Despite the changes in every market segment due to the advancement in technology, there will always be massive market share for businesses that focus on hospitality and service, luxury over mainstream and relationships over transactions.
Hospitality is based on anticipation of your clients’ needs. Wayne Gretzky, the Hall of Fame hockey player, described his success based on one principal “I always tried to anticipate where the puck was going to be, not where it was at that particular moment.” As that relates to us, to be wildly successful, we need to build systems and processes that remind us always to be anticipating what our clients will need tomorrow, next week, next month. That is the difference between hospitality and service.
As it relates to LUXURY, it’s not LUXURY if technology can disrupt it.
Think about that for a minute. Every market segment has categories. In the world of restaurants and dining, you have Fast Food, Fast Casual, Full Service, Fine Dining, etc. You have to pick a segment. You can’t be everything, right? Being that we are a high-touch luxury brand, we relate best to Fine Dining based on the white glove service that we provide.
What are the odds that, because of technology, the demand for an elite level dining experience will go out of style? Virtually zero percent.
In fact, those experiences are gaining in popularity. Millennials are increasingly spending more of their total budget on experiences and brands compared to housing and automobiles.
Are relationships always going to factor into buying decisions? 100%! Is trust still an essential part of the selection process? 100%! Do clients value an experience that exceeds their expectations? Of course.
My point is that sometimes we have to use OLD SCHOOL strategies. You CANNOT automate thoughtfulness. You’re past, and current clients will want to support you if you are adding extreme value. Your past clients are nine times more profitable to market to than trying to acquire new clients.
I get this a lot, “Jim, my business is sluggish, it’s not growing as quickly as I’d like….” If you want to jump start your business, GO OLD SCHOOL.
Here are 5 strategies that still work well for agents:
- Make A Call
- Write a Handwritten Note
- Intentional and Strategic Gifting
- Acknowledge and Follow Up on Referrals
- Plan Client Parties and Attend Events
This HOSPITALITY / LUXURY / RELATIONSHIP-based mindset will be your biggest reason for growth. Your business will be easier because your focus will be on referrals.
I’m so passionate about this topic because I saw the growth in my business when I focused heavily on these items. I’ve seen other agents who focus on collecting and compounding relationships grow their businesses.
It takes time. It takes energy. It takes patience. It takes consistency. But, the long term results are worth the investment and the effort.