experience management: how online reviews can make or break your company

Experience ManagementHow Online Reviews Can Make or Break Your Company

Laura Monroe, Director of Marketing, RealSatisfied

@LauraMonroe

88% Of Consumers Trust Online Reviews As Much As Personal

RecommendationsConsumers read an average of 10 reviews before making a decision

78% of sellers still find their agent based on the referral of a friend or family member, or by having previously done business with the agent or broker.

*RealSatisfied Seller Survey Results

FACT

The real estate industry has only just BEGUN to incorporate online ratings

& reviews

But they don’t own the customer experience – you do

The Road to CX Excellence Is Paved with Customer Insights80% of companies say they’re customer centric,

yet only 8% of customers agree.

Managing Your and Your Agent’s On-line Reputation Means Managing Your Customer’s Experience

Not Just Reviews

While the vast majority of people read reviews

online, only a very small minority write them.

Bad reviews will usually come Where and When you least

expect it

Customers Want to be Valued and HeardHow many of your customers do

you think would agree that you are customer centric? Do you

know for sure?

From the moment a customer walks in the door or picks up the phone, you can have very

specific protocols aligned with your visions around how that customer will be treated.

Facebook is the leading resource for posi-tive reviews

“Absence of feedback is not a sign of satisfaction”

Customer Experience Leadership Can & should be a part of your culture

“I think its very important to have a feedback loop, where you are con-stantly thinking about what you've done, and how you could be doing it better.”Elon Musk, TESLA

The testimonial

Customer feedback

Minimize negative reviews by adding a layer to the review process – one that

you control.Craft a valuable customer survey

All closed transactions should be surveyed

Provide agents with the proper training and tools• Equip agents to inform clients during listing presentations or interviews

• Provide email templates that they can personalize to help them do this

Clarity of Data Leads to Effec-tive Action

• Where is your business coming from? (web, portals, etc.)• What “factors of influence” are used to choose an agent? • What improvements can be made to agent performance?• What is the return rate for testimonials and reviews?• What do clients love about their agent?• What insight on coaching or training opportunities?

Collect Feedback from First Time Cus-tomers

• Say thank you• Give a perk – gift card, coffee, etc.• When collecting testimonials by email

Collect Feedback from Repeat Clients• These are your brand ambassadors• Client thank you events• Give them something awesome to

share on social media or otherwise

Missed Opportunities• Lost listings• Welcome emails• When collecting testimonials• Online website visitors• Un-opened emails from subscribers• Non-returning customers• Website leads who return but haven’t been contacted

Competition Drives Improvement• Create benchmarks of excellence (recruiting)• Reward & celebrate agents on performance (reten-

tion)• Broker involvement on social media to amplify

great reviews

“Whilst many of us see the future of our industry in technology leadership, if we

don't do the basics right we will not earn the right to a future. Asking our cus-

tomers for feedback, is not a revolutionary concept. The challenge for everyone is hav-

ing the courage to listen and change.”Grant Herrod, CEO LJ Hooker, Australia

© 2015 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker and the Coldwell Banker Logo are

registered service marks owned by Coldwell Banker Real Estate LLC. Each sales representative and broker is responsible for complying with any consumer disclosure laws or regulations. Nothing in this document is intended to create an employment relationship with the Coldwell

Banker office or Coldwell Banker Real Estate LLC. Any affiliation by you as an agent with Coldwell Banker is intended to be that of an independent contractor sales associate.

THANK YOU!