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Making a successful elevator pitch
Making a successful elevator pitch

February 8, 2022

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An elevator pitch is a technique used to describe a product in less than 30 seconds. Surprised to read that a product can be described in so little time? Are you anxious that you are unable to communicate the USP of your product? Perplexed that despite spending so many hours creating presentations and giving webinars, you cannot convey the market position of your product in the manner you wish?

If the answer to these questions is yes, then this blog would be helpful for you.

Let’s try to understand the creation of an elevator pitch step by step. A good place to start with is by creating a product vision board.

A product vision board is a tool that consists of the vision statement of your product, the target customer, the business needs, the business’ goals, and the USP of your product.

This might seem simple. But getting the vision board right requires a few steps:

  • Conducting multiple interviews with several stakeholders.
  • Evaluating the prevailing competitive landscape and market dynamics through surveys and research.
  • Accumulating all the needed information and mapping the information collected.

To illustrate, let’s say you are building an application that provides financing to consumers easily. The points below can be derived when the information from our research is consolidated. You can start by creating a product vision board and capturing the information, as categorized below.

What are the target segments?

  • Professionals who are aged 25–35 and tech-savvy people who prefer to interact online with bank representatives.
  • Business owners aged 40–50 who prefer to have a face-to-face discussion to understand terms and conditions and then decide.

What are the business problems and pain points that need to be solved?

  • Currently, people must go through a long process when trying to procure funds — screening, qualifying, completing the application process, getting approval before the final disbursement happens.
  • This lengthy process can take around 10–15 days or even up to a month in some cases.
  • Additionally, consumers who qualify for financing options may often lack adequate information. For example, they may be unaware that they can apply for a pre-qualified finance amount.
  • Individuals are also hesitant to begin the application process as terms and conditions are often unclear, need multiple visits to a bank, or require various documents to be presented physically. After this lengthy process, an application may still be rejected or get approved for a lesser amount than expected.

Identifying potential revenue streams

  • Grow customer base by targeting pre-qualified clients.
  • Improve efficiencies and reduce costs by making it more attractive for such individuals to apply for financing digitally, as the processing time would be reduced to just 2 days.

Identifying a product’s USP

The following USPs and advantages are identified during our research about our hypothetical product:

Our product is an integrated application that offers the following advantages:

  1. Makes it possible to open an account.
  2. Check a pre-qualified amount.
  3. File a finance application digitally without ever having to visit a bank branch.
  4. Making timely re-payments through the application.
  5. Channel-agnostic (mobile app, web, verified social media). This makes it possible to ensure the availability of a representative for online calls to explain the finance application process and the required documentation for the same.
  6. Finance is approved and processed quickly, resulting in financing provided within 1–3 business days.

What is the business benefit?

  • Competitive advantage is gained as complete digital adoption is the way forward.
  • Goodwill and customer perception are enhanced as our example app is perceived as convenient and customer-centric. This is instrumental in becoming ‘today’s fast and secure finance provider.’

What the elevator pitch would look like

Now that we have gotten all our information, we describe the salient parts of our example product. This is what the elevator pitch looks like, for our hypothetical finance product:

Our product ‘PQR’ has a best-in-class architecture targeted toward professionals and business owners seeking finance options to apply digitally with or without personal assistance. The funds get disbursed in less than three days which is quicker than any other financial provider in the country. This would enable consumers to focus on achieving their dreams and life goals rather than contemplating when and how much of their funds would get disbursed.

Conclusion

The key objective of an elevator pitch is to keep it short and effective. It ensures it connects with its intended audience by solving a real problem faced and highlighting the USPs that make a product stand out in the market.

Thank you for reading!

Author — Tarun Kumar Mann, DLT Labs

About the Author: Tarun is an experienced product management expert who has completed his MBA from TERI University. His expertise lies in multiple domains including digital payments, supply chain, and banking.


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