THE BLOG
#SpaceasaService - 20 Branding Questions
The most famous Brand in Renaissance Art: Albrecht Durer 1471 - 1528
What operational capabilities do you need to create and curate a strong #SpaceasaService Brand?
Here’s 20 to get you going. Each is a rabbit hole worth diving down.
You could do it yourself but best to assemble a diverse and multifunctional team to jointly investigate and analyse.
As with all brainstorming you’d probably be well advised to facilitate an individual idea generation process first, collect and group responses, and then use these as the kick off point for an all hands on deck collaboration session
So, in no particular order …..
What are the key components of a successful #SpaceasaService brand, and how can you ensure you are delivering on those components
How can you create a consistent brand experience across different properties and locations when offering #SpaceasaService?
What kind of training and development programs are needed to equip staff with the skills and knowledge required to deliver #SpaceasaService?
What kind of technology infrastructure and systems are necessary to support the delivery of #SpaceasaService?
How can you effectively measure and track the success of your #SpaceasaService offerings?
What kind of feedback mechanisms should be in place to capture tenant satisfaction and make improvements to #SpaceasaService offerings?
How can you use #SpaceasaService to build stronger relationships with tenants and increase retention rates?
What kind of staffing models and resource allocations are necessary to deliver #SpaceasaService effectively and efficiently?
How can you effectively communicate the value of your #SpaceasaServiceofferings to tenants and other stakeholders?
What kind of partnerships and collaborations are necessary to build a strong #SpaceasaService brand in real estate, and how can these partnerships be nurtured and maintained over time?
How can you effectively communicate the unique value proposition of your #SpaceasaService offerings to potential clients?
What kind of marketing strategies and tactics are most effective in promoting #SpaceasaService in real estate?
How can you leverage social media and digital marketing channels to build brand awareness and attract new clients?
What kind of content marketing strategies can be used to position #SpaceasaService offerings as the solution to the changing needs and preferences of modern tenants?
How can you differentiate your #SpaceasaService brand from competitors in a crowded market?
What kind of branding and visual identity elements are needed to build a strong and memorable #SpaceasaService brand?
How can you use customer testimonials and case studies to demonstrate the value of #SpaceasaService to potential clients?
What kind of thought leadership and industry expertise can you showcase to position yourselves as leaders in #SpaceasaService?
How can you use events and experiential marketing to create buzz and excitement around their #SpaceasaService offerings?
What kind of metrics and KPIs should be used to track the success and impact of #SpaceasaService marketing and branding efforts?
These are all very Brand specific. Clearly there are many other real estate and operational questions to answer but Branding is a weakness within real estate.
Mostly because it has not been an important input into the success of an asset.
But today and in the future your Brand will be massively important.
All the answers you get from asking the questions above will feed into the user experience of your spaces and that will be what defines your Brand.
And ultimately, in the future of real estate ….
UX = Brand & Brand = Value
So it matters!
The Genius of Charles Handy
It could have been written today.
In fact many ‘gurus’ are re-writing it today. Passing it off I think is the phrase:)
A summary* of Charles Handy’s 21 year old, The Elephant and the Flea.
‘Charles Handy's book 'The Elephant and the Flea' is a metaphorical exploration of the changing nature of work and organisations in the modern world.
Handy uses the metaphor of the elephant and the flea to represent two types of organisations: the traditional, large, hierarchical organisation (the elephant) and the small, flexible, entrepreneurial organisation (the flea). He argues that the traditional organisation is becoming less relevant in the modern world, as technology and globalisation have led to a shift towards more flexible, decentralised structures.
Handy suggests that individuals must learn to adapt to this changing landscape by developing their own personal brand, taking responsibility for their own careers, and learning to thrive in a more fluid and uncertain environment. He also explores the concept of the "portfolio worker", who balances multiple income streams and works for multiple organisations simultaneously.
Overall, Handy's book encourages readers to embrace change and adapt to the new realities of work in the modern world, rather than clinging to outdated models of organisation and career development.’
Isn’t it brilliant? Trends are trends. Fads are fads. The former has longevity, the latter not.
*Courtesy (surely not Copyright) of ChatGPT.
Delusional Thinking on Planet PropTech
The Desperate an by Gustave Courbet, 1843-1845
Yesterday I listened to a podcast with two PropTech VCs and the CEO of a very large PropTech software company. And I was genuinely shocked.
