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

Notify me of new replies via email
Mortgage Broker News | 04 Feb 2013, 12:00 AM Agree 0
Brokers and marketing experts, alike, are now trying to gauge the impact of Dominion Lending Centre’s Super Bowl ads.
  • Fern Brunet | 05 Feb 2013, 07:18 AM Agree 0
    Awesome! Makes me proud that I am part of such a great DLC team! And really the whole industry wins here, We have to compete with our biggest competitor,the banks and what better way than touting our benefits and service on national t.v., something needs to be done to overcome the public mentality of going into a bank and promote the great options and products brokers provide. Are we really content with below 30% market share... I would hope other brokerages take on the challenge! The industry needs it and we will all win!
  • Chad Gregory | 05 Feb 2013, 09:59 AM Agree 0
    One of the biggest challenges our industry has is the lack of consumer awareness and confidence in what we do as mortgage professionals. It shocks me that more Canadians don't understand the benefits of using a mortgage agent and one of the biggest myths still associated with brokers is that we are only for those that can't get approved at a bank. And that isn't the customers fault that they don't understand us - our industry is mostly to blame for not creating more awareness of our benefits! Fern is right, are we happy with only 30% market share? By nature, Canadians are a conservative bunch of people and if they are unfamiliar with your company then they can be hesitant to use you. Banks are a familiar brand and brands matter to people. Brands matter in every other industry! If you don't believe me, then ask youself this - why is it that in every major industry out there people can name the lead brand and the challenger brand (i.e VISA/Mastercard, Coke/Pepsi, ReMAX/Royal Lepage, Tim Hortons/Starbucks, GM/Ford, McDonalds/BurgerKing, Nike/Reebok, Tylenol/Advil, etc...) with no problem? These leading brands typically control 70-80% of the market share while all the other brands within those same markets chase the last 20-30%. And when thinking of a service or product, these lead brands are first to mind. I'm not saying they are the best, just the first to pop into a consumer's head. That's the power of a brand and you cannot deny that television advertising is a big reason these are all household names that consumers trust. In our industry, the banks have had the lead brand and in order to change that we need to let the public know who we are and what we do. DLC is doing this for our industry and has done an incredible job building a visible, national brand. Our agents comment all the time that they have had more recognition than they ever had with their previous company and spend less time trying to gain the trust of the customer as they are already familiar with us. If I were an agent with a competitor, I would be asking myself "What is my company doing to help increase consumer awareness for me and my services?". It is incredible to see what DLC has done in just 7 short years! To be advertising on the Super Bowl, the largest advertising day of the year, is truly remarkable! Plus ads on Hockey Night in Canada, TSN, SportsNet, HGTV, CBC, CTV, Global, late night programs such as David Letterman, Conan O'Brien, Jimmy Fallon, prime-time shows such as Survivor, Dancing with the Stars, The Office, Criminal Minds, and the list can go on and on!! I am very proud to be a part of the DLC brand and love that we are leading the charge to educating the public on what we can do for them! Great job DLC!
  • Joe Skeptic | 05 Feb 2013, 03:04 PM Agree 0
    I am a DLC agent and I can tell you that I am very disappointed. I was aware that there would be ads played, however, I had hoped that they would be somewhat novel and not the same exact spot that has been recycled for 2 years now. Furthermore, most of the "positive comments" have come from DLC agents in addition to unapologetic cheer leading from the likes of DLC brass such as Chad, Cindy, Veronica & Gary. They are very good at talking about exposure, but I haven't seen one metric on how these ads have translated into leads or converted deals. I can only tell you that I have not received even one lead either directly or indirectly (from head office) as a result of this campaign (since it began long ago) or any other initiative that my $150/month has been paying for. I still think that DLC is a fantastic company with a great brand, but I truly question the value of this advertising. I hope you will excuse me for using a pseudonym, but the DLC cult might not appreciate my comments.
  • Derek Rowley | 05 Feb 2013, 03:59 PM Agree 0
    Good evening

    Personally I am not Don Cherry fan nor will I ever be. Having said that, Kudo to DLC and you are promoting brokers which is more than I can say for our association. I have yet to see some form of ublic advertising as to why consumers should should be using a broker. I addition I look at the cost just to keep the AMP designation and the cost is way out of line. My wife who is an R.N. paid an annual registration fee of say $90 and she is responsible for human lives. I personally cannot see the rasoning behind all these courses to keep your AMP designation. Nobody and I mean nobody has ever asked me if I was an AMP nor was I ever asked what does it stand for. I believe in CAAMP but I do not see them focusing on the consumers promoting the brokers.

    All the best to everyone.


  • Ontario Agent | 06 Feb 2013, 01:18 AM Agree 0
    Why do DLC agnets keep toting that DLC is doing this for our industry. Get real, they are doing it for DLC and only DLC. We all do our own advertising in our respective markets, just no one is doing it nationally. Why would an agent pay for an advertising budget nationally when the agent can keep their money and advertise their brokerages personal name in their respective market.
  • Ron Butler | 06 Feb 2013, 03:15 AM Agree 0
    It's just silly to be negative about any advertising in an industry that could really use advertising.

    The $150.00 per month is a seperate issue that DLC agents can take up with Gary if they feel strongly about it. But advertising mortgage brokerage is a good thing.
  • Kevin Babin | 07 Feb 2013, 12:43 AM Agree 0
    I manage a DLC franchise in Atlantic Canada. Last year our franchise received 60-70 leads from head office which I distributed to our agents. In fact I received 2 last evening alone. That's a direct result of brand recognition. I've heard all the criticism of the $150 monthly fee, although I don't agree with that criticism. That fee is a small price to pay to allow our agents to use the Don Cherry image in any local marketing they may do, and to enjoy the benefits which come from a national campaign, including educating Canadians that there are options to the banks. Every agent wants to be recognized and I'm very proud I'm with a company which believes brand building is a key to growth. Looking at what Dominion Lending Centres has done in 7 years, I can't imagine the level of brand recognition in the next 7 years and the success which comes along with it.
  • Broker | 07 Feb 2013, 03:11 PM Agree 0
    The advertising fund benefits the profile of the entire industry. The leads aren't converting to cash in the bank. Thank you to DLC brokers for paying for the ads.
Post a reply