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What Is The Difference Between Direct Marketing, Advertising, PR and Branding?
By: Karen Deis, Publisher
Deep down, the importance of brand names has always been known but the word "branding" is an old concept! Back in the early 80’s, the Harvard Business Review said that one of the most important goals of all businesses was to build "brand name" awareness.
What does BRANDING really mean these days? Especially when it comes to "people" and not strictly related to "businesses" or "products"? The answer can be found in this analogy that was published several years ago by Jay Conrad Levinson (but we changed the occupation):
A couple walks up to you at a party and YOU say, "Hi, I’m a great loan officer." This is an example of direct marketing.
You go to a party and you see a couple across the room. You give your friends $10.00 each to approach the couple and say, "Hi, my friend over there (pointing at you) is a great loan officer." This is an example of advertising.
You go to a party and you see a couple across the room. You give two of your friends $10.00 each to stand within earshot of them and talk about what a great loan officer you are and what a great job you did for them. This is an example of PR.
You go to a party and you see a couple across the room. They immediately walk up to you and say, "Hi, I hear you are a great loan officer." This is an example of branding!
Several loan officers have developed the "branding" genre. Greg Frost of Frost Mortgage created billboards, radio advertising and even purchased a limo (with his name on it, of course) to take clients and Realtors® to closings. Even though Greg has not used the limo for several years, when he meets someone at a party, they always say, "Oh, you’re the guy with the limo."
Dan Smith, Republic Bank, is known in his area as "Dan the Mortgage Man". His claim to fame is placing his picture on grocery carts located in the largest grocery store in town. People walk up to him all the time and tell him that their child sat on his face today!
Co-branding has also been a huge success. This is the synergy marketing mathematical formula that 2 + 2 = 7. Take PepsiCo for example. They own Taco Bell and Pizza Hut. The restaurants are usually located near each other. If you don’t want pizza today, walk next door and load up on tacos. Their delivery trucks show both brand logos on the trailer. But hey, they only serve Pepsi products!
The co-branding analogy for loan officers would be in-house mortgage companies located within real estate offices. However, I have seen huge co-branding successes with a loan officer and a financial planner in one location or next door to each other.
We recommend two books which both can be purchased at
www.amazon.com. They are:
The Brand Called You by Peter Montoya
Be Your Own Brand by David McNally
The key to creating your very own "loan officer brand" begins with creativity. Just how do you do what everyone else is doing—yet make it unique so you are the one that comes to mind when people think of mortgages.
We encourage you to check out the annual TURN ON YOUR MILLION DOLLAR BRAIN III workshop being held February 6-9, 2003 in Delray Beach, Florida. The 3-day event kicks off with a creativity workshop by Ted Coulson and Alice Stickland, authors of WOW! How Did They Do That? Visit www.MortgageSpeakersBureau.com/delraybeach.htm for more registration information. The January 15 deadline is approaching fast!
One more thing, the BEST TITLE contest has come to a close. We received over 70 entries--all of which were extremely creative. The judging has commenced and we will announce the top three in our next issue. We will also publish the top 15 as voted on by our judges. Thanks so much for entering!
We wish you a Successful and Healthy New Year!
Copyright, 2003, LoanOfficerMagazine.com
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