DLC broker to other networks : Advertise!

by |

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?”

  • Paolo Di Petta | dipettamortgage.com on 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?

  • Chris Karram on 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.

  • Rick Lunny on 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.

  • Rose Ami on 2013-02-08 3:28:11 AM

    When I was with DLC, the almost $200/per month advertising fee that we pay towards advertising did not have an impact on my business. I service an ethnic community who does not know who Don Cherry is and people that knows him does not like him. I am now with a different broker and they offer more value to me without the almost $200 per month advertising fee -- case in point, we have a weekly webinars where lenders do their product presentations, a quarterly face to face all day event, a FREE WEBSITE, management treating us like we are their clients and most of all an industry update from our president where he guides us as to what is going on with the industry. That my friend, is priceless and does not cost almost $200/month! Also we have status and great relationship with lenders and comp plan is amazing.... So what more can you ask for?

  • Bill Jones on 2013-02-08 4:40:20 AM

    The purpose of DLC’s Super Bowl advertising was to promote DLC, and only DLC – any resulting “benefit” to the industry was not its intent. It would be like saying that an Audi commercial helps the auto industry – Ford wouldn’t see it that way. Sure some light may have been inadvertently shed on the broker industry as a whole, but this notoriety is just a fortunate/unfortunate by-product (depending on who you talk to and what their agenda is). To challenge or expect other companies to follow suit is laughable. Not every company chooses to charge monthly for an advertising fund like DLC does. Invis ran commercials in the early 2000’s and it was deemed to not be the best use of corporate funds. DLC’s commercial was great exposure for THEM during the Super Bowl, but let’s not pretend that it is something its not.

  • jason on 2013-02-08 3:30:43 PM

    Good point on the real estate brands. But the reality is that nine of the real estate brands have ad funds or national advertising campaigns anymore. Realtors did not get value for money. It was not easy to terminate because the corporations loved taxing thier agents to advertise and asset that only the corporation owned. Ultimately advertising does not cause Canadian to decide to buy a home, or to buy one from a particular logo only. Realtors realized this and spent thier money in thier own neighborhoods on promotion of thier own personal identity. People choose realtors, not brands. So I agree that a caamp tax in brokers only, and general awareness campaigns of brokers only is a good idea

  • Paul Therien - CENTUM on 2013-02-09 7:43:38 AM

    Advertising builds brand and is important, no matter the delivery channel - be it television, radio, print, or online. There are different levels of cost associated with each, and each has its own challenges with measurability results in terms of leads, etc. Mass media advertising is the most difficult to measure. Brand familiarity is built through advertising, brand loyalty is not - loyalty is a direct result of the consumer experience. Sustainability, word of mouth, and referrals are built through consumer loyalty and ultimately lead to a strong pattern of growth.

    No matter who we are, our brands are our agents - THEY are the consumer experience and are the people that represent us face to face with the consumer. There is no value in spending money on marketing to build brand if the people with their feet on the ground do not support the brand through a strongly positive consumer experience. One bad experience with an agent taints an entire brand in the mind of that customer. If we want our industry to grow and be sustainable we have to provide a consistent consumer experience, one that clearly demonstrates the value of dealing with a mortgage broker, and their respective brand.

    No amount of money spent on advertising will ever change that.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions