How to Use an Elevator Pitch to Land Your Next Big Opportunity
Elevator pitch is a technique that originated in the 1990s, often used as a quick summary about a product, an idea, or a person. Today we'll look at how to build an elevator pitch using a simple framework created in XMind.
Check out these mind map templates and build your own elevator pitch with XMind!
About Elevator Pitch
An elevator pitch is a short speech that one uses to persuade a new product or idea that lasts mostly around an elevator ride of 30- to 60-second. It is a technique in communication that allows someone (most of the time by entrepreneurs) to construct a thorough yet effective speech that makes others fall in love with your product just like that.
When to Use it?
Nowadays, an elevator pitch is more a method used to help teams meet on the same page regarding the final product and team goals and form a consensus on the product's value proposition. Moreover, when conducting market research, many use an elevator pitch to gather critical information regarding a specific business or brand.
Building Your Own Elevator Pitch
Although not all pitches must follow the same framework, a conventional elevator pitch may look like this. The demonstration below is designed to create a direct and all-inclusive pitch. Consider this an overlook on all the elements one would include in the 30- to 60-second speech.
With the given framework, below is an attempt at putting together an elevator pitch for the online marketplace Airbnb, most widely known for vacation rentals and unique local experiences it provides to the users.
Here are some key elements to watch out for when putting together your speech:
Keep your speech exciting and compelling! The first thing is to get the listener interested. The speech is most powerful when you have someone’s attention.
Pose a problem that your product can solve. Do that by thoroughly studying the market, its potential trend, and existing opportunities. In other words, you need to make sure your unique selling proposition can solve the unmet need you have found. Matching what the consumer wants to what you want to sell helps you enter the winning zone.
Through research on competitors and potential consumer needs, target the lacking capability of your primary competitor in the differentiator description. Instead of using broad descriptions like “lots of potential consumers,” use more specific and unique product values to make your statement effective. A detailed competitive brand name gives the listener an impression or expectation of your product.
Also great for Self-Introduction
Did you know the framework of an elevator pitch is also applicable for self-introduction? Although not following the exact format, the common ground of these situations falls on the delivery, organization, and persuasiveness of the speaker’s content. Consider using this technique for future job applications, coffee chats, or as an ice-breaker.
Instead of market needs, value proposition, and differentiator description often seen in a conventional elevator speech, self-introduction focuses on one's strength and competence.
High-school Instructors conducted this activity among groups of students. The results show that some find an appreciation of their own skills through this activity, and some find a noticeable increase in self-worth.
Try it for yourself and practice your self-introduction in this format with your friends or family. Take your time to re-write or polish this statement. It works best when you speak with confidence!
Other Than Elevator Pitch…
One size doesn’t fit all, of course. The elevator pitch is no longer the only option when dealing with a situation where you need to pitch new ideas or introduce yourself. Things like escalator speech, or stair speech have become new communication techniques people use in different business situations. Have a try if you’re interested and find what works best for you.
Best wishes in landing your next big opportunity!
Eric Hurst, October 12, 2017. Use This Framework to Master the Art of the Elevator Pitch, Medium, Retrieved January 5th, 2022.