After two or so years of the Pandemic and a good year or more of ‘normality’, one would expect real estate industry insiders to understand how fundamentally the nature of knowledge work has changed.
Mostly, companies operated as well whilst in lockdown as they did when all in the office.
And post lockdown it has been as clear as the sun in the sky that, mostly, no-one wants to lose much of the agency they gained from working from home.
Yes, people want to get together, but only when it actually adds value, has a purpose, and is clearly planned.
And they are doing so, roughly two-three days a week.
What they want when they get to the office is now supported by oceans of data, as is what tasks and activities are best done in an office, and what better suits ‘elsewhere’.
We are very much in ‘known knowns’ territory. No guessing required. Any company that wants to understand what people want can easily find out at the macro level, and even easier amongst their own employees.
Everything you need to learn about how to operate hybrid workforces effectively, how to maintain culture whilst mainly distributed, foster innovation remotely etc is readily available to anyone who bothers to look.
And the obvious conclusions are as obvious as they were by mid 2020.
Knowledge work is now a distributed game.
Offices are no longer NEEDED.
People need to made to WANT them.
We have the digital tools to work in a manner that befits the 2020s, not the 1980s.
And all of this is like a gateway drug to realising one doesn’t have to work in the stultifying, presenteeism centric, hierarchical, regimented, command and control, intensely inefficient and ineffective way we did pre Covid.
Don’t believe that was the case? Look up the data? Ask around how your colleagues enjoyed old school office life. Look at how reluctant everyone is to go back there.
But returning to our podcasters, none of the above applies, or seemingly has even been considered.
Their reality is (to paraphrase):
Bosses know working from home = slacking.
If you can’t see people working, they probably aren’t.
People are ‘lazy bastards’ (yes, they actually spat this out).
Culture and innovation only happen in offices.
You will never progress in any company unless in the office all the time.
Office centric companies are definitely more productive than any other model.
One day a week away from the office, probably Friday, is enough.
And finally ….. the balance of power will soon be changing and bosses will simply order people back.
Full on macho management was, and will be again, the way to operate.
From which of course followed that the office market might be struggling now, but will recover and return to where it was pre pandemic. Sure, we need to add some more amenities, and do some sprucing up, but you know, business is business and this is how it’s done.
This is delusional thinking.
Discussing this afterwards, someone suggested to me that ‘it’s their bread and butter, their business, so they HAVE to take this line’.
I get that, and understand one has to ‘talk one’s book’, but in this case delusional thinking will help no-one. What will be will be.
And just last week Cushman & Wakefield published their ‘Obsolescence equals Opportunity' report in which they stated just how much US office stock is no longer fit for purpose.
Only 15% of existing stock is ‘Top Class’, leaving 85% at different stages of the slope to obsolescence. 25% already is.
Which is a problem as ‘Top Class’ is what makes people WANT to go to an office. If the space is not ‘Top Class’ it’s likely there are better, cheaper, more convenient options.
So to be peddling the line that the podcasters were is not only delusional but missing out entirely on the plethora of new opportunities this changed market dynamic is opening up.
So much space needs to be repurposed, repositioned, demolished or otherwise transformed.
It is going to happen. You may as well start preparing.
Once you start seeing large investors giving back the keys to very large assets you know where this is going.
When you see traditional offices operating at 20-50% occupancy and even lower utilisation you know where this is going.
And when you see the strong demand for good to great assets, with good to great #SpaceasaService operators you know where this is going.
Sadly many real estate people, even those on the PropTech side, cannot or won’t see the writing on the wall.
And I, for one, know exactly where this is going!
The Unreal Side of Real Estate
Stop and Look – Orange and Yellow by Mark Rothko (1956)
I read an interesting interview today with Gábor Bindics. a cultural manager interested in the impact of spaces on social life, who is is based in Bratislava (link in comments).
He works primarily on public spaces, and asks this excellent question "Why is it that when we create a space today, we mainly focus on the physical part of it? We have great architects of physical space, but lack architects of social and experienced space?”
Why indeed?
One other sentence really made me think.
Where he says ‘every space has a quality that consists not only of the physical part but also of the social and subjectively experienced part.’
