As an entrepreneur, you must be able to communicate your business ideas in a succinct and captivating manner. It is the most important skill in raising capital. The idea of an elevator speech is communicating the idea of a company during an elevator ride. This means it must be about 60 seconds.
This seems impossible because there are so many facets to a business idea, but you are only trying to express a high concept. It is easier than you think. All you have to do is determine the most impressive benefit of your product or service.
Element #1: Catchy opening – This is a well-crafted sentence that captures the problem and your solution. Most products or services solve a common problem. The more that problem is universal, the more potential for ROI. Be careful starting with a gimmicky opening that promises huge returns. If it sounds too good to be true, than you won’t impress the parties that can help you the most.
Element #2: Benefits vs. Features – Spend more time on the benefits. Highlight any unique aspects, like guaranteed contracts for exclusive materials or studies that show market viability, Don’t talk about the four on the floor. Talk about the power you’ll feel when you sit behind the wheel.
Element #3: The ask – Nothing happens without an ask. Talk directly to the ways the potential investor, customer, provider can help you. If nothing else offer to send over some additional information and ask to speak with them again. Be specific. Let the prospect know exactly what you are seeking. Share any relevant information like the level of interest or any swaying testimonials.
This skill of developing a well-rehearsed elevator speech will come in handy in all your endeavors.