As a luxury real estate marketing professional, you know that referrals are the best way to ensure the success of your business. The number of referrals you get are indicative of the service you give, and the success you will continue to have. When you give your clients something remarkable to talk about, they will go out of their way to refer you.
A recent blog written by David Johnson, a digital marketing strategist whose niche is the automotive dealer industry, emphasized the importance of ROE (return on enchantment).
“Word-of-mouth is gold and social media is the vessel we use to promote it, but how exactly is it accomplished? As businesses we are always looking for ways to lower the cost of acquiring new customers. Give your customers something positive to talk about. This goes a long way to influencing a higher rate of word-of-mouth; let’s call it your ROE or "Return On Enchantment."
Many businesses and professionals, including those who market luxury real estate, claim to “exceed’ clients’ expectations. But, what does that really mean? Consumers have come to expect less and less professionalism from service providers. Don’t fall in the trap of thinking that delivering excellent service and exceeding these lower expectations is the same as enchantment marketing.
Here is an example of enchantment marketing in the automotive world from Mr. Johnson’s blog:
“A customer comes in to your dealership to purchase a vehicle for his daughter’s 16th birthday. You decide to take things to the next level by getting the car wrapped for him, complete with a big bow on top. But you don’t stop there because you really want to enchant your customer so you give to his daughter a year’s worth of free oil changes, 5 complete details and a $150 gas card.”
This kind of service leads to buzz. When it happens to you, you cannot wait to tell everyone you know about it, and chances are it will be on a social media platform. Someone just made a customer for life, a customer who is enchanted.
One of our clients has an investment buyer who now keeps sending her business after experiencing her take on enchantment marketing. Her buyer had always wanted to eat at the most famous (and most expensive) restaurant in her marketplace. But, the buyer knew that it took three months to get a reservation there. Since our client was a dear friend of the owner/chef, she reserved a table for him, treated him to dinner, and had the chef sign the menu. Furthermore, she had the menu framed with a picture of the chef and the buyer. This is part of her enchantment marketing budget. The cost of this is significantly less than a full page ad in a magazine.
Thoroughly delighted, this buyer turned around and invited her to the Masters’ Tournament in Augusta, Georgia. He sent his private jet for her so that she could be introduced to his friends at the Masters’. The return on enchantment continuously evolves and multiplies. As a result of this trip, she now has several new potential buyers, people that she never would have met otherwise.
Enchantment marketing goes far beyond what most luxury real estate marketing professionals call exceeding expectations. Professionalism should be a given. You know that you have enchanted your client when your client goes out of their way to promote you, when your efforts truly spark significant word-of-mouth advertising about YOU. That is your Return on Enchantment.
The concept of Enchantment Marketing was inspired by Guy Kawasaki
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