FOA debuts a new marketing campaign about the use of equity

Complement for existing work

Of course, everyone who thinks of FOA and the reverse mortgage industry is leader who has previously acquired it – American Advisors Group (AAG) – will think of the ubiquitous advertising campaigns with actor and spokesperson Tom Selleck.

Moschner has tackled this subject by saying that the work with Selleck is not leaving, but will exist next to the new campaign.

“At the moment we are unable to say what our long -term relationship will be, but I can say that he remains our spokesperson and an important part of Finance or America’s strategy,” said Moschner.

For now, the new campaign and the existing Selleck campaign will be used, he said, but the effectiveness of this approach will be assessed on the road.

“I think we will take a determination over time [regarding whether] We continue to live in this world where they are complementary, or is it a world where ultimately the Selleck campaign may become a minority player in a general master campaign strategy? “Moschner said.” Or, possibly, even in a world where the Selleck work eventually leaves. Those are still decisions that have to be made. “

Selleck once consisted of 100% of the company’s marketing presence, but that has given way to a place where it is around 50/50. This will be maintained at least the next quarter, Moschner said.

“As usual, we are a company led by data,” he said. “We let the market tell us where we can go from there. If it looks like that works, it may be longer. If it seems like we have to make adjustments, we will adapt. We will not be ignorant about what the data tells us.”

For now, however, the two campaigns exist at the same time and Selleck “is still a valued member of Finance of America to support that general strategy,” said Moschner.

Change in engagement strategy

FOA President Kristen Sieffert spoke about some of the intentions of the new campaign in a statement.

“At a time when conversations about aging, financial flexibility and quality of life evolve, the financing of America is the market in the field of how home equity can be used as a timely, valuable tool for a wide range of options,” she said.

“A” better way “means the power of having a broader plan, which is built for the modern pension landscape that American homeowners are confronted today.”

The mission for the campaign is about extra options, Moschner explained.

“While we looked at the market, we [realized] We have two jobs at the macro level: we have to convince people to start [the premise] That equity is a pension active that can be used to improve your financial security.

“But there is also a large subset of people who are already open to the idea of ​​making fairness at home to generate cash flow. For those people it is only about placing reverse mortgages and their own products in their consideration.”

With that assessment, the company decided to start with those who are already open to the idea of ​​tapping shares, but who tend to disqualify reverse mortgages.

“That is really the insight that this campaign has really driven,” said Moschner. “While we were going to make it creative, we said effectively:” Let’s talk directly about Home Equity and put these products in the consideration. “That way we can help them understand in which cases they are better, in which cases they are different and why it can be for them.”

How to modernize

This also meant that modernizing the approach to make contact with potentially receptive customers who had to happen. In this case this means “a broader view of these products and in which category they fit,” said Moschner. “And by doing that, open the opening and invite millions of more people to take a look in our category that may never have had before.”

Comparing the company’s products with other offers – such as equity loans – is not far enough, he added. But the nerolation of a lack of a monthly payment requirement was seen as an important distinguishing factor, a theory that seemed to connect on the basis of testing the company.

It also means that it should be more deliberately addressed with potential customers in the process, something that has not been so much focus in the past, Moschner said.

“We really didn’t talk to people who just get older, who are 55-to-62 group, or even people who are marginal in this category that are about to be 55,” he said.

“We want to be more intentional about talking to them earlier and earlier, because we know if we talk to people in fifty about the benefits and strength of home equality, the chance that they will turn to our category later in life – even if they do not immediately turn on their birthday – is considerably higher.”