{"id":12753,"date":"2011-09-24T04:00:06","date_gmt":"2011-09-24T09:00:06","guid":{"rendered":"http:\/\/michaelhyatt.com\/?p=12753"},"modified":"2022-03-03T19:00:05","modified_gmt":"2022-03-04T01:00:05","slug":"the-4-components-of-a-compelling-elevator-pitch","status":"publish","type":"post","link":"https:\/\/fullfocus.co\/the-4-components-of-a-compelling-elevator-pitch\/","title":{"rendered":"The 4 Components of a Compelling Elevator Pitch"},"content":{"rendered":"

Before you launch your product, service, or cause, you need \u201can elevator pitch.\u201d This is a short summary of your product offering, including your target market and your value proposition.<\/p>\n

The name comes from the idea that you should be able to deliver a succinct, compelling description of what you offer in the time it takes to ride an elevator up a few floors\u2014approximately 30 seconds to two minutes.<\/p>\n

<\/p>\n

The idea originated with entrepreneurs who needed to pitch their business proposals quickly to potential investors in order to secure funding. This enabled those same investors to quickly eliminate ideas that were ill-conceived or simply didn\u2019t fit their investment profile.<\/p>\n

Entrepreneurs often spend hours honing and practicing their elevator pitches. The stakes are huge. If they are successful and connect with a potential investor, they win the opportunity to present a more detailed business plan. If they don\u2019t, they are sent packing.<\/p>\n

The elevator pitch has become so effective that it is used in other fields as well. This includes publishing, movie-making, job interviewing, and even dating. It is a great way for both parties to cut to the chase and determine if there is a connection.<\/p>\n

Why do you need an elevator pitch?<\/h2>\n

I can think of at least three reasons:<\/p>\n

1. It forces you to achieve clarity yourself<\/h4>\n

I can\u2019t tell you how many authors I have spoken with over the years who could not summarize what their book was about. They should have achieved clarity on this before they began writing. This is one of the main reasons publishers say \u201cno.\u201d It is also why you should strive for a clear elevator pitch before you do anything else.<\/p>\n

2. It helps you understand your prospect\u2019s perspective<\/h4>\n

If you are going to connect with your target prospects, you must see your offering from their<\/em> perspective. Moreover, you must understand their problems, their concerns, their hopes, and their dreams. Only then, can you put together an offering that they will find compelling.<\/p>\n

3. It provides a tool for enrolling strategic partners<\/h4>\n

In order to be successful in launching anything significant, you need help. You can\u2019t do it all yourself. Whether it is a publisher, a record company, a booking agent, a publicist, a retailer, or a corporate sponsor, you need to be able to explain quickly what you are about. Only then can your potential partner decide whether or not he or she can help you.<\/p>\n

Okay, so you\u2019re convinced. But how do you structure a good elevator pitch?<\/h2>\n

First, understand that the pitch will be different depending on whether you are offering an information<\/em> product (e.g., non-fiction book, speech, consulting service, etc.) or an entertainment<\/em> product (e.g, novel, screenplay, comedy act, etc.). Note that when I use the term \u201cproduct,\u201d I am referring to your creative output regardless of the form. It could be an actual product, a service, or even a cause.<\/p>\n

The elevator pitch structure for an information product<\/em> should consist of four components:<\/h4>\n