For the past several years, the de rigueur ticket to business success has been the "elevator speech". In case you spent this time in outer space, an elevator speech is a concisely written and studiously rehearsed 60-second description of who we are and what our company does, to be recited on cue (a la Pavlov's dogs) when anyone, however innocently, asks what we do (or our company does).

Perfecting the process of delivering our elevator speeches has been the focus of hundreds of thousands of hours we've spent at business networking and lead generation group functions. In particular, the elevator speech has become the mantra of the new generation of those of us seeking fame and fortune working for ourselves.

A Fly In The Ointment

That focus on self – on our need to self-actualize – is, I submit – often a fly in this miracle ointment. Here's why: all-too-often the elevator speech has as its focus ''Here I am" and "Here"s what I do." As important as it is for us as business owners to be clear about whom we are, I believe the elevator speech as it is currently practiced has its emphasis on the wrong person. It is my contention that the elevator typically doesn't go to the top, from a marketing standpoint, because it typically fails to answer the critical customer's questions: "So what?" and "Why should I shop with you?"

"So what?"

An important, long-standing distinction in the marketing arena is that between features and benefits. Using this distinction, old-school marketers have astutely judged the likely effectiveness of marketing pieces by asking "So what?"at each mention of a product feature. A marketer may promote a new model of microwave oven, for example, by saying that it is smaller than the typical model. The small size is a feature that then must be positioned as a benefit in order for the marketing piece to be successful in making the microwave unit attractive to the customer. The small size has no apparent benefit – and even may be viewed by the consumer to be a negative – until and unless the marketer goes on to point out that the smaller physical size of the unit 1) conserves valuable countertop space, 2) is easier to move around, 3) uses less electricity, etc.

The same litmus test can fairly be applied to elevator speeches. An elevator speech that merely lists the business's features (as they tend to do) invites two categories of questions. The first falls under the general heading of "So what?" and includes such questions as "Why should that matter to me?" What's in it for me?" & "Why should I care about that? The answers to these critical questions are not typically found in an elevator speech, and the failure to address and answer them typically will negatively impact sales.

"Why Should I Shop With You?"

After having convinced the customer of the "So what?" – for instance, convinced him or her that they will benefit by having the new microwave oven with the smaller footprint -- there remains the need to answer the customer's second question: "Why should I shop with you?" (rather than another seller). In order to do this, you need to know who else sells the product and what their strengths and weaknesses are. Only after doing a competitive analysis can you accurately tell prospective customers why they should shop with you. Is it because you service what you sell, and most other places don't? Is it that you carry all the parts in stock, unlike your competitors? Is it because you have advanced technical training about this product that other sellers don't? Is it because your prices are lower? There can be any number of reasons.

What's critical is that the reasons should not be presented in isolation - simply as features of your business - but must instead be presented in a way that positions you, as positively as possible, against your competitors. Never ignore the fact that customers have other choices and need to be provided information as to why you are the best choice for them to make. The would-be buyer of our hypothetical microwave oven, for example, has two decisions to make – 1) whether to buy this particular microwave and 2) where to buy it. As the would-be seller, you need to make the case for both.

Marketing Mumbo-Jumbo?

Think this is just marketing mumbo-jumbo? It's true that as the head of the Marketing Communications Division of Balance Plus, Inc., I sell marketing communications solutions. But note that my wife, Cory McDade, Balance Plus president and head of the Accounting and Bookkeeping Division, sells her product the same way. Cory has to position her services among those of the CPA's and tax preparers who provide different types and levels of service. Having done that, she has to convince potential clients of 1) their need to keep accurate and up-to-date records; 2) the advantages to them of outsourcing their bookkeeping function; and 3) the benefits to those potential clients of retaining her services, rather than those of other bookkeeper/accountant service providers.

Whether you sell a service or a product, whether you sell business-to-consumer or business-to-business, whether you sell door-to-door, in a brick-and-mortar store, or via the Internet, the questions are the same – and the right way to answer them is by addressing the customer's needs.

Next Time

The next time someone asks what you do, think for a second before you go into automatic response mode and start rattling off your feature-filled elevator speech. Instead, tell him or her 1) what problems you have solved for your clients, 2) what benefits they gained as a result, and 3) what unique aspects of your experience and/or your business enabled you to accomplish 1) and 2).

It's about focusing on the customers and their needs. My wife's clients, for example, don't need reports. They need the ability to manage their businesses intelligently, meaning they need the information at their disposal regarding, for example, their current sales volume, expenses, inventory, receivables and payroll. They need to know how these figures compare to the previous quarter and to last year's figures. They need to know which products/services are bringing in the highest profits – and which are dragging profits down. Bottom line – they need to know what to adjust and how, in order to maximize the success of their business.

At one time, toolmaker Black and Decker used the slogan "We don't sell the drill – we sell the hole." Think about it.