Monday, June 18, 2012

Improve Your Elevator Pitch in 30 Minutes



Our last post defined why improve your elevator pitch. Now it's time to improve your elevator pitch in under an hour. If you don't yet have a clock, go find your stop watch. Use the associated time limits, jot down notes and order them in preference. Then, you'll have a set of talking points to memorize or review when needed.

Ready, set, improve!

10 minutes: Why you?

You have 1 minute per bullet point. Gather your answers together. Then, put your most relevant answers at the top. At another time, memorize your most interesting and/or influential answers. When someone asks you why you're an entrepreneur, pop these out.

  • How long have you been doing startup?
  • Is this your first startup? 
  • Are you a member of industry organizations (ie. AMA, CTIA, etc.)?
  • Are you an expert in your area?
  • What makes you the best entrepreneur? 
  • What makes you awesome?

15 minutes: Your Product/ Service Meets Needs

Here, we assume you've done your homework. Competitors? You know them. Their products? You blow them out of the water in these three key ways.

One more time, try to answer all the below questions. When you're done, order them in order of their intrigue.

  • Who are your key 3 competitors?
  • How are your products different from theirs? 
  • How big is your customer segment?
  • How large is your industry?
  • What's your business model?
  • How do you make money?
  • Explain your product or service in one sentence

5 minutes: Soliciting Questions/ Feedback 

In this exercise, pick out one segment of your target audience. These questions should be generally straightforward. Remember, at another time to review these questions periodically before networking events or pitching events. After, organize your thoughts. Make sure to save for later!

Going into a pitch opportunity can be nerve racking. Knowing the right questions for your audience is much of the battle. Whether you're networking or securing VC funding, define what information you'd like most to end conversations.

  • What's your end goal of the conversation? 
    • Would you like someone to become a beta tester? 
    • Do you have a certain audience you're looking for (ie. marketing, finance, law, etc)? 
  • If you're looking for help, what kind of reward can you give in return?
  • Is your final product or service ready for public visibility?
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Do you have other ideas to improve others startup elevator pitch? 

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