Creating an elevator pitch is a vital skill for independent mortgage brokers and small business owners. It can serve as one of the most convenient and powerful ways for entrepreneurs to market their businesses in minutes. The delivery of an elevator pitch should be short, engaging your potential clients or partners who want to know more about what you do.
We’ve created this guide to explain the essential factors toward crafting a winning pitch – taking you through the exact elements you’ll need, what to keep in mind while writing, and, most importantly, how to deliver your pitch. Whether it’s the CEO of a major corporation or a person you bump into at a networking event, you’re guaranteed to leave them wanting to know more.
What is an Elevator Pitch?
An elevator pitch is essentially just a short speech between 30 seconds to two minutes designed to give the listener a long-lasting impression of who you are, what you do, and your goals for the future. Oftentimes, you’ll use this marketing tactic while attending networking events, introducing yourself to a potential client, or just meeting someone in an elevator.
Contrary to popular belief, an elevator pitch is not a verbal cover letter. Instead of highlighting your entire career, focus on your most significant achievements. Think of an elevator pitch similar to how you’d write an executive summary – you’re sharing short snippets of your accomplishments to keep listeners engaged, interested in you, and curious to continue learning more.
How to Write Your Elevator Pitch
Developing a well-crafted elevator pitch is a crucial asset toward the success of your mortgage career because it gives people an idea of what you do, the services you offer, and the people you serve in a few short sentences. Once you’ve figured out how to frame your accomplishments into a few succinct words, it will be easier to leave a memorable impact, even after a short interaction with someone.
Let’s be honest, there are thousands of loan officers and mortgage brokers within the industry, but your elevator pitch is your chance to set yourself apart from the competition. Below we’ve shared our best tips for what to keep in mind when crafting your elevator pitch.
- Who Are You?
Start your pitch by introducing yourself with a creative, but accurate, description of who you are. The introductory sentence will be the way you keep your listeners interested, so it’s essential to ensure they’re hooked right from the beginning of your pitch.
For example, as a loan officer or independent mortgage broker, it might be helpful to refer to yourself as a “trusted mortgage advisor” or “trusted housing expert” to automatically distinguish yourself from the market competition.
- What Do You Do or Offer?
Use your mission statement and product/service listing as a guide to writing a sentence or two about what it is you do daily. If you don’t effectively describe what you do in a few short sentences, the listener might lose interest or trust in your ability to help them as a client or partner.
- What Problem Do You Solve?
One of the most important aspects of crafting the perfect elevator pitch is recognizing the value you intend to offer any potential client or partner. Too many times, entrepreneurs start their pitches by only describing the solution that they think the market needs. Start by understanding the problem your listeners are facing and then define your solution.
For example, potential homebuyers in your community might be struggling to find affordable prices that work best with their financial situations. With that in mind, focus on how working as a loan officer in the wholesale channel can help you find clients their perfect home while remaining within their budget.
It’s important to remember that each problem and solution is going to be different when talking with various people. The CEO of a major corporation will have varying needs than someone you’re trying to recruit as a potential client.
- How Are You Differentiating Yourself?
Begin by explaining what the Unique Selling Proposition of your business is. The unique selling proposition, referred to as a USP, is what you believe makes your business better or different than the competition. It’s the specific benefit that makes your business stand out when compared to others in your market.
People are more intrigued when they hear about a niche or specialty they haven’t heard from any other mortgage professional before. Do you have a reputation for working with first-time homebuyers? Do you have a reputation for getting VA loans closed quickly? Whatever it is, explain the value you’re offering to a potential client or partner in a brief, but detailed manner, and you’re guaranteed to keep them hooked through the end of your pitch.
- Provide a Call to Action
Aside from providing your listeners with a solution to their problems, your elevator pitch should also include a call to action. Always give them a direct action that you want them to take or provide something tangible that they can remember you by.
You should give your listeners a business card with your contact information so they’re able to schedule in-person meetings with you or continue the conversation on the phone. It’s also helpful to get their information as well, as it might help increase your chances of having a follow-up conversation with your listener.
- Ask a Question
Elevator pitches are generally delivered during in-person settings like networking events or in an actual elevator. This face-to-face setting gives you an opportunity to be social and directly engage your listener in conversation. Ask a question that relates to their needs or the services your business offers as a way to get them involved in the conversation.
By utilizing this technique, you’ll be able to understand your listener and leave them with a curiosity and desire to continue learning about you. If you only have a short time, make sure to offer your email address or business card to ensure a follow-up conversation with them. If you have a longer time to chat, it’s helpful to ask questions that ascertain how your work and vision fit into their goals.
How to Deliver Your Elevator Pitch
By applying the tactics outlined above, you’re guaranteed to write an award-winning elevator pitch. However, if you don’t deliver it correctly, it will have no impact on your listeners. When the opportunity comes, your pitch should flow as if it were a natural part of the conversation. It’s important to pitch with assurance and continue practicing until you feel confident enough for someone else to hear it – avoid just regurgitating it out loud.
Along with speaking effectively, being aware of your body language is a huge part of presenting a successful elevator pitch. During your pitch, it’s essential to convey that you’re confident, approachable, and the type of individual that someone would want to do business with. Good posture, making eye contact, and giving a firm handshake when speaking with someone are body language techniques that can help project confidence, especially when speaking with a prospective client or business partner.
Like a business card, an elevator pitch is a quick, easy way to introduce your business to people you meet. Beyond just answering questions about what it is that you do, you want to ensure your pitch creates interest in your business and helps turn a lead into a prospect.