Happy Sunday Everyone:
I was meeting with two great business partners of mine last week and one of them brought up a youtube video he had recently watched. The presenter was the VP of Growth for FB and the message was obviously about both growth and also retention. One of the most important topics was referred to as “Magic Moments”. For FB, it’s when a user initially accumulates 10 friends inside of 14 days, or connects with a long lost childhood friend. For Airbnb, it’s when a user hits the rent button for the first time after reviewing multiple pictures of the place they plan to rent. Not sure for you but the concept left me scratching my head, both in excitement for something new to think about, and also frustration for having never thought of this before. Our daily jobs, of selling real estate and the financing of it, is much more personal and service related, which also makes it much harder to measure, but to be aware of when our clients and business partners experience magic moments with us should be incredibly important. As an example, I can imagine a magic moment for me would be having a new business partner send us a client for the first time, or for a client to call into our office for the first time. The question I have for my team and I, and you should have for yours, is what creates a magic moment? and are you in fact creating one, or are you letting it slip by. If we’re aware when we have the magic moment in front of us, and we focus on not letting the magic moment pass us by, our client experience and retention rate would rise. This to me is where process and purpose meet. If we’re all about the process, and forget about the purpose, we create a consistently mediocre client experience. If we train our teams on the process, and the purpose, as well as the magic moments that should be taking place inside of our process, a client is going to have a great experience.
I will be meeting with my team tomorrow to begin the discussion of magic moments. Discussion points will be:
1. What are the magic moments for both clients and business partners and when do they/should they occur? In our businesses there isn’t just one, they continue throughout the process. We need to have them identified, in writing.
2. How do we recognize them ahead of time?
3. How do we measure them?
4. How do we train to maximize the magic moment (in our business so much of it is in client communication, not what you say but how you say it).
Perhaps you might consider having the same discussion.
Have a great rest of your Sunday.