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The Elevator Speech
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  What's so special about an elevator?
There's nothing really special about the elevator; it's all about who you happen to be standing next to in the elevator! The idea is simply that everyone in the company has to ride the elevator...even the company CEO.  You could be on your way to a job interview and discover yourself standing next to the VP for the division.  You would hope not to embarrass yourself, of course, but what an opportunity to make a good first impression!

Before you find yourself speechless in your one, perfect opportunity, prepare the speech of your life:

The Timing
You have only 30 to 90 seconds....the time it takes the elevator to go a couple of floors.  Be prepared to say everything you want to say and still have some time left over to carry on a conversation for another couple of floors.

The Content
Whether you're job hunting, selling a product, starting a business, or looking for a promotion, you have a message.  Get that message down to a clear, succinct 30 seconds.  Then, add on your introductory hook and your contact information at the end.  (This would be the moment to hand someone a business card.)

Making it Good
Prepare an introductory hook that focuses on your audience's needs.  If you're job hunting, start with a question, fact, or  comment that communicates your ability to do the job.  If you're selling a product, start with a description of what your product can do for a customer.

Show enthusiasm and interest. This is the time to smile, make eye contact, and offer a firm handshake.  You have only a few seconds....be charming!

Finish with a strong action step.  Know what you want--a business card? an appointment? a phone call?--and ask for it!  Once that elevator door opens, you've lost your audience.  Be sure you've made your point!

Practice!  You only have time for a few sentences, and they need to be perfect.  Craft specific, concrete, interesting sentences, and then practice saying them until they sound natural and unrehearsed. 

Example
Here's one of the many examples on YouTube