For more than 20 years I have been creating marketing campaigns in several industries that, fortunately, have been very successful. Our company is currently focused on the reverse mortgage industry and the massive potential that 79 million baby boomers bring. The intent of my article is to provide you with marketing ideas that have proved effective and are easy to implement. I hope I can offer you some insight into how you can achieve better results from your advertising efforts.
The Key
One of the keys in advertising is realizing that truly effective marketing is in getting people to act—and act now! The cleverest ad campaign is essentially worthless if it doesn’t prompt people to buy.
It is an axiom in the advertising industry that “the more you tell, the more you sell.” However, the specific words you use and the way they are delivered are a crucial component. It’s important to remember that human beings are biologically programmed with primary desires, including the enjoyment of life. Targeted marketing with this in mind allows you to tap into the very essence of human nature.
People are really only interested in what a product will do for them and how it will make their lives better, happier or more complete. Remember, it’s not about the product or service itself (a reverse
mortgage, in this case), it’s about the benefit it could bring people.
With this in mind, a marketing campaign should always highlight the positive end result. You want to create a mental image in the minds of consumers that enables them to envision themselves enjoying the result of your product or service.
“People buy because of emotion and justify with logic. Force an emotional response by touching on a basic want or need.” -Young & Rubicam
Beating the Automatic Defense System
Senior consumers are very discerning buyers. An effective way to get past their automatic defense system is to pair the benefits they will receive with easy-to-understand information. An effective marketing campaign should give the consumer more information than can be contained in a 30-second sound byte; it should really educate the potential buyer. Through various marketing campaigns, we have found this to be particularly effective when it
comes to big-ticket items. This is especially important considering a senior’s home is often their single largest asset, and that the terms surrounding a reverse mortgage loan can be complex and confusing. A properly educated consumer is a superior prospect, and evidence of this effort to educate also helps lenders and third-party originators navigate compliance issues, which significantly reduces the time, effort and costs associated with originating reverse mortgages.
It is important that all of us in the reverse mortgage business make an effort to thoroughly educate senior consumers as it will not only help advance the product but promote a positive image of our industry.
In conclusion, the key for generating solid leads is a definitive, multifaceted marketing program that clearly demonstrates the benefits of reverse mortgages and provides comprehensible information about the product in order to educate potential buyers. To quote an old Chinese proverb, “The beginning of a journey starts with the first step.”
