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Some people in the reverse mortgage industry are now saying that online reverse advertising will eventually replace television. Lenders are now focusing their efforts on the web. It seems odd considering that reverse mortgages were relatively unknown until the Robert Wagner…. Will internet replace TV reverse ads? Watch the video for more.
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Editor in Chief: HECMWorld.com
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.
4 Comments
Having done both types of Ads, I’d say Pay Per Click Online Ads attract a more educated, ready to pull the trigger Prospect than TV Ads…but the Joker is Banner Ads where the Prospect is Online, but didn’t go there with the initial intent of doing a Search for Reverse Mortgages…he just saw an Ad “pop-up” and Clicked on it. Therefore Banner Ad generated Leads convert around 1/3 as well as PPC generated Leads.
To reach conclusions based on what is happening now is rather foolhardy. Today we are in the midst of the “Great Reverse Mortgage Depression.” Right now finding strong lead sources at low costs is extremely important.
Like mailers did a few years ago, TV ads may have reached their initial point of saturation. Even the Internet will become ineffective over time. About a year ago or so a senior described her experience in getting a HECM on her blog site. It was a fascinating story.
The prospect began by expressing her frustration in finding loan originators who simply returned her Internet inquiries. (Like outer space there is no garbage dump so those who leave the industry or change websites and “do not pick up after themselves,” leave a dead website. When this occurs, it makes it look like that the person owning that site is irresponsible and unresponsive.) She then went to discuss the interest different originators showed in obtaining her as a customer. Let us just say her experience left a lot to be desired.
Social media is less than dazzling. Some have complained about spending inordinate amounts of time to get seniors to go from being a lead to becoming a genuine prospect. Then there appears to be a rage of noncompliance.
Again in the midst of the Great Reverse Mortgage Depression is probably not the best time to conclude about long-term marketing trends. There is no question that understanding short-term trends is crucial to surviving in this business right now.
The first TV ad I saw was with James Garner the Mavrick guy. back in early 2000 and I got my reverse mortgage thru Financial Freedom from that TV ad. Then I became an originator and did well till the market crash.
Social Media can work by networking with other senior professionals. Direct social media isn’t an option in this small of space. PPC can work well but combined with a holistic approach to online marketing which must include SEO and online reputation management. Content marketing is the future and answering online queries is where RM pros need to be. I don’t agree with the title of this article – Google will soon enough step into into your television embedded adwords within your programming. The future will always combine both TV and Internet, or whatever technology connects people.