How to Create an Elevator Pitch?

An effective elevator pitch typically includes seven key components. Let’s understand each point in brief with an example of a Mobile Notification App for better understanding:

1. Identify the Problem: Identify the Problem that your product or service can solve.

Example: People have difficulty managing their time due to the large number of notifications on their phones.

2. Explain the Solution: Explain how your product or service can solve the problem.

Example: your product could be a mobile application that helps people to manage their notifications and prioritize the most important ones.

3. Identify your Target Market: Identify who your ideal customers are and why they would benefit from your product or service.

Example: Your ideal customer could be busy professionals who need to stay on top of their work and personal lives but struggle to manage their notifications.

4. Include your Competitors: Acknowledge Your competitors and explain what makes your product or service unique compared to theirs.

Example: Your app might be more user-friendly and intuitive than other notification management apps on the market.

5. Introduce your Team: Introduce your team and explain why they are qualified to create and bring your product or service to market.

Example: You might mention that your team has a lot of experience in app development and has created successful products in the past.

6. Explain your Financial Summary: Provide a brief overview of your financials, such as your revenue and funding needs.

Example: You might have a freemium model for users who can access basic features for free but can pay for more advanced features and you might be looking for funding to help further develop the app.

7. Discuss Milestones: Share your key milestones and Accomplishments, such as positive feedback from the beta tester or securing funding for investors. This helps to demonstrate progress and build credibility with your audience.

By including these 7 key components in your elevator pitch, you can effectively communicate the value of your product or service and generate interest from potential investors, customers, or partners.

Remember to keep your pitch short, clear, and engaging, and also, practice it until you feel comfortable delivering it in any situation.

An elevator pitch is a concise and compelling summary of an idea, product, or business, typically delivered within the duration of an ‘elevator ride’. It is called an “elevator pitch” because it should be succinct enough to be presented to someone during a brief encounter, such as an elevator ride, capturing their attention and leaving a memorable impression.