Pace Morby is the cohost of A&E TV series, Triple Digit Flip, and runs one of the largest real estate investing communities, SubTo.
In the vibrant world of entrepreneurship, we often hear about the significance of disruption, innovation and scaling. Yet, one of the most transformative elements in the business world is often the simplest and most profound.
Service.
I have been an Eagle Scout since I was 15 years old, and service has been at the forefront of my mind since then. Serving people hasn’t just been a feel-good tactic or an opportunity for a financial write-off; it’s a strategic pivot that can open up opportunities for businesses and entrepreneurs.
Building trust is building capital.
I’ve adopted the mantra, “Your network is your net worth.”
In an era dominated by digitalization and instant communication, personal touch and trust are becoming rare commodities. Especially in my field of real estate investing, the moment a seller lists their home, they are constantly bombarded by text messages, voicemails and emails from untrustworthy buyers and scammers.
When businesses put serving people at the forefront of their philosophy, they create a foundation of trust.
That trust can translate into loyalty. Loyal customers not only make repeat purchases but become brand advocates, effectively becoming an unpaid marketing force. As per a study by Nielsen, 89% of consumers trust suggestions from friends and family more than any other channel, like advertising.
Thus, businesses that serve well not only retain customers but multiply them because of the power of social proof that entrepreneurs create through service.
In a socially-connected world, every customer interaction can become a public testimonial, and endorsements can enhance brand credibility and attract new customers who prioritize businesses that value service.
Unveil hidden needs.
It’s difficult to make a sale if you don’t understand your consumer.
While there are ways to reach new markets or consumers, the success of these endeavors is greatly increased by a deep understanding of the consumers within those markets.
By genuinely serving people, businesses get an intimate insight into the lives, challenges and aspirations of their consumers. This proximity can lead to the discovery of unmet needs and potential products or services that a business could offer. It’s like having a direct feedback loop that drives innovation tailored to your target audience.
I was only able to get started in real estate because I realized I couldn’t meet a seller’s desired price, but I could alleviate a problem she had that prevented her from moving. She had three massive problems: huge bunnies.
This seller’s granddaughter had given her three massive bunnies that she couldn’t take with her in her move. Even though I couldn’t meet her asking price, I could alleviate her problem with the bunnies. So, I called my mom, who picked up the rabbits and opened up the seller to be able to move.
Because I went out of my way to help her, two weeks later she called me and offered to sell the home to me. My service allowed me entry into what is now my whole world, and it’s because I listened and was trusted.
Cultivate satisfaction.
The service ethos doesn’t just apply to customers; it extends to employees as well.
Businesses that prioritize serving their employees often witness reduced turnover rates, higher job satisfaction and increased productivity. When employees feel valued, they, in turn, are more likely to provide exemplary service to customers, creating a virtuous cycle and bringing new ideas for innovation and expansion to the table.
This is because employees—just like consumers—often want to align most aspects of their lives with their values.
Both employees and consumers are inclined toward businesses that give back to society or have a pronounced service orientation. Entrepreneurs who focus on serving are naturally positioned to attract employees who are satisfied and consumers who want to support a noble cause.
Expand through partnerships.
A reputation for service can also attract collaborations and partnerships. Like-minded businesses and entrepreneurs are more likely to collaborate with those who share their service-oriented vision.
Whether it comes to making your start in the business world or trying to grow your already established business, having a partner makes you much more likely to succeed. Such collaborations can pave the way for joint ventures, mergers or other business-enhancing opportunities with trusted partners who truly have your best interest at heart.
While the allure of quick profit might tempt many, the businesses that stand the test of time often have a dedication to service.
Serving is not just a moral imperative but a strategic one. As the paradigm of success evolves in the entrepreneurial world, it’s becoming increasingly evident that those who serve not only build sustainable businesses but also pave the way for new, uncharted opportunities.
In the words of Sir Richard Branson, “The key to success in business is all about people, people, people… If you look after your people, your customers and bottom line will be rewarded too.” And, as entrepreneurs chart the future of commerce, perhaps the most valuable asset they can amass is not just financial capital, but the trust and loyalty earned through genuine service.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here
