Posted by Tom Gable
In the halcyon days of the late 1990′s Internet boom, venture capitalists were receiving thousands of business plans a month for creating the next zillion-dollar commercial use of the Web. Most of the plans were scanned and dumped in minutes. Phone calls asking for a meeting or even minor feedback were not returned. The joke (perhaps with a bit of fact included) was that desperate entrepreneurs would ride the elevators in buildings housing the VCs in hopes of a chance encounter, leading to development of the so-called elevator pitch. Guy Kawasaki and his colleagues at Garage Technology Ventures even conducted seminars to help the uneducated and unconnected learn how to craft plans and pitches. Their advice on the elevator pitch: assume short buildings and fast rides.
Over the years, teams at Gable PR have worked with a variety of start-ups in crafting their pitches. In thinking about short buildings and fast pitching, we found the elevator pitch structure to be a good discipline in also preparing for media interviews, getting attention during the first 30 seconds of analyst presentations or speeches, or being ready for chance encounters at a trade show with a potential partner or financier. The following provides easy steps for crafting a pitch that runs 60 seconds are less, about right for a short ride:
TAG LINE/SOUND BITE – The opener – an instant picture or quick summation of your positioning. What you do, what you stand for, to what effect and why it’s important. One sentence is best. Practice with people who don’t know what you do and keep honing this one sentence (two at the most) until it rings like Shakespeare.
PROBLEM, SITUATION ANALYSIS – What exists – the pain or problem you solve?
DYNAMICS AND OPPORTUNITY – Quick historical overview of how it got to this point, how the challenge has been addressed, what is the sweet spot for your company or organization (keep it to three important points, no more!).
WHAT (solving the problem) – Your company (or organization) has been working X years to plan for and develop D, E and F to solve the problem, take advantage of the market opportunity and grow and succeed over the next Y years.
OVERVIEW FROM 30,000 FEET – We have done it: the macro view, the big picture of how your great concept all comes together and grows market share, sales, traffic, profits, benefits the community, whatever – the BIG PICTURE vision of future success.
SO WHAT (Benefits) – You will succeed because of the creative planning, results and ultimate value you deliver. Create a mental picture of the benefits to science, patients, customers, the world. If there is a good case history, cite the proof of principle in a sentence or two.
THE TEAM – The team includes executives with national credentials in A, B and C. It has a combined ZZ years in the industry, has built MM, helped YY other companies or institutions grow and knows the market and how to provide an expanding array of products and services to help it succeed.
THE CLOSE (call to action on the elevator) – “We have the people, the plan and the commitment to succeed. I can provide incredible detail that I believe will convince you to invest, interview, buy, etc. How about a follow up meeting? Where would you like to meet? What else can I provide?” Ask questions that take it to the next step!
Tags: creative, investor relations, marketing, media, positioning, PR
