Dominion Lending Centre‘s $2 million Don Cherry ad campaign kicked off Saturday night. Here’s the first commercial for those who might be curious.
The 52-week campaign is the largest single ad spend by a Canadian mortgage broker firm ever, according to the company.
On top of this, DLC says its brokers are investing over $1 million of their own promotional dollars (irrespective of DLC’s ad fund) to leverage the campaign.
See also: Dominion Lending Signs Don Cherry
Good on DLC to raise the bar for the industry. It has steadily distanced itself from other broker houses in both branding and volume.
and don’t forget non-compliant advertising at least in Ontario.
Regardless of which company it is I think it helps all of us when mortgage brokers get national exposure. Much of the population still doesn’t understand the service we provide. I would love to see more ads by broker firms. Banks seem to advertise on TV every 10 minutes but I almost never see ads for brokers! Campaigns like this let us compete with banks for “mind share” and advances our whole industry forward.
WOOT! way to go DLC.
100% Agree. Hopefully there are better/more informative ads coming in this 52-week campaign… ;)
I agree that it would be great if this advertising would enlighten more people to the advantages of using a broker. But lets put this DLC expenditure in perspective. This $3m expenditure over the 52 weeks works out to $58,000 per week. I wonder how that compares to how much one major bank spends in a single day in one major market area. This is not a game anyone one of us in the broker industry can afford to play in. So I ask myself why is such a smart outfit like DLC doing this? To win market share or make its assets more marketable?
Oh I think you would fall on your back if you knew how much the big banks spend!!
You are right, I don’t know either how they are going to be able to compete – for long in any case…
But who knows!?…
Oh &%$*, another ad on “shopping for the best rate”. Note to DLC: nobody gives a damn if you can shop around for a rate when banks are providing clients with deeply discounted rates without the client having to go and shop around. Start making ads showing how brokers can provide added value to everyone that the banks can’t. Oh wait, I forgot. Most of the super-brokerages these days think they can survive competing solely on “shopping around for the best rate”. Riiiight…
Does anyone have a figure available as to what CAAMP spends on promoting the AMP? Maybe some of those funds could be used to promote the benefits of using a broker -not just shopping for rates-I see it the AMP needs a higher visibility in the marketplace -what does an AMP really mean to a consumer? I also realize that the AMP is available to bank branch employees but what % of the CAAAMP membership are “brokers” -anyone know?
Agree the broker industry can’t come close to the advertising budget of the banking industry. Does that mean just give up and not even try ? I would think any advertising is better than none at all.
I will reserve judgement until I see how the entire campaign plays out. I won’t base my opinion on a single ad.
I would be curious how many of the banks “deeply discounted rates” are given to a potential client after the first enquiry.
Agree. The Mortgage Broker Industry needs to do more to educate the public about what we do.
I am amazed how many people I talk to that think A: Brokers always charge a fee and B: Only do mortgages for people with bad credit.
$3 million is a significant amount for a brokerage firm. I don’t think there are any other broker companies that even have $3 million in net assets. It may be a fraction of a bank’s marketing budget but it’s many times more than any other company in this business would spend.
The new ad looks fantastic. What great exposure!
I agree, Tom. And, Lior, why don’t you go and spend $3m to create consumer awareness the way you want? I think it’s great that DLC is taking such a cutting edge step.
Hi Rick,
CAAMP says “90% of AMP dues (are) being directed back into the promotion of the designation.”
Not sure of the exact ratio but CAAMP cites 12,000+ members and the majority are brokers.
Cheers,
Rob
Let’s see the other brokerages pick up the ball and spend some money on advertising! The complainers can ride on the coat tails of DLC in the meantime :)
Don Chery is a clown and has nothing to do with a mortgage broker. Just wasted money.
Hey Dan, Thanks for the kind words. Canada is a hockey crazy nation and its viewers represent the coveted family demographic in Canada.The very same demographic Tim Hortons, McDonalds, Scotia Bank and Canadian Tire are targeting via their hockey focused marketing campaigns that are currently running. To set the record straight, this is a multi year deal, with almost 10 million dollars being spent on marketing over this period. The feedback has been amazing and the consumer awareness of our brand is the key driver of this campaign. We are not competing with the other mortgage companies in Canada over our share of the 28% of consumers that currently use mortgage professionals. We are targeting our share of the other 70% of the Canadian public that doesn’t know what we do.
I understand competitors all have their own ideas of what our core message should be, or whether or not this is a sensible use of our marketing dollars.
