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I recently read Amazon founder, Jeff Bezos, values obsessing over clients more than he worries what his competitors are doing. Both Bezos and Steve Jobs have previously quoted how they like to start with the customer experience and then work backwards when figuring out how to create the magical difference for their respective customers. No mention of competitors at all.
Zappos CEO, Tony Hsieh (credited with bringing online shoe-shopping to the masses) stated that 75% of their sales came from repeat customers. How? His whole philosophy was to take the money he would have spent on marketing and invest it into the customer experience. This then allowed word of mouth, delivered via repeat customers, to become their primary form of marketing. In doing so, Hsieh was also credited with single-handedly reshaping customer service.
Pretty ballsy, huh?
Actually, not really.
Try to remember the last time you had an awesome experience or felt the sales-person went over and above your expectations. I’ll bet you went back again for more of the same, even if it was a little more expensive than you’re used to. When you genuinely value an experience, cost doesn’t come into play as much because you feel you were understood and received real value from the transaction. I’ll also bet you told your friends and family about it so they could enjoy the experience as well. And, they would’ve probably listened because there’s a relationship between you and they trust your judgement.
Now, imagine you are your own customer. What transactional experience would blow your socks off? What would keep you coming back again and again? By our very nature, mortgage brokers are innovators and problem-solvers. So, it wouldn’t take much to charge up our innate super-powers and deliver a mind-blowing and memorable proposition to our customers.
In this season of interest-rate increases and house-price uncertainty, you need to elevate yourself above the competition. But, if you follow Jeff’s example, you wouldn’t even waste time worrying about your competition. You’d obsess over your customer’s experience.
No matter what, we can always do more.
Until next time.
Greg Pennells
Purple Circle Financial Services Pty Ltd
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