Tuesday, 21 December 2010
The Perfect Elevator Pitch
http://www.businessweek.com/careers/content/jun2007/ca20070618_134959.htm
Friday, 10 December 2010
Your Pitch
To make sure you’re ready to seize the moment when fate puts you on that elevator with Mr. Moneybags, here we give you our advice on delivering an effective “elevator pitch” in as little as a one-minute ride. After all, Mr. Moneybags is always in a hurry and you’ve got to hook him quickly or you’ll never see him again!
You have to convey all the essential information in a clear and concise manner, communicating in a tone that’s likeable, passionate and also credible.
Remember, the elevator pitch is not designed to take the place of a solid business plan, but is simply intended to capture the attention of a potential investor. If you achieve that, the odds are good that you'll get a chance to present your business idea in more detail at a later time (part of why having a complete business plan is also a must).
When you deliver an elevator pitch, you have to clearly and succinctly address the following points:
What’s the idea?
What’s the status of the idea or business?
What market or markets does the business address and are there any testimonials or customer feedback?
Why do you believe you have the advantage in the marketplace relative to the market needs?
What’s the competition in the marketplace?
What’s the revenue model (such as “e-commerce,” or “wholesale”)?
Who’s the team that's going to make the business succeed?
What’s the longer term vision, the “end-game,” for the business and the projected return on investment for investors? (some examples are: "the business will distribute big profits to investors from cash flow by year X", or "the business will be acquired by another company for $XYZ")
What’s the total funding required to execute the business plan?
What amount of financing are you seeking initially and what are the terms of investment?
Submit your Elevator Pitch
Note that the order of these points can be changed around depending upon what your strongest points are. If, for example, you’ve got the most amazing and experienced team members, by all means, bump that up in front. Or, if you’ve got incredible initial sales results or testimonials, then mention that earlier. Whatever you believe is most compelling, you have to try to mesmerize Mr. Moneybags before he gets off the elevator!)
Example Elevator Pitch
Read the pitch out loud and time it - you'll see that it can be done in 60 seconds or less. You'll need to be able to pitch your idea in the same amount of time.
"Our company is called ConstructionBoots.com, an e-commerce website that sells brandname construction boots. There are currently no companies serving this niche exclusively. ConstructionBoots.com will drive traffic to the site by linking to other websites catering to the construction industry as well as through word-of-mouth. In industry surveys, over 90% of construction workers have these three traits: 1) they have a favorite brand of boots, 2) they know their size, and 3) they hate shopping at stores. In our own polling, over 70% indicated that they would prefer to buy their boots online and have them delivered. Accordingly, we expect a great market response and rapid sales ramp-up.
We need $1.5 million in funding to get to the point where the company is self-sustaining. This should happen in the middle of our second year. Right now, we're seeking $500,000 of initial funding in exchange for a 30% ownership stake in the company. I am the CEO with lots of operational experience and deep contacts with boot manufacturers. Our Marketing Director was instrumental in the growth and recent sale of a very successful e-commerce clothing company. If we hit our numbers, we expect to be able to sell ConstructionBoots.com to a 'brick and mortar' retailer within 3 years."
Submit your Elevator Pitch Discuss this Send this page to a friend Printer version
You have to convey all the essential information in a clear and concise manner, communicating in a tone that’s likeable, passionate and also credible.
Remember, the elevator pitch is not designed to take the place of a solid business plan, but is simply intended to capture the attention of a potential investor. If you achieve that, the odds are good that you'll get a chance to present your business idea in more detail at a later time (part of why having a complete business plan is also a must).
When you deliver an elevator pitch, you have to clearly and succinctly address the following points:
What’s the idea?
What’s the status of the idea or business?
What market or markets does the business address and are there any testimonials or customer feedback?
Why do you believe you have the advantage in the marketplace relative to the market needs?
What’s the competition in the marketplace?
What’s the revenue model (such as “e-commerce,” or “wholesale”)?
Who’s the team that's going to make the business succeed?
What’s the longer term vision, the “end-game,” for the business and the projected return on investment for investors? (some examples are: "the business will distribute big profits to investors from cash flow by year X", or "the business will be acquired by another company for $XYZ")
What’s the total funding required to execute the business plan?
What amount of financing are you seeking initially and what are the terms of investment?
