How to create an elevator pitch: Best practices for success

In the competitive world of small business, being able to leave a winning impression can make or break the future of your operation. Entrepreneurs often only have a few minutes to make their sales pitch and convey their company’s value to prospective investors and clients.

What is an elevator pitch?

First, what is an elevator pitch? At its core, an elevator pitch is a brief opportunity — about the length of a short elevator ride — to introduce yourself and your business. Entrepreneurs use this time to highlight key aspects of their company and make a lasting impression. The goal is to spark interest and build a connection with someone who can help move your business forward.

An elevator speech can be planned or spontaneous. You might deliver it in a scheduled meeting or seize the moment at a networking event. Sometimes, a chance encounter can turn into an unexpected opportunity.

This why knowing how to create an elevator pitch and having a well-rehearsed version at the ready is important. Here’s an example that clearly communicates the value of the business while inviting a further conversation:

“Hi, my name is Jordan, and I’m the founder of Bright Marketing Solutions. We specialize in helping small businesses grow their online presence with targeted social media strategies. In the past year, we’ve helped over 50 companies increase their engagement by an average of 200%, leading to higher sales and brand awareness. If you’re looking for a way to attract more customers and stand out online, I’d love to chat. Would you be open to a quick conversation?”

When to use an elevator pitch

Understanding when to use an elevator pitch is almost as important as knowing how to create an elevator pitch itself. Elevator pitches commonly occur in scheduled meetings, such as when applying for a bank loan or seeking an investment. They may also happen wherever business discussions are expected, such as during networking events or trade shows.

But delivering a pitch at the wrong time or in an inappropriate setting can be counterproductive. Avoid forcing an elevator pitch into non-business or social situations when the target may be otherwise engaged or distracted. For example, approaching a potential investor at a family gathering or interrupting a casual conversation at a restaurant to pitch your idea could come across as intrusive and unprofessional.

How to deliver an elevator pitch in a few simple steps

While they’re designed to feel spontaneous and passionate, great elevator pitches are often well-thought-out, rehearsed, and finely tuned.

Below are some key steps outlining how to deliver an elevator pitch for great impact.

Understanding the audience for pitching

For an elevator pitch to be successful, it must be tailored to its audience. This makes it both relevant and impactful. By understanding your audience’s priorities, you can create multiple versions of your pitch, ensuring it resonates and persuades intended listeners.

A key part of knowing how to create an elevator pitch is being able to identify the appropriate content, tone, and focus. You’ll want to make sure it aligns with the unique priorities of the audience to whom you’re presenting:

• Stakeholders: Focus on alignment with organizational goals, long-term strategy, and how your proposal supports broader company initiatives.

• Managing directors: Highlight operational efficiencies, potential for growth, and how your pitch addresses their key business challenges.

• C-suite executives: Emphasize high-level strategies, their financial impact, and competitive advantage, while keeping the message concise and results-driven.

• Investors: Prioritize scalability, market potential, return on investment, and risk mitigation to demonstrate a strong business case for investment.

Important components of an elevator pitch

The important components of an elevator pitch are as follows:

• Problem
• Solution
• Market
• Traction
• Ask

The pitch should begin with a captivating opening statement, outlining your experience, mission statement, and solution. This will help convey your business's unique value proposition clearly and succinctly.

Structure of an elevator pitch

As part of your elevator pitch structure, consider the following:

• Who are you? Start with a captivating introduction that includes who you are and what you do. It’s vital your audience knows who is addressing them and why.

• What do you do? Describe your relevant experience and establish your business credentials in the field.

• What’s your mission? State your goals or mission. Then, move into the problem your business solves and the potential need and market for it.

• How will you help? Describe the business solution you offer. This is where you can explain what makes your business a standout.

• What do you need to succeed? What are next steps? Explain how their audience can help you achieve your mission.

Timing of an elevator pitch

How long should an elevator pitch be? Put simply, it should be as quick as possible. Brevity is important in knowing how to create an elevator pitch.

If an entrepreneur can’t make their point within a short timeframe —usually between 30 seconds and two minutes — then they may start to lose the listener’s interest.

Tips for a memorable delivery

The way a pitch is delivered is equally as important as the contents of the pitch itself. Business credibility is built not only through what you say but also how you present yourself.

