Elevator Pitch

Note: This approach is meant to be pretty flexible- other idea generating and prioritizing techniques may be substituted within the flow to suit the circumstances. Would like to hear how others approach this challenge. -James

Object of Play: What has been a time-proven exercise in product development applies equally well in developing any  concept: writing the elevator pitch. Whether developing a service, a company-wide initiative, or just a good idea that merits spreading, a group will benefit from collaborating on what is- and isn’t– in the pitch.

Often this is the hardest thing to do in developing a new idea.  An elevator pitch should be short and compelling description of the problem you’re solving, who you solve it for, and one key benefit that distinguishes it from its competitors. It must be unique, believable and important. The better and bigger the idea, the harder the pitch is to write.

Number of Players: Works as well individually as with a small working group

Duration of Play: Long- save at least 90 minutes for the entire exercise, and consider a short break after the initial idea generation is complete, before prioritizing and shaping the pitch itself. Small working groups will have an easier time coming to a final pitch; in some cases it may be necessary to assign one person follow-up accountability for the final wording after the large decisions have been made in the exercise.

How to Play:

Going through the exercise involves both a generating and forming phase. To setup the generating phase, write these questions in sequence on flipcharts:

1. Who is the target customer?
2. What is the customer need?
3. What is the product name?
4. What is its market category?
5. What is its key benefit?
6. Who or what is the competition?
7. What is the product’s unique differentiator?

These will become the elements of the pitch. They are in a sequence that follows the formula: For (target customer) who has (customer need), (product name) is a (market category) that (one key benefit). Unlike (competition), the product (unique differentiator).

To finish the setup, explain the elements and their connection to each other.

The target customer and customer need are deceptively simple- any relatively good idea or product will likely have many potential customers and address a greater number of needs. In the generative phase, all of these are welcome ideas.

It is helpful to fix the product name in advance—this will help contain the scope of the conversation and focus the participants on “what” the pitch is about. It is not outside the realm of possibility, however, that there will be useful ideas generated in the course of exercise that relate to the product name, so it may be left open to interpretation.

The market category should be an easily understood description of the type of idea or product. It may sound like “employee portal” or “training program” or “peer-to-peer community.” The category gives an important frame of reference for the target customer, from which they will base comparisons and perceive value.

The key benefit will be one of the hardest areas for the group to shape in the final pitch. This is the single most compelling reason a target customer would buy into the idea. In an elevator pitch, there is no time to confuse the matter with multiple benefits- there can only be one memorable reason “why to buy.” However, in the generative phase, all ideas are welcome.

The competition and unique differentiator put the final punctuation on the pitch. Who or what will the target customer compare this idea to, and what’s unique to this idea? In some cases, the competition may literally be another firm or product. In other cases, it may be “the existing training program” or “the last time we tried a big change initiative.” The unique differentiator should be just that- unique to this idea or approach, in a way that distinguishes it in comparisons to the competition.

Step One: The Generating Phase

Once the elements are understood, participants brainstorm ideas on sticky notes that fit under each of the headers. At first, they should generate freely, without discussion or analysis, any ideas that fit into any of the categories. Using the Post-up technique, participants put their notes onto the flipcharts and share their ideas.

Next, the group may discuss areas where they have the most trouble on their current pitch. Do we know enough about the competition to claim a unique differentiator? Do we agree on a target customer? Is our market category defined, or are we trying to define something new? Where do we need to focus?

Before stepping into the formative phase, the group may use dot voting, affinity mapping or other method to prioritize and cull their ideas in each category.

Step Two: The Forming Phase

Following a discussion and reflection on the possible elements of a pitch, the group then has the task of “trying out” some possibilities.

This may be done by breaking into small groups, pairs, or as individuals, depending on the size of the larger group. Each given the task of writing out an elevator pitch, based on the ideas on the flipcharts.

After a set amount of time (15 minutes may be sufficient) the groups then reconvene and present their draft versions of the pitch. The group may choose to role play as a target customer while listening to the pitch, and comment or ask questions of the presenters.

The exercise is complete when there is a strong direction among the group on what the pitch should and should not contain. One potential outcome is the crafting of distinct pitches for different target customers; you may direct the groups to focus in this manner during the formative stage.

Strategy:

Don’t aim for final wording with a large group. It’s an achievement if you can get to that level of finish, but it’s not critical and can be shaped after the exercise. What is important is that the group decides on what is and is not a part of the pitch.

Role play is the fastest way to test a pitch. Assuming the role of a customer (or getting some real ones to participate in the exercise) will help filter out the jargon and empty terms that may interfere with a clear pitch. If the pitch is truly believable and compelling, participants should have no problem making it real with customers.