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Strategies for 2025: Actionable Intelligence and Reputation Risk Management
Strategies for 2025: Actionable Intelligence and Reputation Risk Management
Two topics I recommend for every organization's 2025 strategic planning: Actionable Intelligence and Reputation Risk Management.
Let's dig in:
1. Actionable Intelligence (the other A.I.): Seemingly overnight, artificial intelligence became the topic du jour; exciting some, intriguing others, and confusing many. In 2023, I presented "Bold Predictions for 2025" at Apartmentalize where I spoke about the importance of Martec's Law and cautioned the audience of falling into the "too much too soon tech trap" by sharing a quote from Douglas Adams: "We are stuck with technology, when what we really want is just stuff that works". In analyzing the results from our Biennial Online Renter Study later that year, we noticed a trending apathy among renters around the use of A.I. technology in the multifamily industry.In June of this year, the Journal of Hospitality Marketing and Management confirmed the unintended consequence when the term "Artificial Intelligence" was used to describe a product. "The findings of the study indicated that the inclusion of the "Artificial Intelligence" term in descriptions of products and services decreases purchase intention, and that emotional trust mediates this relationship. Findings further suggested that the negative mediating effect of emotional trust on the impact of AI term on purchase intention was stronger for high-risk products, compared to low-risk products." https://lnkd.in/e5tpgrQZ
Actionable intelligence bridges the gap between data and practical applications; allowing human expertise to work in collaboration with technology to gain a competitive edge. AI + AI equals a synergistic relationship; an idea that's worth exploring. There is a critical need for balance if the ultimate goal is to implement the right technology that aligns with customer preferences and smooths the way for a better customer experience.
2. Reputation Risk Management: As someone who oversaw reputation management strategies as an operator, I realized fairly quickly how exhausting of a practice it was. If you've ever heard "It takes [fill in the blank] positive reviews to offset one negative review", you're probably exhausted too. Depending on who you talk to, or where you get your information, the recommended number of positive reviews wildly varies. I've heard as little as 5 and as many as 60. The advent of algorithmic changes keeps us all guessing.
In 2017, my article entitled "Reputation Management Is Not Enough", I wrote: "Renters are in search of a complete and compelling online story; rooted in the resident's onsite experience and reinforced by an engaged management team. The practice of reputation management (asking for and responding to reviews) is no longer enough."
We've been shouting from the rooftops about the FTC's guidelines regarding deceptive online review practices since 2021. At that time, much of what we put out to the industry was met with a bit of indifference. Unfortunately, some were being held to unrealistic expectations that anything less than 5 stars was unacceptable. We also knew that deceptive practices such as review gating, review suppression, and incentivized reviews jeopardized a renter's ability to gain a complete and authentic depiction of the resident experience.
With the announcement from the FTC's final rule to combat fake reviews and testimonials, the loop has been closed on what businesses can and can not do. The final rule goes into effect October 13, 2024; now is the time to assess current reputation strategies and ensure every team member has been educated to comply with these guidelines. I would also recommend updating employee policies and partnership agreements to minimize your organization's exposure to risk.
Knowing that artificial intelligence and reputation management will continue to be discussed at every level of every organization of every industry, an elevation of thought and an evolution of practice is going to be the way forward for 2025.
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