The Mere Exposure Effect: A Brand’s Silent Superpower

In the fast-paced world of marketing and branding, companies continually seek innovative ways to capture the attention and loyalty of their target audience. Among the many strategies, one often overlooked but immensely powerful phenomenon is the “Mere Exposure Effect.” This subtle psychological principle can be harnessed to transform your brand into a household name.

What is the Mere Exposure Effect?

The Mere Exposure Effect is a psychological concept that suggests people tend to develop a preference for things they are exposed to repeatedly. In essence, familiarity breeds liking. When individuals encounter something regularly, whether it’s a logo, a jingle, or a brand color, they become more inclined to view it favorably.

Building Brand Trust

Developing trust with your audience is a fundamental goal in branding. Trust translates into customer loyalty and long-term success. The Mere Exposure Effect plays a crucial role in building trust by making your brand appear reliable and familiar.

Imagine seeing a brand’s logo repeatedly in various contexts, from social media to billboards, and even on the product packaging. Each encounter reinforces the brand’s presence and subtly communicates that it’s dependable and worthy of attention.

Creating Brand Recognition

Brand recognition is a priceless asset. When consumers can instantly identify your brand among a sea of options, you’re on the right track. The Mere Exposure Effect is your ally in this quest. By consistently exposing your audience to your brand elements, such as your logo, tagline, or specific color scheme, you enhance recognition.

Think of iconic brands like Coca-Cola or McDonald’s. Their logos and color schemes are so ingrained in our minds that they are instantly recognizable. This level of recognition doesn’t happen overnight but is nurtured through repeated exposure over time.

Increasing Favorable Perceptions

The more consumers encounter your brand, the more positively they perceive it. This can lead to a halo effect where they transfer their positive feelings about one aspect of your brand to other aspects, even those they haven’t encountered as frequently.

For example, if someone has had repeated positive interactions with your customer service, they might extend their positive feelings to your product quality, even if they haven’t used your products before. The Mere Exposure Effect amplifies these favorable perceptions.

Utilizing the Mere Exposure Effect in Brand Development

To harness the Mere Exposure Effect effectively, consider the following strategies:

1. Consistency: Ensure that your branding elements (logo, colors, fonts) are consistent across all platforms and materials.
2. Repetition: Repeatedly expose your audience to your branding elements. This includes social media, advertising, packaging, and even email signatures.
3. Variety in Context: Present your brand in different contexts and settings to reach a broader audience.
4. Quality Matters: While repetition is essential, the quality of your brand’s touchpoints is equally vital. Ensure every interaction is a positive one.

In conclusion, the Mere Exposure Effect is a silent superpower in brand development. It’s not a magic wand for instant success but rather a steady force that, over time, can transform your brand into one that’s trusted, recognized, and loved by your target audience. By embracing this psychological principle, you can strategically shape the perceptions of your brand and nurture long-lasting customer relationships.

By: Edan Gelt. Leave a review for me at: https://certifiedconsumerreviews.com/edan-gelt/

Edan Gelt Marketing Strategist

Edan Gelt “Creating Your Brand: Crafting an Engaging Story”

In today’s fast-moving and highly competitive business landscape, establishing a robust and memorable brand is paramount to achieving success. A brand extends far beyond a mere logo or a catchy tagline; it embodies the way people perceive your business, product, or service. It encapsulates the emotional connection and experience you cultivate for your customers. In this article, we will delve into the concept of a brand, the art of branding, and practical steps for building a brand that truly distinguishes itself.

Grasping the Essence of Branding

Defining a Brand: The Power of Perception

A brand essentially constitutes the manner in which individuals perceive your business or product. It encompasses all the thoughts, emotions, and associations that arise when someone encounters your brand. This perception is molded by every interaction a person has with your company, ranging from your website and advertisements to customer service and product quality. Successful branding involves strategically managing and influencing these perceptions to align with your desired image.

Branding: Crafting an Experience

Branding, in essence, is the deliberate process of engineering a consistent and memorable experience for your customers that reinforces the desired brand perception. It entails shaping every facet of your business, encompassing your visual identity, messaging, and even the way you deliver your product or service. Effective branding has the power to evoke emotions, convey a compelling narrative, and leave a lasting impression.

