How to Competitor-Proof Your Business

Do you know the #1 reason any business’ customers switch products, brands or suppliers?

Fascinatingly, it’s not poor service, poor product or even a bad experience. No, it’s neglect. Lost connection. A feeling of being forgotten, unappreciated or out of the loop. A past client may not even be consciously aware of this when they sign-up with your competitor.

If you’re one of our newsletter clients, you’re already well ahead of the majority of agents who neglect the goldmine of repeat sales and referrals that lie in their database. So keep up the good work nurturing and staying in contact with your database every month.

Theory? Or Does It Really Work?

A few days ago I received some delightful feedback from a real estate client who experienced just how effective her newsletter is at helping her nurture her database and remain top-of-mind.

Because the market is a little quiet s​​​​​​he is in the process of phoning every one of the predominantly older people on her database to whom she posts her newsletter every month.

“Hi, it’s M. here from x Agency. Not sure if you remember me…” at which point she was invariably interrupted….

“Of course I remember you M.! Thanks for the newsletter you send every month. We really enjoy reading it.”

After a friendly conversation, which frequently included comments about how much they enjoyed the joke or the fact that it always had something worth reading that wasn’t just “real estate-y”, she made a light-hearted comment along the lines of, “Well I’m so glad you’re enjoying it. I’ll keep sending it and I’m sure if you ever decide to sell your house, you’ll know who to call.”

I can’t share her sales figures but she’s had an impressive result from nurturing her database and building a community of people who know, like and trust her, for whom she has then had the privilege of helping them both buy and sell.

(Thank you M. for sharing your success – keep up the great work. 🙂 )

Take It a Step Further

Two to three times a year, consider adding even more “feel good factor” when sending your newsletter to your database (people you already know). (Christmas, Valentines, Easter all offer good excuses to do this.) Here are a few ideas:

•  handwritten, personal note
•  confectionery item—plastic-wrapped candy cane, Valentines chocolate, Easter egg
•  small, inexpensive gift—Christmas tree decoration, quirky/funny fridge magnet
•  2 for 1 coffee voucher for your favourite local cafe
•  a personal phone call to say, “Thanks for being a part of my business this last year.”

As digital marketing increases, personal mail is becoming less and less common which, ironically, makes it even more effective at communicating your message.

Adding something “lumpy” to the envelope piques curiosity which encourages even more people to open it as well as conveying the “feel good factor”.

Build Brand Loyalty

So build loyalty to “brand-you” by nurturing and caring for your database. Let your past and present buyers, sellers and appraisals, friends, family and acquaintances know that you recognise they have a choice of agent and you appreciate they have chosen you.

When it next comes time for them to buy or sell, you’ll be the first agent that pops to mind; your competitor won’t even get a look in. It’s downright brilliant!

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