I am proud to be the first company to put substantial resources behind educating the consumer about what we do, and only hope that all other organizations believe in their industry like Dominion Lending Centres does, and will follow suit.
Every industry in the world is dominated by a single lead brand and a challenger brand. These two brands typically represent 90% of the available market-share and all other competitors fight for the remaining 10%. The lead brands in Canada in the mortgage space are the banks and the challenger brand will be Dominion Lending Centres. Some examples of other lead/challenger brands are Coke/Pepsi, Tim Hortons/Starbucks, Rogers/Bell, Ford/GM, Remax/Royal Lepage,Honda/Toyota, and many others.
Now I know many competitors will respond with arguments and opinions of this posting but if you have a sincere, valuable suggestion back it up by posting your first and last name. I welcome all feedback and appreciate your comments.
Gary Mauris
President-Dominion Lending Centres
Hi Gary, Appreciate you sharing your perspectives. Couldn’t agree more that it will take a concerted effort from the brokerage industry to challenge the mind-share of our Big 6 banks. Opinions aside, DLC’s investment sets a high standard for public awareness campaigns in our field.
Cheers,
Rob
As DLC grows so does its marketing budget. The company is only 5 years old and is already beginning to make waves on a national level with the banks. Couple this with the brand awareness each franchise and agent brings to its local and regional area and you have a big win for those partnered with DLC. Our industry does a great job telling each other what we do but only DLC is in a financial position to inform the consumer what we do. After 16 years with a competing super broker I can say that my business has doubled since joining them. The head office support is world class. Good on Gary and his partners if they are able to make money from their efforts.
In my 25 years as a Mortgage Broker no firm has had the resources and support of their network to go boldly where no others have gone before…well done DLC, or should I say thumbs up!
Couldn’t ask for a better spokesperson. Great Job Dominion Lending :) Thanks Gary .
…and Mike must not be a Principal Broker or have taken the Mortgage Broker course in Ontario, because it absolutely IS compliant. Stop being jealous of DLC – This helps the whole industry, you included.
Ah, yes…the old “pump-and-dump” rumour. If this is the best the “competition” can do, it shows just how inferior their value proposition is compared to DLC’s. If your value proposition was better, you would be promoting it, instead of circulating negative rumours.
This will help the whole industry, and is paid for by each and every DLC Agent and Broker. I can’t buy a national TV ad on Hockey Night in Canada for $1,800 – it’s a small investment in my business, and has already resulted in building credibility with existing and new clients. Kudos to Gary and the team for having the vision to do this.
Love him or hate him, people listen to Don. Good choice for a Canadian spokesman. Great commercial both for DLC and the entire industry. This series will be a game changer for mortgage brokers.
Eveline said……
Way to go Gary & DLC…. my clients have seen and commented positively about the Don Cherry ads. It’s a compliment about our industry and a great way to bring a positive spin on what we do and how to make it a fun experience to renew your mortgage. It’s a win/win to all who are involved and our DLC brand is worth educating our next generation….Love the ads and let’s keep educating the public.
Any mortgage broker that does not see the value this national advertising brings to the industry is in the wrong business.
Well done Gary and team DLC
Whether you love Don Cherry or hate him, he draws attention, and in this case, draws attention to the mortgage broker industry.
Don is known as one of the most trustworthy Canadians ever to have lived, and to have him endorsing DLC, and the mortgage broker industry in general is huge. Big banks have too large a mortgage share and people deal with “their own bank” because they trust them, not because they are getting the best rate.
Having someone as trustworthy as Don (again, as voted by Canadians) will definitely help the mortgage broker industry sway clients with the “deer in the headlights” syndrome from just walking into their bank and accepting whatever they’re given.
Don Cherry is a Canadian icon. I think he’s great!
Gary,
Excellent stuff….us brokers at Dominion Lending are up against the Big Banks all the time and any
effort to increase customer awareness of what we do is helpful.
May seem small by bank ad budget standards but does come across as refreshing and different. Keep up the good work!!
ps. have ordered my life-size cutout and will have it all over town
Tom from Victoria
Don Cherry DLC Spokesperson ;
Who is this Guy ? Don Who ?
BLUE (Don Likes Dogs)
Trustworthy
Honest
Proud Canadian
Winner
Leader
Outspoken
Fighter
Huge Heart
Recognized Top 10 Recognized Cdn
Fighter
Hard Working
Loyal
Charitable
Honarary Army/Police
Hard Working
Old School “Hand Shake”
Same man in Good & Bad Times
To Name a few of Mr Cherry`s personality
Traits.