Setting Yourself Apart in a Crowded Market

In a world overflowing with options, the key to building a strong brand is standing out from the crowd. Your brand should possess a Unique Selling Proposition (USP) that sets it apart from competitors. Here are steps to illuminate your brand:

• Identify Your Unique Value Proposition: Reflect on what distinguishes your product or service from the rest. What unique benefits do you provide? This could encompass superior quality, outstanding customer service, innovative features, or a compelling mission. Your USP should resonate deeply with your target audience and serve as a central element of your branding endeavors.
• Define Your Brand’s Personality: Your brand should emanate a distinct personality that mirrors its values and resonates with your target audience. Are you inclined toward playfulness and fun, or do you exude seriousness and professionalism? Your brand’s personality should serve as a guiding force, influencing everything from your logo design to your marketing tone.
• Craft a Captivating Brand Story: People have an innate affinity for stories, and your brand’s narrative should be captivating and relatable. Share the journey that led to your business’s inception, elucidate your mission, and expound upon how you aspire to make a difference. Effective storytelling helps forge emotional connections with your audience and reinforces your brand identity.
• Consistency is the Cornerstone: Uphold consistency in all aspects of your brand, ranging from your visual identity to your messaging and customer interactions. Consistency instills trust, a fundamental element in the construction of a robust brand.

The Significance of “Why” Over “What”

When it comes to developing your brand, it’s imperative to shift your focus from the “what” of your product or service to the “why.” This concept, popularized by Simon Sinek in his book “Start with Why,” posits that individuals do not merely buy into what you do; they invest in why you do it.

Your “why” signifies your purpose, your cause, your belief – it is the underlying reason that propels your business forward beyond the pursuit of profit. Articulating your “why” can wield formidable influence in shaping your brand. It imparts a sense of purpose to your brand and establishes a deeper connection with customers. People are inherently inclined to support a brand that aligns with their values and convictions.

The Client as the Protagonist

In any brand narrative, it is pivotal to cast your client as the protagonist. Your product or service should serve as the tool or guide that assists them in surmounting challenges or attaining their goals. By positioning your client as the hero, you forge a potent emotional bond and place them at the heart of your brand story.

To execute this effectively, it is imperative to comprehend the needs, desires, and pain points of your target audience. Tailor your messaging and branding efforts to address these specific concerns, illuminating how your brand can serve as the solution they have been seeking.

In conclusion, the development of a brand hinges on the creation of a potent and enduring perception while crafting a distinctive and unforgettable experience. It revolves around articulating your “why” rather than your “what” and casting your client as the hero in your brand narrative. By adhering to these principles and dedicating time and effort to your branding endeavors, you can construct a brand that stands out amidst the crowded marketplace and resonates deeply with your audience. Keep in mind that your brand is not solely what you proclaim it to be; it is what your customers genuinely believe it to represent.

Edan Gelt

Eden Gelt – Minute of Mortgage – Become a Cash Real Estate Buyer with a Self Directed IRA

Eden Gelt – with interest rates rising, more and more buyers are hesitant to enter the real estate investment market. At the same time, old 401K investments or IRAs are taking a hit as the market continues to plummet with estimates of 20-30% drops. If you have buyers that are looking to become real estate investors, now is a good time to have them explore tapping into an OLD 401K. I’m not referring to their active 401K that is currently being contributed to at work but something that may be sitting from an old employer that either is still in the 401K account or has been rolled over to an IRA.

A self-directed IRA allows the owner, through a custodian, to reinvest their dollars elsewhere other than stocks/mutual funds, with one possibility being real estate, LLC partnerships and more. There are a lot of caveats to using the IRA and not being hit with an early withdrawal penalty or being taxed at today’s rate. Since I’m not an expert, have your buyers reach out to a company experienced with self directed IRA rollovers.

If done correctly, an old IRA sitting can be used to purchase real estate for investment purposes only (the buyer can’t use the property at all). If going this route, the IRA owner CANNOT take a loan or merge their IRA dollars with their own fund, so the amount in the IRA would have to cover the purchase of the real estate and any additional expenses. For example, if the buyer was looking to flip a $125K property and add $75K in repairs, they would need to have at least $215K to cover taxes, utilities, insurance and overages to still have a reserve to feel safe. The buyer can then flip the property with money going back to the IRA without paying taxes until the investment is used for retirement (just like a regular withdrawal when they hit the minimum age). There are some caveats to the amount of transactions that can be done and scale of transactions to not be hit with UBTI. Have your buyer talk to a CPA and an authorized self-directed IRA custodian to learn more.

