David Parmet, in a recent interview, talked about how Stormhoek winery and English Cut custom tailoring used social media strategies to promote their new products and brands: Stormhoek blog and English Cut blog. Both brands have a bit a Kula in them.
The salient part of Parmet’s insight lies in his admonition to brands everywhere to embrace social media as a consumer engagement tool. He cites an example of hoteliers griping about Tripadvisor exposing service failures at their respective establishments. Parmet advised these service providers to embrace the brutal feedback, make the required changes (if valid), and then openly engage these “gripers” in the Tripadvisor forum. Nine times out of ten, he says, consumers will respect these efforts and turn into brand evangelists.
Real estate firms can use these same strategies to promote their brands, particularly around luxury or otherwise unique properties or locations, as well as their unique service value propositions. This said, why don’t real estate firms do the same as Tripadvisor? Homthinking, of course, already does this. But what if a real estate firm allowed consumers to openly rank its own agents. Not only would this be a PR-worthy event, but it would certainly elevate the service level of the agent base within the firm.
How many agents would leave the firm because of this? Who knows. A more interesting question is how many would stay with the firm? Likely those who are confident in their own abilities, knowledge, and skills; basically, the weak flee while the strong remain. Who ultimately wins? The consumer. And if the consumer wins, chances are high that the consumer’s loyalty will remain with the firm that has the most transparency and the strongest agents.