On any given morning, I am at Starbucks buying my morning coffee or tea. It has become a habit, much less so for the beverage and much more so because it is a convenient place to meet a client or colleague, the WiFi if I have to do some work, and the great tunes they play. I even can get a FREE refill, which means my 2nd cup of coffee is on the house. I sit in a nicely air-conditioned space and wile the morning away.How in the world does this company make money from ME?
The other day I decided to purchase a bag of coffee beans. Then last week I was a bit hungry and ordered a bagel. I also use my iPhone to pay, loaded up electronically instead of using the plastic card. After 15 cups I get a FREE drink. I don’t necessarily even think they have the best coffee but they are brilliant at marketing. I swear they figure out the age of the customers and at which times of the day they come in, and play tunes from their college days!
What Starbucks has created in me is Brand Loyalty. They know that my commitment to come back, day after day, and purchase food, or coffee beans is worth more in the long run, roping me in with their Apps and their ambience. They know that in the long term, they are better off taking care of their customers’ satisfaction (free coffee if yours is not done the way you want it) instead of looking at the short term “profit” of my purchase.
Then I realized that I should be operating the same way in my RE business. Loyalty to my present clients, going the extra mile if they are not completely satisfied, making sure they are pleased with my service.
Think: Referrals and a long term partnership, as opposed to a quick commission. Are you developing Brand Loyalty in your real estate business?