Experiential

A new word entered the lexicon in the 19^th century. For  a long time, it was rarely used. As with many other new words, there were existing words which served the same purpose.

But, “experiential” has gained traction of recent times . It means (according to the Oxford dictionary) “Involving or based on experience and observation”. And it is increasingly popping up in different contexts.                                                                   

We remember when shopping malls were for shopping. You went there to buy stuff. But now they are “experiential”. In other words they are about experiences. You go to a shopping mall to eat, go to the movies, have your nails done. Or even hang out with friends. Depending on age and inclination.

Similarly there was a time when you went to a restaurant to eat. But now a restaurant is rated on the experience. The food, the ambience and the quality of service all combine to define the experience.

In the ongoing battle between online and bricks and mortar (or physical to put it somewhat more simply) stores, the strategy often lauded as the way back for actual physical stores is to make it all about the experience. The theory is that Millennials frequent bricks and mortar stores more so than other generations, and they want to feel and experience goods in store. If consumers don’t have memorable and unique experiences in the stores they visit, then they will choose to purchase the goods they want online.

It is a similar story with service professionals. The age of one transaction, or deal, and then move on to the next, is long gone. It’s now about long term relationships between service provider and client. And even if it is only one transaction with a specific client, it may as well be an ongoing relationship due to the power of social media, ratings and on-line feedback. The mantra used to be that if a client was happy they would tell one other person. If they were unhappy they would tell ten others. With the power of the internet, it is a simple matter to now tell a million others.

But, somewhat amazingly, there are some who still don’t get it. Some do. And many don’t, understand that completing the transaction is no longer enough. It is now as much about the experience for both vendor and purchaser. The quality of that experience will determine the potential for future relationships. And it is often relationships that sell. Which was illustrated recently as we prepared for two settlements on the same day. Not unusual, but what made this one special was the vastly contrasting attitudes of the agents concerned. One settlement was a sale. The agent called to arrange the pre-settlement inspection, and then guided the non-English speaking purchaser through the process, answering patiently their (many ) questions. The other agent (which was for a purchase), declined to attend the pre-settlement inspection, with the comment that it was an unconditional sale, so they had done their part. There are no prizes for distinguishing which agent will be on top of our list for future business opportunities, and which agent is not even on any of our lists any more.  The two vastly different experiences from the two agents concerned contrasted significantly.

We are still perplexed that one agent realizes they will earn more commissions from Expedio, and the other doesn’t. And even were Expedio never to pay another commission, then the power of communication would ensure the story was repeated many times over. In other forums the story will have the names of the relevant agents attached.