Korea Eureka Day: How to make an elevator pitch
Elevator pitches are an essential component of any business plan, whether you’re aiming to get funding from investors or venture capitalists or just want to enhance your company’s overall strategy. It is possible to provide a one-page description of your firm in a speech (ideally in 60 seconds or fewer.
Here in Korea Eureka Day, we know how vital elevator pitches are, so we are giving the basic techniques on how to perfect one. Check them out right here.
Describe the issue
The most crucial thing is to select a worthwhile issue. No business model exists unless your product or service solves a problem for prospective clients. You may develop a company by fixing a customer’s concern and reducing its issue to its simplest form. Therefore, you should be able to express the problem in one or two words, or perhaps in bullet points.
Define your course of action
Starting with an elevator pitch that outlines the product or service might be a mistake. First, don’t identify the problem you are aiming to fix. You to make sure the answer will help others, and only then would you begin to define it.
The next step is to thoroughly explain your proposed solution to the issue you are trying to address. Having a clear definition of the problem you’re seeking to solve will help you focus your answer on that one issue instead of trying to tackle the many problems at once.
Familiarise your customers
When you describe the issue you are attempting to solve, you should think about the potential customers experiencing difficulties. Discovering your target audience will provide you with a better understanding of how many individuals you seek to reach through marketing campaigns.
Discuss your competition
Keep in mind that your target market may already be using your product or service. So always ask yourself, “What sets me apart from the competition?” and “has a potential customer chosen my product over another for a convincing reason?” so to ensure that your product or service stands out from the crowd, write down what makes you unique.
Introduce your organisation
Explain how you, your business partners, or employees work together as a team to carry out your idea and how your team’s diverse set of abilities will contribute to the company’s success. Keep in mind that a company’s leadership is often considered to be more important than the company’s product or service.
Show a business card
Having a business card is one of the best ways to start an elevator pitch. It allows you to have a starting point and gives the person/s you are talking to an idea of who you are and what you do. And if you happen to be at a fair, you may opt to bring a resume to show how ready and enthusiastic you are to share your pitch.