For this post,
students have been tasked with recording and posting their own elevator pitch
video. An elevator pitch is a short, 1-minute summary of your business idea
that you would make to potential investors. In an elevator pitch, it is very
important to clearly communicate your company’s value proposition to the market.
The value proposition can be expressed as “We help X do Y, so that they can achieve
Z,” where X is your market, Y is your product or service, and Z is the benefit
gained.
In my
business, Coffee by the Lake, we have a very well-defined market. We are hoping
to serve guests, residents, and staff members of the Laketown Wharf resort in
Panama City Beach, FL. More specifically, we are going to sell Coffee and
assorted breakfast items to them. The benefit received by our target market is
a convenient place to purchase these items that did not exist prior to Coffee
by the Lake.
For my
pitch, I will be covering the five areas discussed in lecture, which are: 1.)
You 2.) Your offer 3.) Who to? 4.) Why buy? And 5.) Secret Sauce
Previous posts in this class have given me a great starting
point for pieces 1-3 in my pitch, however establishing an incentive to buy and
product differentiation will be a bigger challenge. I am looking forward to
hearing feedback on my pitch and improving it as we progress through the rest
of course. You can find the link to my video at the bottom of this post.
Hey Michael!
ReplyDeleteI enjoyed that you decided to stick with the business of coffee. I really like that you spoke about your business in 5 parts, really made it more specific and easy to follow. What other items were you planning on selling? Do you have any statistics when it comes to coffeeshops in the area? Any competition? Thanks for sharing!