Our Roc Control Innovations team posted a blog post about their search for an elevator speech. I’ve done some coaching in the comments (which were in moderation as I write this, but should be live soon). Here’s why this is important. Getting your value proposition down to one sentence means you are very close to discovering your business model. I took their speech and refined it down to a sentence and then added a few variations for when they are talking to non-railroad people (in the comment chain).
So you get something like this:
“We offer railroad operators reliable, cloud-based switch and crossing gate status reporting at a fraction of the cost of existing systems.”
Now if your audience are not railroad people you might want to add a note about safety issues:
“This is a safety issue. Unknown switch positioning and stuck crossing gates are a leading cause of railway accidents.”
The audience will get it.
I would like to see every team phrase your value proposition, on your canvas, as an elevator speech. This one defines the audience/market (railroad operators), the problem (switch and crossing gate status), the solution (cloud-based reporting), and the value/return on investment (fraction of the cost of existing systems, implied safety improvements).