Real estate leaders that see profitability, productivity, and performance gains when implementing new technical solutions for their agents, are the ones that have implemented proven and sustainable solutions at the optimal time within their brokerages. These brokerages have chosen: (1) technology that’s in the right place in the adoption lifecycle—neither too early nor too late, and (2) technology that their agents are willing and able to use. Essentially, these brokerages have balanced the risk of leveraging new and innovative technology with timing the release of such to ensure wide acceptance by their agents. This blog post, the first in a two-part series, will explain how the Gartner Hype Cycle (GHC) and the Technology Adoption Lifecycle (TALC) help you balance the risks. Part two of this series, will give you seven tips to consider when implementing new technology for your agents.
The GHC was developed by Gartner Consulting Group as a way for companies to separate hyped technology from commercially viable technology. Gartner’s premise behind this model was to help firms make an informed decision around which technology to jump on versus which technology to watch. Gartner accomplishes this by giving companies a tool to help them evaluate emerging technology against their own appetite for risk. The TALC is a well-regarded product lifecycle model that graphs consumer psychological or behavioral characteristics that drive adoption of a new technology. Geoffrey Moore used the TALC as the basis for his book, Crossing the Chasm, and demonstrated that products that cross the chasm between early adopters (enthusiasts) and early majority (pragmatists) are products that generally find commercial viability (i.e., sustainability).
Technology that’s in hyped-up-mode or too early in the adoption lifecycle often times never becomes viable in the marketplace. Savvy brokers find technology that’s about ready or has just crossed the chasm, and is about to climb or already climbing the productivity slope. For a more detailed discussion on how the GHC and TALC can help you make informed technology-related decisions, and information to see how solutions like BoomTown effectively crossed the chasm and climbed the slope to deliver profitability, productivity, and performance gains to our clients, download our free white paper.