I’m not an expert so all of my insight is based on being just a regular person highly interested in purchasing real estate. If you want more information on how this works, do your own research and partner with a self directed IRA company and/or accountant to learn more.

Eden Gelt – Minute of Mortgage – Buying a Home After Bankruptcy

Eden Gelt – A bankruptcy to real estate agents is often synonymous with a four-year wait, finding a co-signer or a dead deal. At Key Mortgage, we have financing options for your buyers in as little as two years post-bankruptcy dismissal or discharge. There are limitations as to the chapter of bankruptcy, loan type, current credit and other factors.

The most common type of bankruptcy is Chapter 7 bankruptcy. This type of bankruptcy wipes away all of the debt and has a severe negative impact on credit. For a typical conventional loan, your client will need to wait at least four years after a court discharge or dismissal for a conventional loan but only two years for an FHA or VA loan. However, under certain extenuating circumstances (i.e. death of a wage-earning spouse) that time for a conventional loan can be cut from four years to two.

A Chapter 13 bankruptcy is not as restrictive as Chapter 7. This type of bankruptcy reorganizes debt instead of wiping it away and requires the consumer to continue to make monthly payments through the court. A borrower can apply for a conventional mortgage two years after the discharge date (vs. four years for a chapter 7). FHA and VA are even more lenient in that they allow a borrower to apply for a mortgage loan only after 12 months of entering into a Chapter 13 repayment plan provided they have made all payments on time and the court approves taking on the new mortgage debt.

For more information about helping your client determine what options are available to them, putting them in the best possible position to buy a new home, reach out to me, Eden Gelt, to be put in contact with a Key Mortgage loan officer.

Eden Gelt – Conforming Loan Limits Are Increasing for 2023

Eden Gelt – The Federal Housing Finance Agency (FHFA) just increased buying power for conforming loan limits.  The changes go into effect starting in 2023 and some limits have increased by nearly $100K. Here are the changes for the Chicagoland market and some other numbers you should know to help guide your client in selecting the right property for them. 

Max Loan Amount in Chicago Metropolitan Statistical Area as of January 2023:

Conventional Max loan amount:

• 1 unit – $726,000
  • 2 unit – $929,850
  • 3 Unit – $1,123,900
  • 4 Unit – $1,396,800

FHA Max loan amount

• 1 unit – $472,030
  • 2 unit – $604,400
  • 3 Unit – $730,525
  • 4 Unit – $907,900

Jumbo (call your LO for competitive pricing!)

• 5% down – up to $1,000,000

Minimum Downpayment:

Conventional

• 3% down for first time homebuyers – owner occupied
  • 5% down for repeat home buyers – owner occupied
  • 15% down for investment properties (does not include multi-family)

FHA (has to be owner occupied)

• 3.5% down (1 – 4 Units)

            VA

• 0% down (1 – 4 Units)

Keep this cheat sheet in your back pocket so that you know enough to be dangerous and know that if they’re ready to take the next step, your Key LO is ready to help!  As always, your Key Mortgage loan officer is available for a preapproval, application, or to answer questions at any time, reach out to me (Eden Gelt) for an intro.

Eden Gelt – Minute of Mortgage – Financing 2-4 Multi-Unit Properties

Guiding your clients through the process of investing in multi-family real estate can be a valuable way to help them build wealth.

Here are some things to know about buying and financing these types of properties:

● Homes with up to four units are considered residential for the purpose of financing.
● Buyers of a multi-unit home can use rental income to help qualify for a loan. This means if you have a client approved to purchase a single family home at a certain limit, they may have more purchasing power if they instead buy a two- to four-unit property that has rental income. Note that not all the income applies though. Typically, 25% is subtracted to account for vacancies and maintenance.
● Owner occupants of two- to four-units can choose among FHA loans, VA Loans or conventional financing, just like they would a single family home. There are some nuanced underwriting guidelines depending on the program and number of units, so always check with your Key Mortgage loan officer to uncover any requirements around the property’s self sufficiency or payment reserves.
● Investors that do not intend to live in the multifamily property have some limitations. A higher down payment will be required and they may notice higher interest rates because these loans are considered more risky.

