Image courtesy of Wikimedia Commons, Antares Rocket Test Launch
Did you see it? What was your reaction?
Going all in on a Super Bowl commercial can be one of the riskiest things a brand can do. On the other hand, it can have plenty of upside. A memorable commercial in front of 111 million viewers can give your brand a lot of momentum for years to come.
Heck, I still remember the Bud Bowl commercials from the 1980s. Talk about some mileage on your advertising spend!
However, if your clever commercial spot goes awry, it can also mean youâ€™ll turn those 111 million people into brand haters and not brand evangelists.
Quicken Loans, creators of Rocket Mortgage, went head first this Sunday with the first mortgage themed Super Bowl commercial in history. Even though there was some backlash on social media against the commercial (the backlash on Twitter was surprisingly small), it also gave the mortgage industry a venue to explain the difference between mortgage lending now and what it was like 10 years ago.
But first, letâ€™s look at some of the common issues voiced on social media â€“ thereâ€™s a lot to learn from this!
You had a fair amount of people equating Rocket Mortgage to a â€œrecession creatorâ€:
There were also plenty of references to the movie The Big Short:
Finally, there was a decent amount of hammering after they tweeted their Super Bowl commercial video:
But in all honestly, it wasnâ€™t that much backlash when you consider 111 million people were watching the game. With those numbers, a poorly planned social media event could spiral out of hand very quickly.
Whatâ€™s awesome about these tweeters is they are uber-aware of the previous housing fiasco and how much damage it did worldwide. Itâ€™s definitely important that the public speaks up and keeps industries in check. We actually need more of that these days.
However, looking at the public sentiment closely, there are few myths that probably should be busted:
The truth is, getting a home loan is much more difficult in 2016. The United States government did a great job at creating new legislation that prevents risky borrowers from obtaining a home loan.
What Rocket Mortgage is actually doing is simply improving the mortgage lending process by introducing easier-to-use technology. Thatâ€™s all. Prior to 2010, getting a home loan required lots of paper, faxing back and forth, and the worst part â€“ lots of errors â€“ that would jeopardize your ability to close a home purchase. Errors are really costly at this stage of the home buying process. Costly for everyone involved.
Technology reduces errors and wasted time. Thatâ€™s why most of us embrace technology. Thatâ€™s what Rocket Mortgage was trying to convey â€“ not to fund just about anyone and put the world into another economic catastrophe. That doesnâ€™t benefit anybody.
The commercial probably could have done a better job of making the economic engine of mortgage lending look more like a job creation chain reaction, and less like mindless spending of consumer goods.
But the truth is, for every home sold, $60,000 of additional revenue is injected into the American economy. Thatâ€™s because the sale of a home employs:
The list goes on and on. A home sale is a big event. Itâ€™s a big transaction. A lot of work is needed to complete a sale â€“ all the way up to and even months after the buyers move in. The bottom line is that real estate transactions have always been a key part of the American economic engine. Thatâ€™s exactly why the FHA was created in the 1930s â€“ the government knew home sales were a great way to boost the economy out of the Great Depression.
And yes, mindless consumerism is a bad thing. Itâ€™s bad for the environment and most likely bad for your moral well-being. Reduce, reuse, recycle and love people, not things.
This leads into why we created BeSmarteeâ€¦
BeSmartee was created in 2007 during the onset of the mortgage crisis. Husband and wife entrepreneurs Tim & Veronica Nguyen, with their friend Arvin Sahakian worked in the real estate industry and received hundreds of calls from borrowers, each sharing horrific stories of their mortgage experiences, and why they were now going to lose their homes of 5, 10 and even 30 years.
The idea behind BeSmartee is simple: provide a transparent online marketplace for consumer home loans. Be able to see all the fees, interest rates and costs associated with your home loan before you apply for it.
We hope by creating this technology and along with other innovative companies, weâ€™ll create a world that works honestly and seamlessly for consumers.
Feel free to reach out to Arvin Sahakian (Arvin@besmartee.com) if you have any questions about how we work or regarding our mission.
See what BESMARTEEâ€™S SMART MORTGAGE can do for you.
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