The ads that debut during the Super Bowl can generate as many headlines as the game itself, but this Monday morning, mortgage lenders like Rocket won't be among the companies whose
Given market dynamics, it's no surprise
The
"There's only 30 companies that might have a marketing budget that would be big enough to handle a $7 million ad," Graham said of the industry.
The few IMBs who've advertised in past Super Bowls don't appear to be ditching
Sports marketing is a long-term play with consumers as opposed to a direct-response strategy, said Graham. Where direct response campaigns consist of emails, letters and phone calls drawn from organic or purchased leads, a sports fan isn't as likely to purchase a mortgage within a year of viewing an ad.
While as much as a quarter of the population may be interested in a mortgage during a busy time such as a refi boom, right now the ratio is probably closer to 1 in 10 consumers, Graham added. IMBs direct marketing efforts around the cyclicality of the market, and sports won't be a priority until about the fourth quarter, he suggested.
United Wholesale Mortgage, which counts two Super Bowl ads in recent years, didn't share a specific reason for not airing a spot this Sunday. However, the lender said it is open to another Super Bowl commercial in the future.
"We never considered pulling back," said Sarah DeCiantis, chief marketing officer at UWM, of the firm's sports marketing strategy. "Regardless of what is happening in the mortgage market, the feeling that ties a fan to a team that they love and the brands that are connected to those teams [is important]."
The wholesale leader maintains multiyear sponsorships with the NHL's Red Wings and the NBA's Pistons in Detroit. The company doesn't have a formal partnership with the Phoenix Suns, which chairman and CEO Mat Ishbia
Rocket Cos., which counts a PGA Tour event and Cleveland arena sponsorship among its sports marketing bona fides, offered a more holistic reason for stepping aside from this year's NFL title game. Chief Marketing Officer Jonathan Mildenhall
Rocket's past ads have
"And then, where else are we going to place this ad?" said Scott. "How are we promoting it leading up to the Super Bowl? What are we doing after the Super Bowl? So it's an undertaking."
Neither Rocket nor Guaranteed Rate responded to requests for comment. No other mortgage lender has teased a national Super Bowl ad this year.
Real estate won't be shut out of the big game entirely. IBuyer Opendoor says it will
Large industry player
"You will see companies who might say, 'Well, that might be the majority of my marketing budget, but I believe that I'm gonna get such a great reach and impact from this one event, that it's worth it,'" she said. "It's not just the big guys anymore at all, which I think is great."