Elevator Statement
The term elevator pitch or statement refers to a brief sales pitch that quickly summarizes, defines, and highlights the value proposition of a product, project, or service, etc. in a crisp and succinct way so that others can easily understand it. It derives from the idea of leveraging an accidental meeting in an elevator to generate interest or engagement from a key stakeholder or decision-maker.
In the context of project management, an Elevator Statement can serve to focus the team on why the product or project is needed and what benefits it will provide the target customer(s). It is a valuable tool throughout the project to ensure the team remains on the same page regarding who the project/project is serving and how. This is particularly true when prioritization or making trade-offs becomes necessary; any decisions that drive product/project direction should tie directly back to the values outlined in the elevator statement.
An elevator statement addresses the problem you are trying to solve, who will benefit, how you are going to solve it, and how your solution is better than the competition (even if that is the current state).
Elevator Pitch Process
- For (target customer/audience)
- Who (statement of the need or opportunity)
- The (product or project name)
- Is a (category)
- That (statement of key benefit or compelling reason to proceed)
- Unlike (primary competitive alternative – note: could be current state)
- Our Product/Service/Project (statement of primary differentiation)
Example:
- For: UW current and former students and alumni
- Who: Need transcripts for personal reasons, job, graduate school, scholarship, internship and external institution admissions applications.
- The: Credentials Solutions
- Is an: External transcript service
- That: Provides an external self-service portal to obtain transcripts
- Unlike: UW processing the transcripts in-house
- Our Product: Provides students and alumni with a better overall user experience
- Project Sponsor
- Project Manager
- Relevant Stakeholders
- Core Project team
Initial project/product idea or concept
Discuss with a sponsor, product owner, project team, and other key stakeholders (as appropriate)
Completed Elevator Statement
Kick-off Meeting
The kick-off meeting is held after ASA leadership approves the project. It helps the team develop a common understanding of the project objectives, tasks, and expected results. It can be used as a team-building exercise with roles and responsibilities defined, work identified and processes defined.
It is important for all project team members to participate in the kick-off meeting.
Kick-off Meeting Process
- Project Sponsor
- Project Manager
- Relevant Stakeholders
- Core Project team
- Affected Units/Departments
- Project status (in Innotas) set to Active
- Project charter
- Meeting goals (previously identified by the project sponsor and the project manager)
- Schedule the kick-off meeting
- Send out the meeting invitation with the meeting agenda and project charter
- Walk through the project charter and discuss the overall project approach
- Take notes during the meeting
- Meeting notes (that include decisions made, any issues that arise, and action items)
- The revised project charter (if applicable)