DLC broker to other networks : Advertise!

DLC broker to other networks : Advertise!

DLC broker to other networks : Advertise!

Who benefited from Dominion Lending’s Super Bowl advertising? Brokers or that brand?

Fern Brunet, a DLC broker, feels everyone in the channel won with those two ads on Sunday, and is asking other broker networks to step up with their own consumer-focused advertising meant to lift the profile of mortgage professionals.

“Really the whole industry wins here,” he said. “Something needs to be done to overcome the public mentality of going into a bank, and (instead) promote the great options and products brokers provide.

“I would hope other brokerages take on the challenge! The industry needs it and we will all win!”

Those DLC have been been both lauded and criticized by brokers across the channel as they attempt to gauge the success of that kind of exposure. Opinions have usually broken down along party lines, still, Brunet argues all brokers can agree that more public attention needs to be cast on professional that still fly below the radar of most Canadians.

Still, broker like Derek Rowley of Real Mortgage Associates sees the Super Bowl ads as benefitting the DLC brand, but not much more.

“The DLC Super Bowl Ad will without a doubt add to the DLC brand recognition, but I have serious thoughts as to whether it will impact DLC, especially their agents, with more business,” he told MortgageBrokerNews.ca. “Come on, it’s an ad campaign for DLC and also a possible recruitment tool - but I don’t believe that it will solidify any substantial increase in business.”

The positive reactions to the ads are primarily from those who work with or at DLC, Rowley points out.

But the ads have renewed calls for CAAMP, broker networks and lenders to work together to mount sustained advertising campaigns specifically focused on hawking the services of brokers and not a designation or, even, the lenders, themselves.

Brokers are also re-examining the idea of a group marketing fund, drawing from the commissions of all mortgage professionals.

“You take 10 people on the street and ask them to name a mortgage brokerage, and many of them can’t,” said Chad Gregory, DLC director of broker and agent development for Eastern Canada.  “You ask the same people to name a real estate firm, and they can name at least two or three.  Why shouldn’t mortgage brokers have the same type of recognition?”
 

7 Comments
  • Paolo Di Petta | dipettamortgage.com 2013-02-07 6:53:05 AM
    I think this points to the fact that CAAMP and our lenders aren't doing enough for industry awareness.

    We should look to the insurance industry as an example.

    The IBAC (http://www.ibac.ca/) has done a great job about building brand awareness around the little purple guy logo they have. People may not know where it's from, but they know what it represents.

    Additionally, many insurers advertise on TV, and often direct viewers to contact their independent insurance broker. It's great to see an industry support it's front-line brokers/agents, and it also helps lend the credibility of large corporations to "the small local guy", the agent.

    The REALTORStm initiative and http://www.howrealtorshelp.ca/ are another great example of unbiased industry-wide Public Relations Campaigns.

    So, when is the mortgage industry going to catch up?
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  • Chris Karram 2013-02-07 7:17:36 AM
    As a non-DLC Mortgage Agent, I still believe that it's a great thing for the mortgage industry as a whole. Sure it benefits DLC, but they are also the one who put the money up to showcase their brand on Super Sunday. From an advertising perspective, I can't help but think that DLC agents win too, if nothing else but by reassuring their existing or future clients that they are associated with a known brand. In the end, DLC's responsibility is to those that have trusted them as their Mortgage company, and if these same Agents are the one's speaking so positively about it, then I'd say this is a job well done on their part.
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  • Rick Lunny 2013-02-08 2:14:54 AM
    It appears to me that some brokers constantly overlook the fact that CAAMP is an association of mortgage professionals, including banks. Why would those members support generic advertising of channel competitors, even if a diminishing few deal with brokers? DLC brokers should simply assess whether their advertising costs justify their reward.
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