As the events surrounding the Coronavirus unfold, I’ve had people (virtually) nudge me and say, “You should share your ‘defining moment’ story!” Something about a story I told back during the mortgage crisis has stuck with people. And during this time of economic uncertainty, it seems that stories of triumph are what we’re craving right now—as writers say, “The shortest distance between two people is a story.” We’re beings with a primal need for connection, so when you combine economic uncertainty with isolation, it’s easy to see why a time like this has us seeking tales of triumph.
So if you’re interested in hearing the “defining moment” story, I invite you to grab a cup of coffee, get cozy for a moment, and prepare to have a “meeting of the minds”…
Back in 2007/2008, we had a mortgage crisis that hit hard and fast…just like the COVID-19 pandemic (i.e., unexpectedly). As the division manager of a regional operations center for a national lender, I gathered our team and shared what had been shared with me from corporate at that time. In short, we could no longer do expanded product loans—even those that were ready to fund. We could now only do full-doc loans, which had been coined our “$.39 Cent Taco” loans, as these were the least profitable and came with more restrictive underwriting guidelines and were offered by every other company.
Imagine having to be the one(s) to give your customers such news. (Perhaps, you’re in a similar situation right now…in which case, keep reading!)
In regards to my team, it was my responsibility to: Keep. The. Calm. After reiterating the news passed down to me from corporate, I made the statement: “We have a choice. We can curl up in a fetal position in the corner and cry like a baby, or we can step up and ask ourselves what we need to do, create a plan, and take action on that plan—knowing that we’ll be making adjustments as things continue to unveil/change.”
This was a defining moment. (At the time, I didn’t realize that these two words would be what stuck most in people’s minds. But today especially, I get it. We want to know who we truly are when faced with challenges. We want a moment that defies any preconceived self-limiting beliefs we’ve been holding onto. I’m not saying we want to be in crisis-mode all the time. But it is times like this that seem to remind us of our resilience, creativity, and humanity.)
Anyhow, everyone stepped up and together we created a plan and then executed it. It was a scary time—no doubt—yet we pulled through, as did the country.
What did we do exactly?
As you’ve likely garnered, we called all of our customers and gave them the news. Easy peasy, right? Well, here’s the key to maintaining integrity and increasing chances of keeping customers when you-know-what hits the fan: be upfront and transparent. People respect that.
Then, we worked with what we had by shifting our focus from tangible benefits to providing the best customer service we could. There is value in the customer experience. It’s why I often buy books from the bookstore as opposed to online, even if the online price is sometimes less; the experience of getting away and getting to peruse and hold new books in my hands is worth it to me. Other times, being able to call up the store and have them hold a book for me, so I can pick it up that day instead of having to wait (even if it’s just one extra day) is worth it to me. That’s the basic psychological principle we put into play. And it worked.
Within two years, we became the company’s number one regional operating center nationally. Our ROC symbolized the “rising of the Phoenix”—and actually came to be referred to as The Rising Phoenix, because we truly did rise above the ashes, so to speak, despite the very real threat of being shut down looming over our heads.
Right now, the anxiety so many feel is not just about catching the virus but about having to change how we work—and in many cases not being able to work—so then we worry how we’re going to pay the bills, etc. The struggle is real. But as Brendon Burchard says, “Honor the struggle.”
How?
By looking at history. What history has shown us is how resilient we are. When things challenge us, we grow and come up with new ideas. We have prevailed and will continue to do so, even when each “crisis” feels bigger than the last. For instance, while our industry was used to the market fluctuating, what happened in 2008 felt bigger; it was bigger. I think that’s how a lot of us are feeling now. This isn’t just affecting us, but the whole world. This is bigger than when the Swine Flu topped news headlines. And, of course, we will never forget 9/11. Yet, we’ve risen above it all. Scarred perhaps. But remember, broken bones heal stronger…
Collectively, we are The Rising Phoenix.
With that perspective, this is another opportunity reminding us we have a choice—
Option A: Curl up into fetal position…
Option B: Initiate an action plan and move forward, prepared to adjust along the way…
(Spoiler Alert: The correct answer is B!)
No one would ever ask for this situation, but now that we’re in it, we need to remember that we’ve been training for these moments our entire lives (see above). In fact, if something like this was bound to happen, now is probably the best time it could have, being that we’ve already started to transition to telecommuting and adapting to social networking.
It’s an opportune time to get creative (look at how many businesses have switched to social media and the Internet to teach yoga classes, conduct webinars, focus on online sales, etc.).
We’re now seeing people come together just like we did in the aftermath of 9/11. Look at how many of us are making efforts to ensure the well-being of the elderly, how people are amplifying their customer service (i.e., showing gratitude), how grocers are giving employees bonuses (and hiring), how people are appreciating exercise and the outdoors more (neighborhoods are even posting exercise moves on their front doors initiating a fun way for people to run around the block and extinguish those stress hormones), and how people are getting creative by trading goods and services (it won’t be long before we see “TP” as a new ticker symbol scrolling across the stock market screen). We can see that in the midst of fear, many of us are tapping into something greater. Our resilience. Our creativity. Our humanity.
We can’t control how the world is changing, but we can control how we adapt to it. Worrying will get us nowhere. But creative action will.
Anyone else craving a taco?