Which really chimed with my #SpaceasaService thinking, which is heavily focussed on the ‘humanity’ of space, in the sense of providing the perfect environment for enabling people to complete their ‘jobs to be done’ efficiently and effectively. And for helping them be as happy, healthy and productive as possible.
So I dived in some more:
Does ‘every space have a quality that consists not only of the physical part but also of the social and subjectively experienced part?’
To which the answer is surely yes.
The physical part of a space includes its tangible elements such as its size, shape, layout, lighting, and materials.
The social part of a space includes the activities, behaviours, and interactions that occur within it, as well as the social norms and values that influence those activities and interactions.
The subjectively experienced part of a space includes the feelings, perceptions, and meanings that people attribute to it based on their personal experiences, memories, and cultural backgrounds.
All of these elements combine to create the overall quality of a space, which can have a significant impact on how people use and perceive it.
This makes perfect sense for public spaces but does it apply to commercial offices?
The answer is again, I think, yes.
Commercial office spaces are not just physical structures, but also social and experiential environments.
The quality of a commercial office space is not only dependent on its physical design and layout, but also on the social interactions that take place within it and how people subjectively experience the space.
So for example, a well-designed office space with natural lighting, comfortable seating, and modern technology may be physically appealing, but if employees feel stressed, isolated, or uncomfortable within the space, then the quality of the office space would be low.
On the other hand, an office space that fosters a sense of community, collaboration, and well-being among employees can contribute to a positive work environment and boost productivity.
This has to be right doesn’t it? Especially in this age of hybrid, distributed and remote working?
We really should be designing our workplaces not just with functionality and aesthetics in mind, but also with the social and subjective experience of the occupants as a key consideration.
As I’ve said for years ‘The Real Estate Industry is no longer about Real Estate’!
Thoughts?
Seven characteristics of the best PropTech companies
Relativity, by M. C. Escher, 1953
So what separates the truly exceptional PropTech companies from the rest of the pack? It is a question that many have pondered, and one that requires a nuanced understanding of the rapidly evolving landscape of digital disruption in the real estate industry.
First, the best PropTech companies understand that their success is not just about selling technology. It is about creating value for their clients by helping them solve their most pressing business challenges. This requires a deep understanding of the real estate industry and the ability to think creatively about how technology can be applied to create value.
Secondly, the best PropTech companies are not just focused on short-term gains. They are in it for the long haul and are committed to building sustainable (I.e profitable), scalable businesses that can adapt to changing market conditions. This requires a willingness to invest in talent, technology and infrastructure, as well as a willingness to experiment and iterate until they find the right product/market fit.
Thirdly, the best PropTech companies are relentlessly focused on user experience. They understand that the success of their products and services depends on how well they meet the needs and expectations of their users. This requires a deep understanding of user behaviour and an ability to create intuitive, user-friendly interfaces that make it easy for users to achieve their goals.
Fourthly, the best PropTech companies are agile and responsive to market changes. They understand that the real estate industry is constantly evolving and that their success depends on their ability to adapt to changing market conditions. This requires a culture of innovation and a willingness to experiment with new ideas and approaches.
Fifthly, the best PropTech companies are committed to building strong relationships with their clients. They understand that trust and transparency are critical to building successful partnerships and that their success depends on their ability to deliver value to their clients. This requires a commitment to open communication, a willingness to listen to feedback, and a dedication to meeting their clients' needs. Vitally, these strong relationships provide the distribution needed to rapidly get adoption of new products and services.
Sixthly, the best PropTech companies will build ecosystems with other suppliers. They understand that they are a node in a network, a cog in the enormous real estate ‘system’, and must be able to easily connect with old, as well as new, services. Real value comes from integration. 2+2 can = 5.
And finally, the best PropTech companies will have products or services that are 10X better than the alternative, the status quo. That can offer clear differentiation for their customers, and push them from sticking with ‘the way we do things here’.
In summary, the best PropTech companies are those that are focused on delivering value to their clients, building sustainable, scalable businesses, creating exceptional user experiences, being agile and responsive to market changes, building strong relationships with their clients, integrating with ecosystem partners, and have 10X products or services. These are the companies that are leading the way in digital disruption in the real estate industry, and they will continue to shape the future of the industry for years to come.
So….. is that you?