This post can also be called Gimme a New Shelter or I Get Satisfaction with Annuities
My husband Ed & I go to alot of concerts. We also specialize in going to see artists who are typically older than us.
All four Rolling Stones are over 70. The Stones re-launched their No Filter Tour a few weeks ago. Mick Jagger is back on stage after heart surgery earlier this year. He’s prancing and dancing around the stage. The guys look great. Furthermore, the Stones continue to prove that age is just a number.
Yes, we’re all getting older. We know that living longer is really about continuing to do the things you love. It’s not about sex, drugs and rock and roll anymore. Nowadays, we are looking to a different future.
So, how does that song go?
“You can always get what you want….when you have an annuity”.
No, the Stones didn’t change the lyrics, their sponsor did.
The sole sponsor for the Rolling Stones’ US Tour 2019 is the Alliance for Lifetime Income. They are an advocacy organization whose purpose is to help Americans address the risk of outliving their retirement income. This group is a nonprofit with 24 financial service companies as members. The companies include AIG, Allianz, Axa, Goldman Sachs, Prudential, State Street and TIAA.
Jean Statler, executive director at the Alliance for Lifetime Income, says concert attendees and annuity buyers are the same people. They are 45-72 year olds with investable assets between $75,000 and $2 million.
Most of this group are not huge investors with alot of money. They are middle-class. All of a sudden, reality hits that they may not have enough savings to last a Rolling Stones-like lifetime.
Kathleen Coxwell from New Retirement suggested that the song Gimme Shelter might be redefined as referring to retirement income protection. She explained that there is one overarching worry of retirees. That is the fear of outliving assets and running out of money in retirement.
Long lives, increasing costs and an unstable economy are the real storms “threat’ning our lives today…”.
What about Satisfaction? Can annuities bring you Satisfaction? The Alliance is betting on it.
Bottom line, it’s all about marketing. There are dozens of tweets and posts on this. I can see that the Alliance for Lifetime Income scored big with their partnership with the Rolling Stones.
Not all companies selling annuities have deep pockets. If you’re looking to reach prospective annuity buyers with a marketing program that doesn’t cost as much as sponsoring the Rolling Stones’ Tour, give me a call. I have just the list!
The first half of 2019 surprised everyone across the country. Mortgage rates fell. That’s the opposite of what the experts had predicted at the beginning of the year. It was welcome news for home buyers, sellers and homeowners. Millions of first-time home buyers can become new homeowners. Millions of owners could benefit from refinancing at these unexpectedly lower rates.
The loan products you sell depend on the latest trends.
Our friends at Nerd Wallet see these as important mortgage trends for July. We look at them in terms of mortgage marketing.
More homes for sale needed
Home prices will keep going up
Mortgage rates will remain low
Affordability continues to be a concern
More people could save by refinancing
New homes get bigger
Attention is on first-time buyers
Mortgage brokers – you need to need to find new clients. And, you need to reach out to them before they simply click on the top line in Google.
First Time Home Buyers
I want to spend a few minutes on the First Time Home Buyers segment. In terms of mortgage marketing trends, I’ve been focusing on that group for the past few years. I’m glad to see that I’m not the only one.
Holden Lewis at Nerd Waller spoke with Tian Liu. Tian Liu is the chief economist for Genworth Mortgage Insurance. He said that roughly 3 million first-timers delayed buying homes between 2007 and 2015.
Those buyers are “reaching that age when they can no longer delay,” Liu says. “Their housing needs are really catching up with them. It doesn’t feel right to be raising a family in a rental apartment. They want to own their place. So I think those drivers will be very significant for the next few years.”
The share of first-time home buyers averaged 45% over the past few years. There are millions of millennials reaching their 30s in the next few years. They are starting families. They don’t want to raise their children in a rented apartment. That means market forces could cause the first-timer share to increase again in the coming years.
In terms of my July mortgage marketing trends, this group is a force to be reckoned with.
Direct Mail – for many Consumers it’s the Preferred Way to Receive Promotions
According to Marketing Sherpa, when it comes to receiving updates and promotions, direct mail tops all other channels.
This is because consumers are more likely to be incented to shop when receiving promotions in the channels they prefer. Therefore, it stands to reason that if consumers prefer receiving promotions via direct mail, they are more likely to shop when promotions arrive via direct mail.
Think Bed, Bath & Beyond coupons. You know you use them.
Preferred Ways of Receiving Updates and Promotions
Receive in the mail
Subscribe to receive emails at a frequency I choose
Visit a company’s website when I want updates and promotions
Receive at the physical store
Subscribe to receive emails at a frequency chosen by the brand
When I recently visited Macy’s, before I was able to complete my transaction, I was prompted to list my preferred method of communications. Would I prefer to be contacted by phone, email or via text? They did not offer me the opportunity to click off direct mail as my preference. Sure, I get their catalogs and promotions via direct mail. Maybe I’m a throwback, I’m just one of those consumers who prefers direct mail when it comes to catalogs and coupons.
