A guide to making effective elevator pitches

One of the more important aspects of running a business is promoting it. Business promotion is a responsibility of every business owner and it never stops. You need constantly promote your business to gain new investors, market your company, bring more attention to your products and services, and create an equity for your business.

The so-called elevator pitch is one of the more controversial sides of business promotion. This practice has its origins in the American practice of self-promotion and, not surprisingly, British business culture is uncomfortable practicing this – thinking it as insincere, opportunistic and shallow.

But a growing number of UK businesses have, over the last few years, begun using the elevator pitch and consider it as an important aspect of their business culture – and with impressive results.

The first question an aspiring entrepreneur or businessman will ask is, of course, “What is the elevator pitch?”

The phrase “elevator pitch” had its origins in the US. It follows the popular business belief in that country that meeting people by chance or in passing would still present potential opportunities for business. But since these potential meetings will be quite fleeting – for example, the time it takes for an elevator to travel from one floor to another – it is crucial that the businessman be able to make a quick introduction and do it effectively.

What are the ingredients of a good elevator pitch?

Even though there are many different styles and formats for an elevator pitch, they all have something in common -- and that is the pitches are clear and concise statements about the business that have been constructed with the aim to raise the listener’s interest in a manner where he will continue talking at that moment, or commit to following up at some other time.

Well made elevator pitches are very usually a short statement about who you are, what you do, and how the goods and/or services you have can offer value to the customers.

There are numerous different styles and formats of elevator pitch, but what they all tend to have in common is that they are clear, succinct statements about the business that aim to make the listener interested enough to continue talking there and then, or commit to following up at some time.

The key to making a good elevator speech lies with sound marketing tenets – and that is to remember not to sell the product or service but to focus instead on the benefit of the said product or service to the customer.

The most effective speeches are able to give listeners a hint of how you might be of potential interest or benefit to them but without necessarily answering too many of their questions that they would feel that they won’t have any need to talk to you further. Remember that the pitch is being done so that after the listener realises your benefit to him he would be encouraged to further dialogue.