Tag Archives: Hayes Barnard

One way to respond when your competitors lie to your customers

How do you respond to misleading information spread by your competitors? This video provides one simple example.

I like how they’re not angry or obnoxious (as I’d be tempted to be). Their low-key approach and disarming good nature help nail the message. Yes, the presentation could be better, and I wish they could have taken Paramount Equity Mortgage to task somewhat more aggressively. But I give the two young mortgage brokers a lot a credit for standing up for themselves.

[By the way, here’s my post on the misleading advertising they refer to from Paramount Equity Mortgage. Here’s more information from the Washington Dept. of Financial Institutions.]

Does one video posted to YouTube solve the problem of  competitors who mislead the public? Of course not. Some people will always weigh the pros and cons of playing dirty. They’ll figure out how much they can get away with and go just that far. As social media continues to empower consumers and small competitors, the unscrupulous will look for new and creative ways to cheat. So while I applaud the video, there has to be more.

Imagine if every honest company, small and large alike, policed their own industry like Brandon and Cliff tried to do on their own. Imagine if an entire confederation of honest companies cooperated in showing customers how to recognize and deal with questionable sales tactics. Eventually, I think that will be rule, rather than the exception – and it will be a lot harder for the bad guys to win by cheating. I sure hope so.

Maybe I’m wrong. (I don’t think so!) What about you – do you think companies should respond when they find competitors lying to their customers? If so, how?

Note: from the looks of things, Revolution Financial seems to have gone out of business. But I have a feeling Brandon and Cliff will do well in the long run if they keep using the same instincts that led them to post that video.


Hayes Barnard, Paramount Equity Mortgage and advertising lies

Hayes Barnard and Paramount Equity fined about $400,000 for violations

This is not a photo of Hayes Barnard of Paramount Equity Mortgage, who was fined $400,000

You’ll notice I didn’t write “Hayes Barnard and Paramount Equity Lie.” No, I parsed the language (quite cleverly, if I say so myself). It leads you to believe something a bit different than what’s actually written.

It’s kind of like the radio commercials of Hayes Barnard and Paramount Equity Mortgage. Continue reading