Mortgage, credit and banking institutions all invest in DR's back-end sales principles.
Response Magazine
Nov 12, 2005
Response This Week
By Nicole Urso
When DRTV talks real estate and investments most people think Carleton Sheets for obvious reasons. Sheets' "No Down Payment" real estate investment educational series has been a DRTV hit for more than 20 years and still ranks as the No.1 business opportunity product on the Infomercial Monitoring Service's (IMS) national cable rankings.
Each year Sheets uses DRTV to usher several consumers into the real estate investment market. What most people do not realize, however, is that major mortgage lenders and financial institutions also use direct response to usher their way into the bank accounts and credit reports of consumers.
Carleton Sheets training programs paved the way for real estate and financial services in the DR market.
Marketing mortgage, credit and other forms of financial services is not unlike marketing housewares, fitness or even beauty products. Although the financial sector is more heavily regulated, bankers and credit issuers rely on upsells and continuity just like any other DRTV professionals.
Marketers, loan officers and even managers at local and national mortgage and banking institutions will openly discuss direct marketing tactics used for customer acquisition, upselling products and enrolling customers in continuity programs 85 as long as they're out of earshot from public relations. The industry is extremely guarded but not nearly enough to conceal its enthusiasm for direct response marketing.
The mainstream DR rollout is obvious by watching some of the DR/ branding campaigns stuffed between primetime television shows and major sporting events such as the Major League Baseball (MLB) playoffs and National Football League (NFL) games.
These ads include the American Express One commercial for a credit card that also works as a savings account. Viewers are urged to call now to learn more or apply. Charles Schwab ran a series of ads made with a special technique known as interpolated rotoscoping, where animators paint over digital footage to make real people look like cartoons that look like real people. Charles Schwab tagged these artsy (and pricey) ads with a traditional DR call-to action, 1-800-4SCHWAB.
Other examples include the Quicken Loans ads where the commercial explains how customers can save up to 47 percent though its Smart Choice Loans, and then prompts them to call or visit its Web site. Ameriquest integrated a strong branding message, "Proud sponsor of the American dream," that couples emotional appeal with the 1-800-AMERIQUEST and ameriquest.com/ direct calls to action.
Finance on Aisle 7
Financial products and services are bought and sold like any other products at retail — give or take some fine print and paper work.
"I've been in retail my entire life and I still am," says the branch vice president of a national bank who wished to remain anonymous. "What's interesting with my work history is that I didn't know anything about banking when I came here, and this company is sort of at the forefront of realizing that banking is just another form of retail. The whole idea of 'Mr. Potter' sitting in the corner office doesn't exist anymore. The managers are very sales-focused, service-focused, out-and-about in front of the people and know how to be good sales coaches."
He believes the primary reason he was hired was because of his retail expertise. His resume lists retail giants including Target, K-mart, Old Navy, Gateway and a Big & Tall clothing store. His managerial position at Gateway particularly prepared him for top-tier management at the bank.
"You profile your customer, you find out what their needs are, find out what computer systems they're looking for, offer a solution and close the deal. It was almost identical from my job function managing the sales force that sells computers to managing a sales force that sells financial services. It doesn't matter whether its socks, underwear, computers or television. Sales are sales."
