What's Your Elevator Pitch?
Francine R. Gaillour,
Business Coach for Healthcare Entrepreneurs
you are a healthcare entrepreneur contemplating a new product or service
launch, your most challenging task will be in explaining what your
product is, and why anyone would be interested-----explaining in
reasonable span of time. Often called the "elevator
test" or the "elevator pitch", the goal is to explain
your product in the time it takes to ride up in an elevator.
Venture capitalists use this as a test of investment potential.
Being succinct with your pitch demonstrates clarity, focus, and
purposefulness. Jeffrey Moore's classic book on Marketing
the Chasm, offers a proven formula for getting it down: "The key is
to define your position based on the target segment you intend to
dominate and the value proposition you intend to dominate it with.
Within this context, you then set forth your competition and the unique
differentiation that belongs to you and that you expect to drive the
buying decision your way." Here is Moore's template (just fill in the blanks in the
parentheses) and then an example for how to use it:
(target customers - your main market segment only)
are dissatisfied with (the current market alternative),
product/service is a (new product category)
provides (key problem-solving capability).
(the product alternative),
have assembled (key whole product features for your
an example of how it might work for hypothetical physicians
contemplating starting a premium office practice:
and families who prefer and can afford a premium medical
are dissatisfied with the impersonal service and
hassles of managed care,
medical practice is a new personalized, limited
enrollment member-fee-based expanded caring and wellness health
that provides our members
with complete clinical services, with on-time, personal
attention in our clinic or in their home.
medical practices operating under traditional indemnity or
managed care arrangements,
have assembled a complete service that not only
covers our patients' illness under their traditional coverage, but
also provides a comprehensive wellness program with dieticians,
trainers and holistic medicine practitioners.
you aren't contemplating a new venture right now, Moore's book is an
intriguing look at how companies enter or develop a new market.
you have a business idea rolling in your head, download the
free "Thumbnail Business Plan"
from our site site, and walk your idea through
this simple, but effective new venture planning tool. If you're
puzzled about how to make your vision a reality, contact me for an
introductory conversation to explore how you can
accelerate your launch and be more strategic in your
R. Gaillour, MD, MBA, FACPE, Business Consultant and Executive Coach
for Healthcare Leaders firstname.lastname@example.org,
Planning: Track Your Assumptions
One of the
most difficult aspects of business planning for a new venture, product
or project, is documenting and tracking the assumptions you make going
in. Your projections for
how customers will find your product, how they will use the product, how
much they will pay, how many customers there are----- are all based on
your assumptions, even if you have “research” to back them up.
Write down your assumptions AND a brief notation about how you
will steer your project or venture differently if the assumption
doesn’t pan out as expected. An
excellent and classic article to read on the subject is “Discovery-Driven
Planning,” by McGrath and MacMillan, available from the Harvard
Business School Publishing (HBR, July-August 1995, #95406). Go to
the HBR site and download the article; the cost is about $5.00.
R. Gaillour, MD, Business Consultant and Executive Coach
for Healthcare Leaders email@example.com