Submit your Elevator Pitch
Note that the order of these points can be changed around depending upon what your strongest points are. If, for example, you’ve got the most amazing and experienced team members, by all means, bump that up in front. Or, if you’ve got incredible initial sales results or testimonials, then mention that earlier. Whatever you believe is most compelling, you have to try to mesmerize Mr. Moneybags before he gets off the elevator!)
Example Elevator Pitch
Read the pitch out loud and time it - you'll see that it can be done in 60 seconds or less. You'll need to be able to pitch your idea in the same amount of time.
"Our company is called ConstructionBoots.com, an e-commerce website that sells brandname construction boots. There are currently no companies serving this niche exclusively. ConstructionBoots.com will drive traffic to the site by linking to other websites catering to the construction industry as well as through word-of-mouth. In industry surveys, over 90% of construction workers have these three traits: 1) they have a favorite brand of boots, 2) they know their size, and 3) they hate shopping at stores. In our own polling, over 70% indicated that they would prefer to buy their boots online and have them delivered. Accordingly, we expect a great market response and rapid sales ramp-up.
We need $1.5 million in funding to get to the point where the company is self-sustaining. This should happen in the middle of our second year. Right now, we're seeking $500,000 of initial funding in exchange for a 30% ownership stake in the company. I am the CEO with lots of operational experience and deep contacts with boot manufacturers. Our Marketing Director was instrumental in the growth and recent sale of a very successful e-commerce clothing company. If we hit our numbers, we expect to be able to sell ConstructionBoots.com to a 'brick and mortar' retailer within 3 years."
Submit your Elevator Pitch Discuss this Send this page to a friend Printer version
Trade Show Success
Trade shows represent a significant opportunity to enhance brand and product visibility, promote new and existing products, generate leads and drive incremental sales.
Whether you are participating in an annual industry event, major international trade show exhibition or a local trade fair, you'll learn proven strategies that enable you to:
Establish meaningful goals, masterfully plan your strategy, and measure your return on investment.
Implement powerful marketing initiatives before, during, and after the event that engage potential buyers and generate sales.
Choose the best exhibit display booth that meets your marketing needs and budgetary requirements. This includes evaluating different sizes, designs, and configurations of trade show displays.
Identify the most effective graphic elements for your exhibit that portray your key messages and fulfill your brand communications needs. This includes establishing design parameters for banners, custom exhibition stands, brochures, and other materials.
Learn about unique and appealing booth ideas that create buzz on the exhibition floor and attract visitors to your trade show display area.
Effectively use exhibit accessories, signage and lighting techniques to heighten visibility. This includes selecting quality booth materials, high-impact portable display boards and booth fixtures that support your brand positioning.
Select cost-effective giveaways and promotional products that have high-perceived value among your target prospects and complement your company image.
Ensure team members who are staffing your booth project a professional appearance and are well-trained to represent your company, generate leads, and secure sales.
While every organization has different goals and objectives for participation, you will read and learn about best demonstrated practices across the trade event spectrum that you can readily apply based on your own criteria for success.
Whether you are participating in an annual industry event, major international trade show exhibition or a local trade fair, you'll learn proven strategies that enable you to:
Establish meaningful goals, masterfully plan your strategy, and measure your return on investment.
Implement powerful marketing initiatives before, during, and after the event that engage potential buyers and generate sales.
Choose the best exhibit display booth that meets your marketing needs and budgetary requirements. This includes evaluating different sizes, designs, and configurations of trade show displays.
Identify the most effective graphic elements for your exhibit that portray your key messages and fulfill your brand communications needs. This includes establishing design parameters for banners, custom exhibition stands, brochures, and other materials.
Learn about unique and appealing booth ideas that create buzz on the exhibition floor and attract visitors to your trade show display area.
Effectively use exhibit accessories, signage and lighting techniques to heighten visibility. This includes selecting quality booth materials, high-impact portable display boards and booth fixtures that support your brand positioning.
Select cost-effective giveaways and promotional products that have high-perceived value among your target prospects and complement your company image.
Ensure team members who are staffing your booth project a professional appearance and are well-trained to represent your company, generate leads, and secure sales.
While every organization has different goals and objectives for participation, you will read and learn about best demonstrated practices across the trade event spectrum that you can readily apply based on your own criteria for success.
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