Ignore online at your peril: MoneyQuest

Speaking to The Adviser, MoneyQuest's Gill McLean said 80 per cent of all buyers are doing their research and shopping for brokers online.

As such, those that don't have a strong online presence risk missing out on key business opportunities.

"Five years ago, 50 per cent of all buyers were doing their research and shopping around online. Today, that figure is much, much higher," she said.

"Consumers want to educate themselves on the mortgage process very early on, so often their first interaction with a person is someone they have searched for and found online.

"If you are not where the people are shopping then you are too late and you will miss out on all new business opportunities as well as potential clients for life."

According to Ms McLean, the power of the internet in reaching a wide audience cannot be ignored.

And with each generation becoming more tech-savvy than the last, businesses that are not already online are likely to be missing out on a new generation of customers.

For brokers, the internet's ability to reach a new and wider audience is compelling. Although many brokers remain wedded to print advertising – which has its own benefits – online advertising can be effective in generating new leads and business.

Online advertising is the fastest growing form of advertising in Australia. Presently, more than $1.7 billion was spent on online advertising domestically according to the Interactive Advertising Bureau. This figure is expected to rise as a growing number of businesses realise the benefits of web-based advertising.