It’s a thrilling moment when you land on a product idea that you just know will work. However, your gut instinct is not enough to make the dream a successful reality. Even the most brilliant idea for a new product is doomed to fail if you can’t attract the right investors. This is where the perfect elevator pitch comes in.
What is an elevator pitch?
Imagine you are sharing a one-minute lift ride with a potential investor in your product, after which they will dash off to meet someone else, and may forget all about you. How do you convince them that your idea is sound, compelling, and worthy of their time and cash in sixty seconds or fewer?
Focus on what your product does for the customer
Don’t waste time explaining the detailed features of your product. At this point, no one really cares. Think outwards: why does your product benefit the customer? What are their challenges and problems, which cost them time, money, and effort? How does your product help to improve this situation?
Identify your customer base
Solving the problems of a handful a specialised traders in a localised area is not going to cut it. Your product needs to be able to cut through to a wide and clearly defined customer base, or no one will be interested in investing in it. Do your market research, and describe who your is in one sentence.
Who are your competitors?
Even if you have a great product with a well-defined market, if there are already several established competitors with similar products, you will need to acknowledge this and come up with a convincing reason why your product has unique advantages.
Have some financials together
If you need some further advice from a lean startup coach, talk to us today.