The dreaded question: "What exactly does your company do?" It's a simple question, but do you find that every time you answer it you give a different answer? One of first steps in positioning and branding a new company is to craft an elevator pitch. Simply put, an elevator pitch is a clear, compelling description of your business that is short enough to be understood--by your mother no less--in time it takes to ride an elevator. That's about 60 seconds or 150 to 225 words. This is not an easy as it sounds. To do it well requires a great amount of thought, strategizing, and finesse.
Here are some quick Dos and Don'ts:
- Do start with a hook: what is most compelling about your story?
- Do show how you solve a problem. Too many companies offer a solution, but never identify problem they are solving?
- Do briefly describe what you sell but don't kill them with details at this point.
- Do tell them who you are: who is behind company and why you will succeed. (Got a great advisory board? Mention it.)
- Do briefly describe target market: who it is; what industry; how big.
- Do mention how you will get revenue.
- Do note your competitive advantage be it intellectual property, distribution, partners, or whatever.