"What do you do?"

If you answer the above with a job title you're missing out on a great opportunity.

The answer you give is like a headline for an ad. A mediocre headline will not get your ad read. A mediocre answer to this question will not get the attention of your listener.

Your answer should be something that arouses curiousity or shouts of some great benefit.

Something that pretty much compels people to ask "tell me more...".

Which then of course leads you straight into your elevator speech.

A job title is like a boring headline. It forms a picture in the mind of your prospect that you have no control over. It will be whatever previous experience that person has had with a person in that role. And this can easily be a negative image.

By constructing a great headline, you change that picture into whatever you want it to be...

The Curiousity Statement.
This doesn't necessarily have a benefit, however it does invoke curiousity, almost compelling the prospect to ask you to explain. Usually with some light humour. When you make them smile, they're more likely to buy...

Here are some examples:
"I help fund governments" for a tax inspector.
"I create yawn-free Powerpoint Presentations!" for a cartoonist.
"I help build PowerPoint muscles" for a speaker coach.
"I create wrinkle-free home gardens!" for a lawn care business.

The Great Benefit.
The alternative is to shout some great benefit. And maybe even pre qualify. e.g. you might start ""I help Accountants..." restricting your prospects to accountants only...

Here are some examples:
"I help [business types] increase their sales by [n%] within [n days]". For the ambitious business owner. That one's possibly a bit tired, however it can be beefed up by the addition of a solid guarantee... "or you pay nothing..."
"I help business owners who are 55 plus get out of their business and get onto the golf course". For the tired and burnt out business owner who wants out of their business.
"I show you how to create structure in your business so that you can take three months off each year and yet still increase profits". For the business owner who wants more time off.
You will want to make the benefits as specific as you can. General statements are weak.

The Elevator Speech.
This is your response to the "tell me more". It fills out the great benefit you provide and provides some level of credibility to overcome any scepticism. I would suggest you avoid mentioning job titles in your elevator speech for the same reason given above.

Here's a template:
You know when [insert problem here], well I/we [insert solution step by step here].
[Counter biggest objection here].
For example [insert case study here].
And we Guarantee [insert Guarantee/risk reversal here] or [money back/you get it free/ whatever is appropriate].
The difference between us and anyone else is that [insert USP/Value proposition here].
[optional Call to Action]

I don't always use a call to action. It depends on the circumstances.
If it's a social setting I tend to change the subject. I might offer up a business card (which has my headline, not my job title), however I play hard to get.
In a more businesslike setting, I still play a little hard to get, however, I might offer to meet with them later to discuss.

The Consequences:
Sounds serious! Consequences!
The consequences of having a compelling headline and elevator speech is that you'll likely be inundated with work!
Is that a good thing...? Only you can decide.
However, it sure beats spending your whole day cold calling...

A couple of Examples:
In my early days as an SEO consultant I picked up a client while waiting in a Post Office queue. I was grumpy and certainly not in "sales mode". Regardless, I got an accidental client out of it.
Late in 2012, I was on a long haul flight. The guy next to me wouldn't shut up. Again, after 26 hours he was begging me to do some work for him. I joke he grabbed my leg and would let go until I agreed...

In essence you are integrating your marketing into your day to day interactions.
And it doesn't tend to come across as salesy.
That can only be a good thing...!