How To Write an Elevator Pitch for a New Project

An elevator pitch, also called an elevator speech, is an entrepreneur’s concise, persuasive, and enthusiastic effort to convince a potential supporter to contribute to their project. The name comes from the idea that you have the length of an elevator ride to convince someone to back your project.

Expressing your idea clearly and concisely may be the difference between kicking off your project and missing out on a golden opportunity. Because of this, learning how to write an elevator pitch is a crucial skill for any aspiring entrepreneur.

In this blog post, we will provide a detailed explanation of how to create an effective elevator pitch by outlining some sample pitches and crafting tips.

What makes an elevator pitch effective?

Effective elevator pitches must do a lot in a short time. When pitching to potential backers, you’re offering your personal story, vision for the future, and a chance for them to become part of the solution to a problem. 

To get your message across, carefully consider the best way to present this information and practice your presentation until it becomes second nature. Compelling elevator pitches don’t just secure funding; they also open the door for further conversations that can lead to partnerships and connections. 

How To Craft Your Elevator Pitch

Crafting a killer elevator pitch to convince backers to fund your project needs more than just putting words together. It takes time and effort to create a short, persuasive speech that clicks with your audience. By following these steps, you can come up with a compelling and snappy elevator pitch. This way, you can capitalize on unexpected opportunities when you come face-to-face with a potential backer.

1. Define your project's core idea

To make an effective elevator pitch, you should start by understanding your project's main idea. This means you need to figure out how your project can benefit people. Once you know that, you can narrow down your elevator pitch ideas by thinking about how your product or service can solve people's problems and make their lives easier. You also need to think about what makes your project stand out from the competition. It could be something like faster delivery or offering a low-cost solution.

2. Know your audience

To create a powerful elevator pitch, identify exactly who you’re targeting. Knowing your ideal backers allows you to pitch relevant products and services they’re likely interested in, resulting in social proof and stronger customer connections. Once you know who you will market to, you can hone your project to meet their needs.

It’s also vital to understand your pitch's target audience. For example, when applying for a job, you pitch yourself and your skill set to employers. If you want to market products, your elevator pitch will be for potential customers or business partners. If you want to start a business or launch a project, you may direct your elevator pitch to executives or backers.

Knowing and targeting the correct audience markedly increases your likelihood of success.

3. Highlight the problem and your solution

Elevator pitches are short and to the point. If you plan on creating a 30-second elevator pitch, highlight an existing problem that resonates with your target audience and explain how your project will solve it. 

To make the most of your limited time, it's essential to prioritize your solution over the problem. If you have a good understanding of your target audience, simply mentioning the problem should be sufficient for them to identify their own challenges. Focusing on describing your solution and highlighting your unique approach will have a greater impact.

4. Showcase the benefits, not features

Marketers are often advised to focus on the benefits of their products or services instead of just their features. Features refer to the functions and capabilities of a product or service, whereas benefits are the positive outcomes that customers will experience by using the product or service. By highlighting the relevant solutions and results that your audience desires, you can tap into their needs and emotions, thereby increasing the likelihood of making a sale.

For example, consider selling watches. While features such as being water-resistant or made of solid gold might get a customer's attention, they may not necessarily solve any problems. On the other hand, emphasizing the watch's precision timekeeping and how it can help the customer avoid being late to work communicates a more compelling benefit that is likely to persuade them to make a purchase.

5. Demonstrate your passion and commitment

Enthusiasm for your project can go a long way. If a potential backer's first impression of you is that you seem disinterested in your venture, it won’t matter how long you spent crafting your pitch and refining its delivery. Demonstrating your passion for your project signals you're in it for the long haul.

It’s difficult to fake passion and enthusiasm. Choosing a project you genuinely believe in fuels its long-term success. If you find your project boring, it will be challenging to get backers excited about it. 

Elevator Pitch Examples for Inspiration

A good elevator pitch quickly conveys who you are, what you do, and how it brings value.

• Here is an example of an elevator pitch that can serve as a template: Hello, I’m [your name and job]. I’m offering [your solution to a problem], which has [unique selling proposition and benefits]. I’m hoping to [your goal and call to action]. 
• In some situations, you may have already introduced yourself or decided to jump right into your pitch, so here’s an alternative elevator pitch template: Have you ever experienced [the problem]? [Your project idea] can fix this by [your solution]. This differs from [competitor’s solutions] because of [benefits and unique selling proposition]. To make this a reality, [your goal and call to action].

When and Where To Use Your Pitch

You can employ an elevator pitch at a moment’s notice. Using your communication skills to say the right thing to the right person at the right time may equate to suddenly having the funding to launch your dream project. So, when and where should you use your elevator pitch to maximize your chances of success?

Remember that the perfect scenario you’ve imagined and practiced will likely not be exactly as you had envisioned. You may meet potential backers and business owners in straightforward business settings like conferences, virtual meetings, or networking events. 

However, meeting a prospective backer in a casual encounter is not unusual. You may be working out at the gym, mingling at a wedding, or waiting to check in at the airport. You can also spread your message online through social media or crowdfunding platforms where supporters will help fund your project.