CBA’s general manager of broker sales, Sam Boer, addressed his lack of popularity among brokers during MPA’s major banks roundtable last Friday
The ACCC's new financial services unit will look at competition in the mortgage sector
I was part of that b-storming session, and found it really helpful, informative & diverse. I actually tabled the fb idea, and wanted to give you some context regarding the session. You noted in your article you weren't seeking to sledge (none taken & none intended), still I'm not sure you grasped the concept of a b-storming session or the secure environment it fosters to table ALL ideas, good or bad, then score those ideas relative to your own strategy. The fb campaign idea came from 2 sources 1. my wife, A marketing manager of 16 years, with experience in multiple industries (broking included) 2. A fellow member of a networking group who specializes in fb adverts. This member had recently showed me some numbers: over 1.4 billion users actively engaged, logging in up to 14 times a day, offering 14 opportunities to get your brand in front of potential clients. 798mil mobile users, with an annual growth rate of 25%, ROI for retail adverts of 152%. pretty big huh. As a fairly new broker myself, I'm looking for diversity, and that's what I got from the session.
I think a major point to remember is that a lot of financial services products, including mortgages, inherently retain a complexity that simply does not lend well to clean advertising campaigns. If you could simplify financial products to a point where the product could sell itself in a punchy one poster snapshot, then you would be on/ in the money like never before. The alternative become to sell the seller. I agree with your questioning of the strategies that you were aware of, but for me I always see the "huge potential" in financial products as a tricky item to sell, and really, it does need to come back to the selling the seller, (as things are in this arena). This particular seller sold himself to you over time while you were watching the state of play. I'm not sure how you would go about making a short term sale, but I do think he was trying to address short term, rather than unravel his long term strategies. Maybe that wasn't the right avenue? Or wasn't the most valuable advice he could have given, but I will say it was the type of advice he had set out to give.
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