The Elevator Speech Every Business Need To Know
The elevator speech is often thought of as a compelling 30-second summation of the value your business brings to its customers. The elevator speech we explore here is not about your business. It is about your customers. If I asked you to stop reading and in 30-seconds demonstrate your knowledge of your customers, top to bottom, could you do it? Some can, many may not. If you were asked to quickly describe what your business provides to clients, of course you’d have the answers. The answers to who, when, what and why your customers are your customers are critical to retention, acquisition, share of wallet, etc.
We heard it before, the saying “it’s all in the data”. In this case, it’s true. It usually takes some digging but a surprising amount can be found.
Below are some examples of what can be discovered.
• Product (home, business, recreation, education, etc.)
• Value of purchase
• Frequency of purchase
• Length of retention
• Single, multiple product/service purchases
• Age range
• Purchases by gender
If you know the answers you can use the data as a model to find perspective customers. In other words, information, probability based marketing. The internal applications of this knowledge is valuable in its own right. It will guide allocation of resources (human and financial capital.) Aid in the evaluation of product or service offerings (what stays, what goes.) Help determine if there are ancillary products or services that should be considered.
Ask yourself this question; how did small Business A grow into a bigger Business B? A little research will reveal that they knew their customers as well as they knew themselves.
Written by Blog Contributor: Brad Lena