Entries in the Category "Pitch"
Elevator Pitch
Its now six weeks into my MEM program and I could not publish any single post after the introductory post on this blog. I did work on numerous topics that I write about, but they just remained as a Word file in my Laptop. Longer I would take to put my thoughts and ideas on this blog; they would lose its relevance. I spend quite a lot of time reading through long lists of blog feeds and searching on internet to keep myself updated about the technology and business knowledge and developments taking place around me. I came across a term called “Elevator Pitch” an interesting phenomenon which represents presenting your idea/business to your intended audience in a very short time and to meet your objective.
Elevator Pitch is all about selling your idea to potential customer in a short time frame, which as this term indicates is taken to be as an average time it took to complete an elevator ride typically less than a minute. In a business environment, it’s always the case that we would want to pass on the message to the desired person/entity to get them triggered towards our business. In a Business to Business (B2B) scenario, if Elevator pitch represents the right requirement of what other business organization is looking for, then it could result in a possible follow up to award your organization a contract leading to your business growth!
Recently, I came across the usage of this term in the context of Venture Capitalist (VC) Funding. An entrepreneur seeking investment from a VC would have just few minutes to speak about their proposal and you are expected to speak everything that is important about your venture in a nice and crisp manner such that VC gets triggered towards your venture and gives you a follow up meeting time. If you miss this opportunity, chances are that you would never get a chance to speak this VC again; so in Economics jargon a LOST Opportunity. I believe Elevator pitch is not limited to speech; but other forms of communications as well like Email, advertisement, self made videos(yes new form of marketing technique), hand written documents, etc. No body reads full email or full form of your message. What he/she takes out of this would depend on your understanding of requirement of your reader.
Another area where I find Elevator Pitch pretty common is Business to Customer scenarios. Customer gets interested in your product if you market it rightly and sell them the features they are interested in buying. So, Elevator Pitch is an important Marketing and Public Relations strategy and if used in a right manner would result in growth for your organization.