What this also means is that offline marketing approaches – like direct mail – are top lead generators for online stores. That’s why ecommerce business can’t afford to ignore offline marketing.
It’s like apples and oranges. Some consumers prefer direct mail and others prefer another marketing channel.
New Homeowners are Great Potential Disability Insurance Buyers
According to the Centers for Disease Control (CDC), 22% of adults in the U.S. have some type of physical or mental disability. If an injury or a serious illness keeps you out of work, that could affect your ability to keep up with your mortgage payments. Short-term and long-term disability insurance can help protect you financially in those types of scenarios.
We all hope that “nothing will happen to me”. However, relying on hope to protect your future earning power is just not the way to go.
According to this scenario, almost anyone can be a disability insurance prospect. But can you afford to reach them all?
First of all, insurance agents don’t have unlimited marketing dollars for outreach. Consequently, they need to narrow the audience and target the best group. That’s why I recommend New Homeowners.
New Homeowners buy insurance. In fact, they are the #1 Prospect Group for Insurance Agents. As a result, that’s why new homeowner lists are always in demand by insurance agents looking to find new customers.
Why are New Homeowners such an excellent potential disability insurance buyers? It’s pretty simple.
New Homeowners need to protect their asset. Plus, New Homeowners need to buy a disability policy that provides the right amount of coverage. Above all, their goal is to enjoy their current lifestyle even if they can no longer continue working.
Their new home is added motivation to protect their loved ones and lifestyle. That’s why New Homeowner Lists are the top lead generator in the insurance industry.
By the way, we have added 1,802,666 New Homeowners to our list in the past 6 months. What an amazing opportunity to reach these motivated prospects!
This marketing tip for insurance agents is part of a series of best practices by DataDale
A study was recently done by Murphy Research on behalf of Pebble Post. The study results clearly show that direct mail drives engagement. It’s just a fact that direct mail propels purchase groundwork and plays a central role in the purchase journey.
Researchers also found that direct mail users are highly engaged shoppers. They spend, research, and advocate more than non-direct mail users.
Direct Mail Engagement by the numbers:
When compared to non-direct-mail users, direct mail users were more likely to take action. They talk about the product, visit the brand’s website, and like/follow the brand on social media.
After receiving the direct mail, they were more likely to contact the brand. They also were more apt to post about their purchase on social media and write an online review.
These Summertime Pest Control Tips will give homeowners a fighting chance against all sorts of unwanted visitors. Why do I include this in the Dataman Group Blog, you ask? Because a Pest Control Company needs to differentiate themselves from their competition. They can simply copy these tips and offer them to their customers and prospects. This gives them the opportunity to strut their stuff as the authority in their markets. So, here you go. If you’re a pest control company exec, feel free to share these summertime pest control tips. We call this curating content. As a matter of fact, I got some of these tips from the Huffington Post.
Summertime Pest Control Tips
Nothing ruins a picnic like a line of ants. Nothing ruins a barbecue like a swarm of mosquitoes. And nothing ruins a morning like spotting a spider, cockroach, or mouse somewhere in your house.
You can keep bugs and critters away from your home and yard this summer. Pay attention to these 10 Top Summertime Pest Control Tips.
Block Their Entry to Your Home
Your first line of defense is to make it difficult for pests to even find an entry to your home. Check all your screens for holes and repair any you find. Check around your doors and windows for gaps. You should caulk or replace with weather stripping, when needed.
Clean Your Kitchen
A pile of crumbs on your counter or floor is like a buffet to ants and other insects. Let them find their dinner elsewhere, preferably far away from your home. You need to make there are no crumbs or pieces of leftover food sitting around. Don’t leave dirty dishes in the sink overnight. Wipe your counters, sweep your floors, put food away immediately, and take out the trash regularly.
Get Rid of Standing Water
Getting rid of standing water is the first step to control mosquitoes. Standing water is a breeding ground for mosquitoes. You absolutely don’t want them to make your yard their home. It’s easy to miss standing water sometimes. Make sure you walk your property to check rain spouts, water near your air conditioning unit, and pick up toys left scattered throughout the yard.
Maintain Your Yard
Keep your landscaping maintained to avoid overgrowth. That’s where pests like to hang out and build their nests. Trim bushes and trees that are near the house. You also need to weed and rake and remove debris.
Eat Your Fruits and Veggies
Don’t let fruits and vegetables get overly ripe on your counter. If you do, the fruit flies will invite themselves in for a party. Eliminating fruit flies is a headache you don’t want.
