HOW TO USE THE FAB FORMULA TO TURN FEATURES INTO BENEFITS
One of the things that frustrates a lot of owners when it comes to making the decision of who to choose as their Real Estate Agent or Property Manager, is what we call, ‘feature dumping’.
This is where agents will rattle off a big list of features — and expect the client to figure out how that will benefit them.
Your buyers, sellers and landlords need to know what’s in it for them, and so your goal during a communication should be to shift a feature — which happens to be all about you — into a benefit that instead concerns your buyers, sellers and landlords.
You can do this by using a success strategy we call The FAB Formula.
Before we start, it would be a good idea to work with your team to brainstorm about 5 to 10 strong business characteristics — or features — you would like to market to your clients.
We will then show you how to use The FAB Formula to help them first of all see those Features as general Advantages — and ultimately — Benefits.
Once you have your list of features, a great place to start is by applying the ‘So What’ test.
This means that if a client is likely to take that list and say, “So what?”, then you have work to do.
Here’s an example:
“We are a boutique agency, specialising in this particular marketplace.”
So what? What is the advantage?
“So what this means to you is, everything we do is designed for and focused on this marketplace.”
And the benefit?
“The real benefit of this to you, is that these strategies give your property the best chance of receiving the highest sale price in today’s market conditions.”
Here is another example of a Feature, which in turn becomes an Advantage and Benefit to the customer:
“We have been in business for X number of years. What this means for you is, we have a very strong proven track record and we understand this marketplace intimately. The real benefit to you is there is no situation you or your property will face that we haven’t experienced before. Our negotiation skills have been honed in such a way that delivers an even better outcome for you. In fact, let me share a case study in which we have achieved this with another client before.”
We encourage you now to return to that original list of features and apply The FAB Formula to each. Take each of those features and translate it into the client’s language by adding in the advantage, and then, the benefit.
Enjoy the process!