According to AdRelevance, Nielsen Online’s advertising research service, online mortgage advertising was mixed in October, but still relatively strong given the current negative state of affairs.
The biggest percentage drop came from Low Rate Source, a mortgage lead provider, which decreased its advertising spend by 41% from $22.8 million in September to $13.4 million in October, well below its $51 million online spend in August.
Meanwhile, credit report provider Experian Group Ltd. (which also owns Lowermybills.com) lowered its ad spend by 25% to $33.7 million in October from $44.7 million a month earlier.
I guess we won’t be seeing a solid return from the dancing alien ads after all.
Not surprisingly, Countrywide pumped up its online ad spending, increasing it by 31% in October, likely looking to compensate for a drop in loan production.
The mortgage lender spent more than $45.8 million in October, roughly 50% more than it spent in June of this year (let’s hope those ads turned into conversions).
Countrywide was the second biggest spender on the web, just behind the deep pockets of comparison shopper NexTag.
NexTag Inc., which also provides mortgage leads, increased its ad spend in October by 6.7% to just over $53.3 million from $49.9 million in September.
Total mortgage/financial online advertising was roughly $161.8 million in October for advertisers in the top ten, including $15.5 million from HSBC, which became the 9th biggest online spender last month.
It is believed that online ad spending is less affected by the housing downturn because it still remains the cheapest option compared to other advertising mediums.
Keep in mind that Nielsen data only includes CPM advertising, and not search, e-mail, or cost-per-click advertising, which also makes up a good chunk of the total online advertising spend.