Here are elevator pitch tips to ensure your presentation skills, demeanor, and passion shine through — even in a short window:

• Focus on tone of voice to present with confidence and credibility.

• Utilize effective body language and eye contact.

• Ensure the pitch is well-rehearsed.

• Seek feedback and make necessary improvements from previous pitch experiences.

• Create a hook by opening with a bold statement or compelling question to immediately engage listeners.

Tailoring the elevator pitch for a few common scenarios

Effective pitches should appeal to the right listeners. In other words, every elevator pitch should be designed specifically for its target audience.

Therefore, it can be beneficial to develop and rehearse a few slightly different pitches so you can present the most appropriate version depending on your environment.

For example, a successful sales pitch delivered to a potential investor will differ from a pitch for a potential business contact or customer.

Pitching to investors

When pitching to investors, your goal is to capture their attention by demonstrating the viability and profitability of your business. Unlike a customer-focused pitch, a pitch tailored to potential investors must emphasize financial potential, scalability, and risk management.

Here’s how to create an elevator pitch specifically for investors. Make sure it includes:

• Clear business concept: Start with a concise description of your business, what problem it solves, and why it’s unique. Investors need to quickly grasp what you do and why it matters.

• Market opportunity: Briefly outline the size of the market, customer demand, and growth potential. Highlight industry trends that support your business’s success.

• Revenue model: Explain how your business makes money, whether through product sales, subscriptions, licensing, or other revenue streams.

• Financial projections and ROI: Potential investors need to understand your financial outlook, profitability, and expected returns. Clearly define ROI meaning — that’s how much they can expect to gain and in what timeframe.

• Competitive advantage: Identify what sets your business apart. Do you have proprietary technology, a strong brand, or a first-mover advantage? Investors want to know how you’ll stay ahead.

• Scalability and growth strategy: Show how your business can expand over time. Investors are more likely to support businesses with long-term growth potential.

• Risk mitigation: Acknowledge potential risks and explain how you plan to manage them. Demonstrating awareness of challenges reassures investors of your strategic thinking.

• Call to action: Conclude with a clear next step, whether it’s scheduling a follow-up meeting, reviewing financials, or discussing investment terms.

Networking events

At networking events, entrepreneurs can adapt their pitch to a more casual atmosphere. These pitches typically have less emphasis on finances and more of a focus on the potential benefits of collaboration.

Pitching to potential customers

When pitching to customers, identify and address their pain points first. Then, offer them some tangible solutions. This is your time to emphasize any relevant benefits of working together and demonstrate how your business is uniquely positioned to help.

There are also a few things you’ll want to avoid:

• Elaborate financial discussions: Avoid overwhelming customers with detailed revenue models or complex financial projections. Instead, focus on how your product or service delivers value to them.

• Industry jargon: Keep the language simple and relatable to ensure clarity.

• Over-promising: Be realistic about what you can deliver to build trust and credibility.

• Irrelevant features: Highlight the benefits that matter most to the customer rather than listing every capability of your product or service.

Common pitfalls to avoid

Because your window of opportunity may be narrow, it’s important to make every second count. Knowing what are some common mistakes to avoid in an elevator pitch is important:

• Overuse of jargon: Avoid jargon, meaning industry-specific terms or technical language that may confuse or alienate your audience. Instead, use simple, accessible language that resonates with your listener.

• Lack of preparedness: A poorly rehearsed pitch can come across as unprofessional. Practice your delivery to ensure confidence and clarity.

• A focus on features rather than benefits: Instead of listing technical features, highlight how your product or service solves a problem and adds value.

• Lack of enthusiasm: If you’re not excited about your own idea, convincing others to care will be difficult. Deliver your pitch with energy and confidence.

• Ignoring constructive feedback: Whether received from mentors, colleagues, or past pitching experiences, constructive feedback is invaluable. Use it to refine and improve your pitch for future opportunities.

Get out there and practice

A great way to develop an effective elevator pitch is to practice. Feedback and constructive criticism from peers will help refine your message, allowing you to develop a better understanding of tone, body language, and audience.

As you nail your elevator pitch, learn more about the basics of a business plan, as well as startup costs.