What is an elevator pitch? If you haven’t heard the term, it doesn’t mean you’ve never given one. It’s basically a challenge to sell your idea, whether it’s a new ad campaign, a new product or service, or even yourself, in the time it takes for the elevator to travel several floors.
If you’ve ever taken a “Marketing 101” course, I’m sure you may recall the term utility. The utility marketing model takes into consideration how consumers feel about a product/service, the convenience of purchasing the product/service and obtaining the product/service when they want it. Utility = Satisfaction Derived = Value. People don’t pay for products or services, they pay for solutions – what the product or service can do for them.
From a consumer perspective, you are basically only thinking, why should I buy this? I agree with the thoughtful writings and research that is abundant; customers buy because they are interested in two things: 1) getting rid of a problem/pain you have and don’t want, and/or 2) creating a result that you want and don’t have. For a product/service to be embraced and purchased, your pitch needs to intersect one if not both of these reasons we, as consumers, buy. In contrast, a few top reasons why we, as consumers, don’t buy:
- We don’t get it. We don’t understand what is being offered.
- We don’t want it, because we don’t understand the value proposition (perceived value) of your pitch. What are the benefits?
- We don’t believe the product/service will do what you say it will.
Remove your love affair with your idea – that it’s the greatest thing since…If your pitch does not easily convey how your product/service will bring meaningful change/enhancement to my life; you WILL remain in your monogamous relationship with your idea.
Have an idea you’re planning to pitch at Startup Weekend Evansville 2.0? We’ve got some great resources to help you prepare! Remember, on opening night (Friday) you only have 60 seconds to convince others in the audience that your idea is a great one and should move forward. Check out this blog post from a Startup Weekend alum about how to prepare for pitches. Here is the CliffsNotes version:
1) Focus on the problem/pain you want to solve
2) Mention how you think the problem should be solved
3) Talk about your secret sauce
4) Tell us what you already know
5) Showcase your winning personality
6) Show up with an idea that does something meaningful
Be sure to read the full post for more details.