“When You Teach a Homeowner to Fish…”
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We are bombarded with a lot of messages daily, courtesy of advertising, but I sometimes wonder if advertisers ever consider educating consumers first before throwing their “message” out there.
Turns out there is a discrepancy between financial advertising and financial education, and the gap shows no signs of slowing down.
According to an article published in Reverse Mortgage Daily, a recent study by the Consumer Financial Protection Bureau found that for every $25 dollars spent on financial marketing, only $1 is spent on financial education.
I don’t know how we expect to guide the public, and help them in their time of need if we advertise more than we educate. I’m not saying not to market your products but how about mixing some education into that? Maybe even making education a priority instead of an after thought.
Think about a conversation you’ve had with someone where you had no idea what they were talking about, or vice versa? Was that a successful conversation? I don’t see how it can be because you come off as a marketing guru, trying to say anything to bring them over to your side instead of having a frank discussion.
This is probably what’s happening right now. Consumers get that faithful call that tells them they need something because of x,y, and z instead of trying to explain to the consumer how the program works and getting to know them personally before asking them if they are interested in the product.
Not to mention, that the more ways you try to push a consumer into doing something, the more they’ll pull back. They don’t need, or want, to be sold.
When I first started to work exclusively with reverse mortgages, I founded my business on educating consumers first and letting consumers make their own decisions.
It’s the proverb: “give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.”
If I offer education, I can trust a consumer to have the necessary tools to make an informed decision. I can trust that when they say no it’s because they’ve considered it, and when they say yes it’s because they know what they want.
Always ask your client if they know what you’re talking about so you know where to start from. Start by educating your (potential) clients and the rest will follow.
Interested in a reverse mortgage or simply want more information? Give PS Financial Services a call at (888) 845-6630 or via email at info@PSReverseMortgage.com. We don’t pressure those who inquire. We are simply here to help.