Store Your Firewood Properly
Termites are often found in damp or wet firewood. Un-split wood with bark is more likely to attract insects than split wood. Stacking the wood in loose piles off the ground will help keep the wood dry. Don’t give termites free access to your home. If you store firewood, keep it away from your house. You may consider investing in a shed away from the house. BTW – the further away, the better.
Don’t Throw Meat in the Outside Garbage Too Early
This is a real summertime pest control tip you probably never considered. Don’t throw meat scraps in your outside garbage unless the garbage will be picked up in the next 48 hours. The combination of rotting meat and summer sun could bring unwanted pests to your yard incredibly fast. This is not just insects. Raccoons and mice will eat right through your plastic garbage can to get to that rotten meat.
Inspect Swings and Outdoor Furniture
You need to check the chains and corners of your swing sets regularly for spider webs and cocoons. The straps and pads of outdoor furniture are also a great hiding place for insects and spiders. Remove them when you see them.
Don’t Bring the Outside In
Keep outside toys outside and inside toys inside. If you have to bring in a toy, chair, or table, thoroughly wipe it down first. Believe me, there are cobwebs and spiders on the underside.
Use a Pest Control Service
Hire a local pest control service to come to your home. Make sure they regularly spray for bugs and rodents common to your area. A professional pest control company can provide more protection than you can on your own. Plus, you will have someone to call in case of an emergency!
Whether you choose to do it all on your own or hire a professional pest control service, though, keep these Summertime Pest Control Tips in mind to take control of your yard again and have a pest-free summer!
Mortgage refinance prospects increased to 5.9 million applications in May 2019. According to Black Night monitor, these refinances represent a potential $16 billion in monthly savings. This becomes a savings average $271 per month for those homeowners refinancing their loans.
Here’s another statistic from Black Knight. Roughly 953,000 of these home owners took out their loans in 2018. This is the largest volume of any mortgage years, more than in 2012-2017 combined.
The number of mortgage applications has increased as interest rates have dropped to their lowest level since 2018. With rates under 4%, mortgage refinance prospects are hoping to take advantage of the opportunity.
Millions of Homeowners Can Benefit from Refinancing
According to the Mortgage Bankers Association, if rates dropped just another one-quarter of a point, close to 7 million more borrowers would benefit from refinancing. That is huge. Mortgage marketers need to be ready to get their marketing campaigns out the door if and when this happens.
The Mortgage Bankers Association also points out that many potential home buyers are sitting out right now, due to economic uncertainties. However, there are still more mortgage applications that there were a year ago.
Last week, the refinance share of mortgage activity was over 42%. That is up from 32% at the end of 2018. Despite these recent increases, mortgage refinance prospect volumes remain historically low.
Another great group for refinancing are FHA loan borrowers. They can potentially benefit from refinancing into a conventional loan. Refinancing into a lower rate will reduce interest costs but also knocks out monthly Private Mortgage Insurance (PMI) payments. Daniel M. Shlufman, a mortgage banker at Classic Mortgage in Maywood, New Jersey explains that PMI payments are typically 0.5 to 1 percent of the total loan on a yearly basis. For borrowers with a $200,000 mortgage and a PMI payment of 1 percent, they can save $2,000 per year or $167 per month. Since PMI is more expensive on FHA loans, those qualified borrowers might save a small mint by reducing or eliminating their FHA PMI and locking in a lower rate.
I have one final comment. Once you’ve gotten that mortgage application from your prospect, make sure you ask the right questions to help you close that loan.
The latest statistics clearly point out the value of marketing to Hispanics.
Today, 64,415,826 Hispanics live in the United States. Hispanics make up one-fifth of the American population overall and more than two-thirds of population growth nationwide.
5 Year Projection
According to Claritas, by 2024, more than 72 million Hispanic Americans will live in the United States.
Hispanics and Asians are becoming a larger portion of our nation’s population. The Black population is growing, but is nearly constant as a proportion of the total population. Meanwhile, the Non-Hispanic White population proportion has been declining steadily as a proportion of overall American population
Hispanic Spending power
The Average U.S. Hispanic Household Makes $69,468. This is 19% lower than the overall US household income and 66% lower than Asian household income. Experts suggest that this is because of their younger ages as well as their tendency to work in lower earning jobs.
The key piece is that the average U.S. Hispanic household is expected to spend more than the average non-Hispanic White household over their lifetimes. According to Claritas’ latest report, Hispanic-American households will spend $2.5 million in remaining lifetime purchases. This makes Hispanics a serious target group for marketers.
