What is Elevator Pitch?

By on December 23, 2011

So what is elevator pitch ? According to Wikipedia – An elevator pitch (or elevator speech or statement) is a short summary used to quickly and simply define a product, service, or organization and its value proposition. The name “elevator pitch” reflects the idea that it should be possible to deliver the summary in the time span of an elevator ride, or approximately thirty seconds to two minutes.

It is often used by entrepreneurs to pitch their ideas to a venture capitalist, to secure funding. Venture capitalists on their part ask entrepreneurs for their elevator pitch to filter out the bad ideas. Some salespeople, product managers, marketers rehearse their elevator pitch to get their message across quickly.

However marketing guru Seth Godin, drives home the point, here is the post from his blog,

[box type=”shadow”] “The purpose of an elevator pitch isn’t to close the sale. The goal isn’t even to give a short, accurate, Wikipedia-standard description of you or your project. And the idea of using vacuous, vague words to craft a bland mission statement is dumb. No, the purpose of an elevator pitch is to describe a situation or solution so compelling that the person you’re with wants to hear more even after the elevator ride is over.”[/box]

About Arvind R

Arvind believes that “Marketing is a function, inherent in every human being. A post graduate in Retail Management, he has worked with retail companies like Shoppers Stop and Spar, before venturing out on his own, and now is a successful entrepreneur running a manufacturing business. Click here to know more about him.