Tips for Entrepreneurs & Startups Seeking Fundraising & Market Entry
You only have a few seconds to make a good impression. Whether you’re meeting someone for the first time or pitching your business to a potential investor, you must ensure that your elevator pitch is on point. This pitch is a short, persuasive speech that you can use to quickly explain your business concept and get people interested in what you’re doing. In just a few sentences, you need to be able to explain what your business does, who your target market is, and what problem you’re solving for them. Here’s how to make a successful elevator pitch to help you reach new markets and achieve your fundraising goals.
Let’s take a closer look at each of these components:
Your hook is the first thing you say when you start your elevator pitch. It should grab attention and make people want to know more about what you’re saying. Ideally, it should be something unique about your business that will pique people’s interest.
What You Do
After the hook, you need to quickly explain what your business does. This is where you briefly overview your product or service and how it benefits your customers.
Your Target Market
After explaining what you do, you need to define your target market and what problem you’re solving for them. This is where you need to show that you understand your customers’ needs and pain points. Be as specific as possible here; don’t just say “anyone who needs XYZ.”
Finally, end your elevator pitch with a call-to-action (CTA). This is where you tell the person listening what you want them to do next, whether it’s visiting your website, signing up for your newsletter, or downloading your app.
Now that you know the anatomy of a good sales pitch, here are five tips to remember when crafting and delivering your elevator pitch:
1. Keep it short and sweet. The average attention span is only eight seconds, so you must ensure that your elevator pitch is short and to the point. Don’t try to cram too much information into a few sentences.
2. Focus on what you can do for the other person. Whether you’re pitching your business to a potential investor or trying to sell your product to a new customer, it’s essential to focus on what you can do for the other person. Remember, people are primarily interested in themselves and what they can get from the interaction.
3. Highlight your unique selling proposition. What makes your business or product unique? Why should the other person care about what you’re offering? Be specific, and don’t be afraid to brag a little — this is your chance to shine!
4. Use simple language that anyone can understand. Avoid industry jargon or technical terms that the other person may not know. Instead, use simple language that anyone can understand. This will help ensure that your message is clear and concise.
5. Practice, practice, practice! The best way to ensure that your elevator pitch is successful is to practice it until you have it down pat. Role-play with a friend or family member and get feedback on what works and what doesn’t. The more comfortable you are with your pitch, the better your results will be.
Putting It All Together
Now that we’ve gone over the individual components of a great elevator pitch and some additional tips to remember, let’s put it all together into one cohesive speech:
“Are you tired of feeling like there’s never enough time in the day? I know I am! That’s why I created Timely, the productivity app that helps you make the most of every minute. Timely syncs with all of your devices so you can stay on top of everything from work deadlines to personal appointments. And because we know that life can be unpredictable, Timely also comes with built-in reminders, so nothing falls through the cracks. Check out our website and download our app to simplify your life.”
What did we include in this example? First, we started with a hook — a great way to grab attention right off the bat. Then we explained what our app does and how it helps our users solve their problems — in this case, by helping them manage their time more efficiently. Next, we identified our target market — busy professionals who struggle with time management. Finally, we ended with a CTA, telling our listeners precisely what we wanted them to do next.
An elevator pitch is a crucial tool for businesses that want to reach new markets and achieve their fundraising goals. By following these tips, you can create a successful elevator pitch that will help you get one step closer to achieving your fundraising and market entry objectives.
For more information on how we at GlobalEdgeMarkets can help you, contact us!