,
(Even people who so called hate Cherry, would agree and acknowledge these traits )
Why would DLC want to hire this GUY ????
Stay Tuned ………………
Future commercial……….
End of Commercial.
(Don Cherry wearing DLC Hockey Jersey)
Don says ,
Check out MY New NATIONALnn team ……
“ DOMINION LENDING CENTRES YOUR TRUSTED MORTGAGE ADVISORS “
(Covers Screen – DLC LOGO & CANADIAN Flag)
(Old HNIC Theme in background BLUE licks Don’s Face. )
Gary Mauris & Chris Kayat changing the mortgage industry in less than 5 years !!!
Thanks Guys ,
Truly Honoured to be on your team.
Gerry & Wendy Gillan
DLC Foundation Mortgages
(P.s. Rob Melanie , I have never answered a blog.
but I wouldn`t feel right if I didn`t acknowledge the incredible information service you provide the mortgage industry.
I Know I am speaking for many brokers who
receive thie invaluable information for free.
And on the personal side , I have admired your professionalism ability over the last
3 years, and you’re VERY NICE PEOPLE.
THANK YOU ,
Gerry & Wendy
(Melanie – Hat’s off to both of you !!!)
Hi Gerry, That’s really gracious of you to say. Melanie and I both appreciate it very much. Putting info out there for public consumption is indeed a privilege, and our awesome readers are the overriding reason we do it.
In any event, thanks once again. Please say hi to Wendy for us!
Rob
Hats off to DLC with advertising.
This not only assists DLC but the entire mortgage industry as this raises awareness of our industry to the average Canadian.
We hook up a client with a lender, from then on they may only think of the bank/lender they are with.
This advertising will prompt them to remember their broker, regardless of the company.
Classy advertising from Dominion Lending Centres!!!
Thanks for the note Marian. $3 million is what Ed Clark spends on office supplies every year. While DLC’s efforts are to be commended, let’s not delude ourselves into thinking brokers can compete on the same level with the advertising budget of the major banks.
Tom MacDonald: you’d be very surprised.
Thanks to innovative local marketing tools and large-scale corporate ad initiatives such as the national Don Cherry television campaign, I have seen my business take off since joining DLC just a few months ago. It is great to work for a company that believes in its associates and that is willing to put large amounts of money on the line to support our businesses.
I agree that the majority of brokers grit their teeth and try to fight for the 28% share of broker business in Canada at present. This campaign helps us as brokers to be a position to take aim at over 70% of the market share that currently isn’t on the table. I firmly believe that the buzz that an ad campaign such as this is not solely beneficial to brokers/associates with DLC but to the broker industry as a whole.
It is time for mortgage broker industry to step out of the shadows and start showing to all of Canada that we are a legitimate, fair competitor to the major banks when it comes to mortgage business. All that it should take is for a customer to use the services of a mortgage associate once to realize that we can provide service levels and mortgage options/expertise that banks can not come close to competing with!
I commend Gary Mauris and the Dominion Lending Centres corporate team for this investment and hope that our industry associations begin to recognize the value in promotion of this sort. The real estate industry and associations have long invested dollars from annual licensing etc. to not only improving systems, training and compliance, but also to improving consumer awareness to the benefits to using a Realtors. I would hope that the mortgage licensing and industry association are willing to copy this model soon for the benefit of the entire industry.
I’m curious to see what kind of reception Mr. Cherry will get in Qc.
Nicolas, we will not be running Don Cherry in Quebec. When we select a suitable large established partner in Quebec we will release our marketing campaign for that Province. It will be separate and independent of what we are doing in he rest of Canada. Thanks for the comment.
Gary,
Love the commercials. Look forward to have having Dominion Lending Centres in Quebec City if you expand here.
Jacques
Wow – amazing ads – kudos to the DLC marketing team. Like him or not, Don is loud and a loud message is needed to get a message out. It is a refreshing change to see a mortgage company with a solid and clear marketing vision. Way to go!
I think DLC’s spokesperson Don Cherry said it best, “I don’t know mortgages”! Sure national exposure is great and the supportive replies by the DLC Agents is expected. But the icon that Don is has certainly spent an inordinate amount of time putting his foot in it, ask Toronto City Council. Another out spoken personality once said, “any kind of publicity, god or bad, is good because it brings attention to you”, Don Steinbrenner!
I would not deal with a firm that uses
Don Cherry as their spokesperson.