Importance of elevator pitch in eliminating brokers in the middle east and its application
An elevator pitch, also referred to as an elevator speech or story, is used in sales processes to promote a product or service offering with the ultimate objective of getting a customer to purchase the item. The elevator pitch should take a short period similar to the time taken for an elevator to ride up. Elevator pitches can now be tailored to fit different business environments hence they are applicable in any industry as all industries rely on sales for growth ASM (2019).
Given that elevator pitches serve to promote an actual product or service offering directly to the client, this serves to clearly communicate to potential clientele on what is on offer by a buyer within a short period of time or with limited resources for advertising. This serves to eliminate middlemen because middlemen thrive on having connections and knowing their clients with clients knowing them, clients tend to use middlemen because they are unaware of where to get the products or services they seek from the original provider. Elevator pitches seek to address this issue by providing a suitable method to pitch to a client, even at random and communicate all the service offerings within a very short time hence catching the attention of the buyer and eliminating the middleman who would have charged a premium price for the same products you were pitching.
Elevator pitches are mostly used in for sourcing for funding by entrepreneurs according to Dr. Ehsanolla Bayat, founder of Afghan wireless. The middle east has various globally competitive advantages and the most prominent one being oil and the revenue there about. This has created an opportunity where these countries are now seeking to grow their non-oil exports businesses as they look to diversify with the impending situation of oil depletion, countries like Saudi Arabia have invested in fertilizer manufacture, Qatar in robotics with majority of these countries experiencing construction booms so as to widen their business lines from oil exports IMF (2016 ).The result has been growth in the number angel investors and it is in these investment forums that elevator pitches are used by entrepreneurs seeking investments from the cash rich middle east.
References
ASM (2019), Elevator Pitches 101,
https://www.asm.org/Articles/2019/March/Elevator-Pitches-101
IMF (2016), Economic Diversification in Oil-Exporting Arab Countries
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