Reach out to me, Eden Gelt, for an introduction to a Key Mortgage loan officer who can guide you and your clients through the purchase of a multifamily property. They will help you navigate the process of incorporating rental income, preapprovals and the different types of loans available to help your clients today.

Edan Gelt – Minute of Mortgage – Lowering Mortgage by Getting Rid of PMI

Have you purchased a home in the last few years and put down less than 20% and are paying Private Mortgage Insurance (PMI)?  If so, this is a great time to reconnect with your real estate agent or loan office to lower your mortgage payment by removing PMI.

Buyers pay approximately $30 – $70 per month in PMI per $100K borrowed.  There are several ways to remove a PMI payment. The most common is through the Homeowners Protection Act (PMI Cancellation Act).  This is when the principal balance is scheduled to reach 78% of the ORIGINAL value, then PMI is automatically removed.  The same Act also says that the homeowner can initiate PMI removal if they hit 80% LTV ahead of schedule by making additional payments.  

Here’s where a real estate agent adds values:  As a market professional, a real estate agent is more aware of market value increases.  In 2021 alone, median prices increased 11.1% in Illinois per data released by Illinois REALTORS(R).  In some areas, home values increased as much as 30%!  

If your agent or appraiser determines your home increased more than the 20% required, you will likely need to submit a written request to your lender to remove PMI and provide comps or an appraisal. If all else fails, you can determine if refinancing is a better option with a lower payment, or possibly, you will be so excited about your property value increase – you might consider selling and reinvesting.

Reach out to your Baird & Warner Real Estate Agent or Key Mortgage LO today to learn more about lowering your payment by removing PMI.

Edan Gelt – Temporary Rate Buy-Downs and How They Work

With rising interest rates, buyers and sellers can come together for a unique win-win with a temporary rate buy-down. Unlike purchasing points that lower an interest rate by a small amount (typically 0.125% – 0.5%) for the life of the loan, a temporary buydown lowers the rate much more significantly (up to 3%) at the beginning of the loan. This unique financing option can help buyers ease into the full mortgage payment and provide a unique value-add for sellers. It’s also an answer to buyer’s that still want to wait until “rates drop”.
At Key Mortgage, we offer several options for a temporary buydown that include: 3/2/1, 2/1 and 1/0. For a 3/2/1, the 1st year rate is 3% below, 2nd year is 2% below, 3rd year is 1% below, 4th-remaining term is the note rate. Here is an example of a 2/1 buydown if the buyer’s rate is 7%.
1st year rate: 5.000%
2nd year rate: 6.000%
3rd-30 year rate: 7.000%
Temporary buydowns can not be funded by the buyer so this is an excellent tool for sellers to make their property more attractive without having to lower the list price of the home.

For more information on how to work with your sellers to market a temporary buydown or to help your buyers negotiate this financing when purchasing a home, reach out to me to be connected to a Key Mortgage Loan Officer.

Edan Gelt – Rebrand from Marketing to Mortgage

After spending the last three years working alongside entrepreneurs, I wanted to share a bit about what I’ve learned about personal branding.  I spent a lot of time talking with agents and loan officers about their personal brand and how to reposition/rebrand themselves from a prior career to a new one.  Some agents spent decades in corporate America and now sell homes. Others used to work in occupational therapy and may now be a loan officer or agent; or were a real estate agent that decided to become a loan officer.  The transition from one expertise to another seems confusing and some shed their past experience and identities to focus on their new career path.  I believe that your past career and skills make you better and more relatable in your new one and it’s not something that should be hidden.

Today I am starting a new initiative, I am going to rebrand myself from a marketeer to a mortgage champion.  This is not my first rebrand.  I spent 30-days as a fitness expert, went back to my roots as a marketer during the pandemic to help small businesses and now that I’ve spent time working in the mortgage and real estate industry, I think a mortgage brand champion truly defines my genre.

Over the next few weeks and months, I will share information about mortgage but continue to post on my marketing platform, proving you can rebrand after putting down roots in another field.  

For all the agents and LOs that helped me think up the concept of implementing a rebrand– I am excited to deliver.  Without your feedback and experience, I wouldn’t have taken this challenge.  I am walking a mile in your shoes so I can help add value to your business.