Innovation considerations for real estate firms

Real estate professionals looking for sources of inspiration should consider the following quip from the book Chasing Cool:

The next time someone says they want to be the iPod of their industry, ask them this: before he came up with the iPod, did Steve Jobs walk around telling people he wanted to be the Sony Walkman of his industry?

The Chasing Cool book goes on to explain that innovators have a knack at assessing where a potential market “is” and what this potential market wants or needs, even though this potential market may be incognizant of such, because innovators employ various forms of focus groups (from the traditional, to the mostly non-traditional) along with intuitive insights.

Following this thread, in the paper Permanently Beta: Responsive Organization in the Internet Era, researchers point out that continual testing is a way to gauge user feedback and gain invaluable break-throughs in product innovation (the development of Linux is an example of this). Nevertheless, this article (abstract) looked at software company start-up success and found that prolonged beta phases and collaborations with universities delay product launch but that team tenure and experience favor faster product development and launch. This finding corroborates a premise in Chasing Cool that looking within rather than without (i.e., consultants) often drives true insight and innovation.

What does this mean for real estate firms striving for innovation? Perform a 365 degree analysis on your team and products and services. Analyze your company through the eyes of a competitor to better understand your weaknesses. Quit strategically as Seth Godin admonishes in the book The Dip.

Launching a Web 2.0 campaign

How do you launch a Web 2.0 media campaign? You don’t. If you’re thinking of “launching” “campaigns” in the Web 2.0 media space, you’ve broken your legs out of the starting gate.

How does a corporate brand manager “launch” a Web 2.0 “campaign” to counter (or embrace) a consumer-generated product review like Dirt Devil vs Electrolux found via the “dirt devil mvp comparison to electrolux” Google search (clicking the page 1, position 1 result takes you to the video product review). Let me repeat this: for the search phrase “dirt devil mvp comparison to electrolux”, the first organic result on Google is a consumer-generated YouTube video. How does one forecast for this eventuality, and account for this within the deliberative, plodding, and corporate-controlled product development and roll-out plan? All the push-marketing tactics cannot totally devalue the kitschy product review from a real consumer who’s having a good time making a video. Will “I” trust the brand, or the consumer?

Here are some considerations while pondering the the concept that brands are no longer in control:

Step 1: Educate yourself on new ways of thinking about business (notice I did not suggest topics confined to “Web 2.0”, which is a simple moniker to encapsulate a new way of thinking about business). Here’s a list of books to read to get going: The Black Swan, The Art of the Start, The Four Hour Work Week, Competing on Analytics, Crossing the Chasm, The Innovator’s Dilemma. If you have other books to add, suggest them an I’ll start a formal book list.

Step 2: Step into the abyss. Yes…join a social network. I started with FaceBook. To follow the progress of building a community from the ground up on FaceBook, follow/join the Mighty Tour de Nez FaceBook Group I started about one of the country’s most exciting, innovative, and competitive cycling events. The key take-away with respect to the TDN is that even though this event has been going for over a decade, draws record crowds and record pro cyclists, building a community on the Web does not happen overnight. To see the power of an established Group, look at the Ironman FaceBook Group. Also, while you’re on FaceBook, add me as a friend and I’ll add you back.

Step 3: Go create a mission statement and have a good laugh.

Step 4: Trust yourself to make mistakes and not care that you’ve done so.