Whether you're a crypto expert looking for funding, a small business using blockchain technology and digital currencies or you're simply trying to explain your latest project to a friend at a networking event, a good elevator pitch can be a valuable tool.
The term "elevator pitch" (or speech) comes from the world of Hollywood, where executives would use the brief ride up to their office to pitch their latest movie ideas to potential investors. Today, the concept has been adopted by businesses of all kinds as a way to make a strong first impression and get people excited about their products or services.
Think of an elevator speech like a 30-second commercial for your business. The goal is to communicate concisely in your sales pitch what you do, for whom you do it and why your listener should care. When someone asks you, "How does crypto work?" or "What is a blockchain network?" you need to be able to explain what it is and how it works in layman's terms.
Start with "Why?"
Simon Sinek's book, Start With Why describes what he calls the Golden Circle: you put Why at the center, then the next concentric ring is the How, and the outermost ring is the What. Too many businesses start with “What”. Or maybe even “How”. But you need to put “Why” at the center, so you can build your company's message from the inside out.
When you start with “Why” it builds trust. You are selling an idea, and you're more likely to attract your best audience — the audience most willing to pay you for your innovative solution to their problem — because you all share the same “Why”. Not only that, but when your audience connects with your “Why”, they are connecting at an emotional level, which also enhances brand loyalty.
Elevator pitch template
To create your most effective elevator pitch, first identify the specific group of people in your market that your company can help. Through personal interviews, dig deep to get the answers to these questions:
What key problem or desire do they have that your business can solve?
What is unique about your solution compared to any other solution they may try?
How do you translate the problem and solution into a core belief that resonates with your best customer?
Once you have the answers to those questions, fill in the blanks:
My company helps [type of person or people] do [x]. The key problem or desire they have is [y]. Our solution is [z] so they can [abc]. Our core belief is [def].
Elevator pitch examples
Let's talk through Nike as a detailed example. In asking the questions above, you discover that one segment of their target audience is amateur athletes who compete at a high level. Their key desire is to win their competition. Their problem is they need confidence that will push them to victory, even when they are exhausted.
Nike's solution is to offer footwear and apparel that have been developed with the latest technology. This gives their customers the best chance to win, which also instills confidence in their athletic prowess and skill.
But what about their core belief? Where does that come from? First, it must come from your own mission as a company. But it also grows out of how you help your best customers.
Nike illustrates their “Why,” their core belief, with three components of their marketing strategy: the goddess Nike, the swoosh and the slogan, "Just do it."
The Greek goddess Nike personifies victory. The swoosh logo conveys fluidity, motion and speed. And the "Just do it" slogan positions Nike as a brand for goal-driven people.
When you put all this together, you determine that their “Why” is, We believe that sports participation empowers people with strength, the ability to achieve big goals and internal motivation. If you're looking for a brand that will empower you to achieve big things, we can help.
Nike's best customers are interested in achieving big things; because the “Why” resonates with them, they connect with the brand on an emotional level. And as we said, that also enhances brand loyalty.
Now turn the template into a pitch related to cryptocurrency. Start by getting answers to the three questions above for your industry and your best customers. Once you do that here's what a cryptocurrency elevator pitch might look like:
My company helps people buy and sell cryptocurrencies.
The key problem my customers have is that they don't know how to value cryptocurrencies, so they don't know when it is a good time to buy or sell.
Our solution is a cryptocurrency valuation tool that uses data analysis to help users make informed decisions about when to buy and sell.
We believe everyone should have access to the financial opportunities afforded by cryptocurrencies. If you're looking for a way to get into the cryptocurrency market, we can help.
Tips to create a strong cryptocurrency elevator pitch
With so many coins and ICOs out there, you need to be able to articulate why someone should invest in your project or purchase your product or service. Here are some tips to help you write an elevator pitch:
1. Keep it simple: When it comes to pitching something as complex as cryptocurrency, it's important to keep your language clear and concise; avoid jargon and acronyms. Otherwise, you run the risk of confusing or overwhelming potential investors or customers.
2. Highlight the problem your project solves: Don't just focus on the features of your project. Instead, make sure to emphasize how your project solves a real problem in the crypto space. This will make your project, product or service more relatable and appealing.
3. Focus on the potential upside: When you're pitching a cryptocurrency solution to a problem, it's important to focus on the potential upside for investments. After all, this is a highly volatile market, so investors will be looking for a high upside potential.
4. Be prepared to answer tough questions: Once you share your cryptocurrency elevator speech, you can expect potential investors and customers to ask tough questions. Make sure you're prepared to answer these questions in a clear and concise way, especially when they ask you, "How does cryptocurrency work and how do I make sure I invest wisely?"
5. Practice, practice, practice! The more you rehearse your elevator pitch, the more confident you'll feel when it comes time to deliver it.
By following these tips, you'll be well on your way to crafting a strong elevator pitch for crypto experts. This is a complex and volatile market, so it's important to be clear and focused when pitching your project.
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