Promote Your Business: Use Elevator Pitch – While waiting for an elevator, a stranger strikes up a conversation with you about your business. You both step inside, the doors close, and the elevator starts going
up. You only have 45 seconds to give her a great description of your product or service — no more than the time it takes to travel from the first to the sixth floor of the building. The clock is ticking. What do you say?
Anyone starting a business should prepare and practice an elevator speech. It’s an extremely useful exercise for two reasons:
First, it forces you to create a laser focus in your mind about what your business does. That makes it easier to figure out exactly what your market niche is.
Second, it enables you to communicate succinctly the specifics of your product or service to others — including potential customers, employees, vendors, and people who might be willing to help finance your venture.
Your speech should be able to address three key questions:
1. What does your product or service do?
2. What is the core benefit of your product or service?
3. What is your unique selling proposition?
Your unique selling proposition is the offer you make to your customers that sets you apart from your competitors.
Now sketch out the elevator speech you might give for your business. Practice delivering it to several friends, and ask them if it conveys a clear idea of your product or service. With a focused description of your product in hand, you can now identify the niche where your business can thrive.
As a business owner, you can also invest in the stock market while attending your business. You can tap the services of online stock trading companies where you can easily buy and sell financial products from the comfort of your home.