point or brief example of your service/idea in action that proves your thesis out. Prove you have done the hard work and research.
Invite the Next Question – With the ideal elevator pitch lasting 30-45 seconds, you should not aim – nor is it even possible – to answer every question in that short time period. Rather, the goal is to share just enough useful information that it piques their interest, and invites a question in response to learn more. Your elevator pitch should not conclude a conversation, but rather invite a new one.
Now that you are equipped to participate in “National Talk in an Elevator Day,” we encourage you to put your pitch into action. If you need extra help to discover your core message, reach out and let us help you master the art of the elevator pitch.
