Elevator Pitch - Explained
What is an Elivator Pitch?
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What is an Elevator Pitch?
Elevator pitch is a business term used to describe a quick summary or overview of product, idea, or business venture. A derivation of the elevator pitch is the personal elevator pitch, in which an individual tells about themselves. The notion general denotes the speech that is delivered in short time generally 20-60 seconds (the time it takes to go from the lobby to the top floor of a building in an elevator). The elevator pitch, regardless of the context, is about creating a future opportunity.
The objective of the elevator pitch is to generate interest in the idea, business, or person from a particular individual or group. It is seen as a manner of expressing a value proposition to an influential person. The objective of the pitch is to create opportunity through a follow-up meeting or continued relationship following the pitch. Below are some common uses of the Elevator Pitch.
Elevator Pitch for a Startup Venture
Many entrepreneurs use the elevator pitch to make potential investors aware of a startup venture. The pitch generally explains the nature of the business, the team, the value proposition, the stage of the business, the competitive advantage over competitors, and the objectives or goals of the business. All of this is very difficult to deliver in such a short period of time. A successful elevator pitch generally ends in an invitation from the investor to have a longer, formal meeting to discuss the business venture. Read in detail about how to develop an investor pitch in our Investor Pitch Course.
Elevator Pitch in Sales
The elevator pitch is something that has historically been part of sales though without the fancy name. In sales, the pitch makes a potential customer aware of a product/service and the value it has to offer. It is used to create interest and ultimately lead to a sale.
Personal Elevator Pitch
The personal elevator pitch is designed as a networking tool. It is primarily used during networking nights or during career fairs in which a potential employee has a very short amount of time to explain herself and make an impression on a potential employers. The personal elevator pitch generally explains who a person is (their background), what they want professionally (career aspirations), and what they have done to achieve it (experience, work, training, and educational background).