Hispanic Population Centers
The Hispanic population segments are concentrated in Los Angeles, New York, Houston, Miami, Dallas, Chicago and San Francisco. Their presence in many other areas is growing as well, with significant growth in Phoenix, San Antonio, Sacramento, and San Diego. On a percentage basis, very strong growth is seen in the southeastern states. Hispanic home ownership continues to rise in all of these markets.
The truth is that Hispanic Americans are a very diverse group. There have been many studies measuring Hispanic assimilation. What this examines is the degree to which people of Hispanic heritage in the United States retain elements of their Hispanic culture while they acquire elements of the American culture. Claritas call this Hispanicity. We can segment Hispanicity by various characteristics. Theses include country-of-origin, life stage, socioeconomic strata, income, media usage and shopping behaviors. All of these factors contribute to success when you’re marketing to Hispanics.
When marketing to Hispanics, you need to remember that one of the key drivers is language preference. Some advertisers use bi-lingual mailers to reach as many Hispanic households as possible with their marketing message. I have one quick note of caution in terms of translation. Be sure to use the right “Spanish” in your communication. What may be a good translation in Mexican Spanish might not work for Spanish speakers of Puerto Rican origin. You want to make sure your marketing message doesn’t get Lost in Translation. This also applies to telemarketing.
Hispanics are Multi-Cultural
According to the Claritas report, Hispanics are considered Multicultural Americans.
Currently, there are 133,211,770 multicultural Americans in the U.S. and they account for 37.5% of the U.S. population. In addition, Hispanics account for the largest multicultural segment at 19.5 percent. As a result of this, they are the second fastest growing ethnic group since 2000, with 83 percent growth.
Bottom line, Hispanics are an important market segment to embrace.
Many thanks to Claritas, which is the source of much of this information.
In my presentation on Marketing Water Quality Products to Millennials at WQA2019, I discussed the importance of branding your business as socially responsible, ethical and an upstanding member of the community. Besides the obvious commensurate good you can do, I explained how this would resonate with millennials who are looking for a way to make an impact with their purchase. In terms of staffing, we also discussed how millennials want purpose with their paycheck.
I read an article – Selling Coffee for Good – talks about The Well Coffeehouse, an organization in Nashville, Tenn., that sells coffee and directs profits to building wells for those in water-risk areas.
On World Water Day, 100% of the sales went directly to build water projects in Uganda. The customers felt good about their purchase and employees were excited about feeling part of the mission. That’s the kind of connection The Well is creating every day for both employees and patrons.
The Well plans to be close to $2.5 million in revenue this year with only 3% received as direct donations. The majority of the revenue is received through customer purchases either online or at their retail store locations. Their future goal is to find engaging ways to invite customers into donation opportunities to directly impact the global water work they support in the countries from which they source our coffee.
And that’s the kind of connection that Millennials are looking for when they decide who to do business with. There is so much research that supports how a branding a business as socially responsible can influence purchasing decisions and loyalty for many millennials. Since this is a generation transitioning into their prime spending years, developing that brand loyalty is vital for sustained growth.
“Millennials are very aware of when something feels inauthentic or forced, and we know this based on the ways they want to be targeted or what they want to see in ads. They are looking for, and respond to, things that almost can’t be inauthentic,” said Joline McGoldrick, senior vice president of Data Insights and Research at VidMob.
Click the link below to read a great more about The Well Coffeehouse, which is a great example of branding your business as socially responsible:
In the sales business, there is nothing more vital that working leads effectively. Business owners spend thousands of dollars to generate leads and there is nothing more frustrating than not seeing them come to fruition.
Sure, many leads simply don’t pan out. Maybe it’s about money or the prospect just doesn’t need that product at that particular time. Or, the ball got dropped and the lead just wasn’t worked effectively.
“100 people called or walked into your business inquiring about products or services in the last 60 days. Out of those 100, how many were actually followed up on? Let’s say the answer is 48. I would then ask, how many of those 48 potential clients were followed up with twice? Let’s say that the answer is 25. Then I ask how many have been followed up with at least 3 times in the last two months and we determine the answer is 12. I then share you with you that 80% of sales occur between the 5th and 12th contact and 88% of your leads are being abandoned after the 3 contacts. How would you feel about that? Probably shocked but keep in mind that these numbers are real according to a recent study on sales follow up.”
Wow. That means if you’re interesting in working leads effectively, you need to follow up on those leads up to 12 times.
Gary offers these statistics on working leads effectively:
2% of sales are made on the first Contact
3% of sales are made on the second Contact
5% of sales are made on the third Contact
10% of sales are made on the forth Contact
80% of sales are made on the fifth to twelfth Contact
One last caveat to working leads effectively, in today’somnichannel marketing world you need to reach out to your prospects via multiple marketing channels. What works for some prospects, does not work for others.