Sellers want to be part of your customer journey! Buyers want to be part of your customer journey! Stakeholders want to be part of your customer journey! And every one of them wants a customer journey customized and tailored to their needs and wants. For that to happen, Estate Agencies need a different GDPR consents for each journey. These consents should be prominent in all communication and every written agreement between the agency and its stakeholders.
If GDPR consent is so important, why don’t the estate agencies work more on adapting and developing theirs? According to our sources from different agencies, the approaches to GDPR and consent differs greatly. Larger agencies and franchises are terrified of any wrongdoing and will choose the safe route and stop marketing and sales activities when in doubt. As a rule of thumb, the problem is almost never the client and the consent they have provided but some phrase their legal team has forgotten to implement in their general GDPR consent. The smaller agencies and franchises buy their GDPR consent from third parties and pay rather handsomely. This is not investments they can do on a retainer and GDPR develops into a massiv limitation on agencies ability to communicate with their clients.
What is the consequence of putting off working on consents? Marketing activities and customer journeys will be generic by nature. Which is quite a problem considering that the average consumer is exposed to 5-10 000 buying messages each day. And their brain will remember 2 or 3. A generic one size fits all campaign will have an effect next to nothing at least regarding expected sales. In other words, consent is the basis a long-term customer journey must evolve from. The conversation regarding the consent is also a great opportunity to get to know your clients and their expectations. Perfect customer data to create personas, segments and new audiences. Everything an estate agency needs to develop new markets.
What is the impact of reducing customer retention? For the estate agent, the agency or the franchise the obvious consequence is that the majority of clients disappear after the sale. Meaning clients who buy bigger and more expensive, are gone. Any recommendations they should provide will also disappear. In the end it all adds up.
What does it mean for clients and stakeholders? It means they don’t get the customer journey they want. Anyone who has invested several thousand dollars, pounds or euros wants conformation on their brilliance. What they bought, the agency they invest in or their smartness in general. Down the line they would love to see friends, family and colleagues make the same investment. The ultimate confirmation of their brilliance.
Who’s winning in a status quo situation? When nothing changes and no one claims ownership to customers. Every transaction is up for grabs. Meaning there is always room for competition. New estate agents, agencies and franchises can all invest in a market they want and expect to get it. This will turn every market and segment into a fierce competition.
So what is the smart play? There are two distinct opportunities. Everyone can keep doing what they are doing. Using GDPR as an excuse to simplify and minimize the customer journey. Or they can use GDPR as an opportunity to talk to their clients and develop a customer journey based on individual needs, wants and expectations. I feel tempted to quote a marriage counselor I once heard about. No long-term relationship has ever suffered from great communication.