Has the #Oculus created a rift?

What can we learn about social media from the Oculus Rift price announcement?

I’m just going to put it out there right now: I’m REALLY excited to get my hands on an Oculus rift. When I was just a little whippersnapper, I was taken on a family outing to a technology event that had the height of VR on display at the time. After just a few moments with that headset on, watching pixelated spaceships create even more pixelated explosions, I was hooked! I couldn’t wait to get my hands on what was coming next.

It’s been nearly 2 decades since then, but when I saw the Oculus announcement I went straight back to being that little kid again. I’ve followed the campaign on social media, I’ve kept up-to-date with the latest news and the whole way the little kid inside me has been grinning like an idiot. That was until sometime last week…

Last week the guys behind Oculus released their price point: $599. It should be retailing here in the UK for about £500. Five, hundred, pounds! I knew it was going to cost a fair amount, it’s new technology and that always costs a fair wad of cash, but that isn’t what’s frustrating. I’m not even annoyed that I’ve had to wait this long to get back in the VR seat! What’s got me and so many other people down is that we’ve not had our expectations met. When the Oculus was first announced, the team behind it said their price point was going to be between $200 – $400, about £150 – £300 for you and I, on average doubling in price.

What you’re probably wondering though is why you, as an Estate or Letting Agent, should care about any of this? I promise I’m not just using this as a platform for a rant, there’s a lesson to be learnt here so bear with me.

Social media is becoming the prime way that businesses communicate with their customers. People will seek out businesses they’re interested in and that they want to interact with, following everything they’re doing. It’s entirely shifting how consumers are choosing to engage with businesses.

Let’s take my wallet as an example. I love my wallet, it’s just the right size, has a frankly ridiculous amount of card slots and somehow still fits in my skinny jeans. I’ve had this wallet for years and when I first bought it the whole transaction was “see wallet, like wallet, buy wallet”. Now that process happens a little differently…

With the fashion companies that I follow now, not only do I see a new wallet pop up that I might want to buy, I know the design process behind it, I know the team that made it, I know where they chose the leather, the tanning process and why they made these decisions. It’s information like this that social media has made commonplace, everyone wants to know more about the business they use and the products they consume.

Oculus have had us riding along with them on their journey via social media from the very beginning, working everyone up, showing us just how amazing their product is going to be! The same as with many products and services these days, this is just how we’ve come to expect things. However, when they turn to us just a few months before the launch of a product we’ve been following for about 4 years and say “By the way, you can’t afford this now. Sorry.” It’s no wonder we’re annoyed!

Now what Oculus have going for them is that they’re a company fortunate enough to have the backing of Facebook. The marketing they have done and the technology they’re bringing to the table will still sell, we’ll just be a little bitter when the funds leave our account.

The main difference between you as a small business and Oculus though, is that expectation management is everything. If you don’t live up to the service that people have come to expect from you, or your social media portrays a false picture of you, it can quickly bring you down. Just a few bad reviews or clients left feeling hard done by can have a huge negative impact in today’s socially connected market.

If you take anything away from this, it’s to make sure you always meet the high bar you set for yourselves. Don’t ever promise something you might not be able to deliver on, no matter how well intentioned it may be, as it will soon make its way onto social media.

Social media can be your best friend but, just like your real friends, it doesn’t like being lied to.

You May Also Enjoy

Who are Rentd
Letting Agent Talk

Renters (Reform) Bill Dropped – Thoughts from the Industry

The Renters (Reform) Bill has been dropped as a result of the general election being called. Here are some thoughts from within the property industry. Ben Beadle, Chief Executive of the National Residential Landlords Association: “It is hugely disappointing that this Bill will not now make it into law. The news comes despite the fact that…
Read More
Estate Agent Talk

July 4 General Election – Thoughts from the Industry

Prime Minister, Rishi Sunak has called a general election for July 4, 2024, citing now being the time for the people of Britain to choose the next government. Here are some thoughts from within the property industry. Tim Bannister, Rightmove’s property expert: “A look back at recent elections shows that house prices and activity usually…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker

Matt Smith, Rightmove’s mortgage expert said: “Today’s inflation drop feels like an important milestone on the road to the first Base Rate cut. There’s been some to-ing and fro-ing over whether we’ll see a summer Base Rate cut, but today’s news will likely reinforce some of the positive words coming from the Bank of England…
Read More
Estate Agent Talk

Rayner right to be ambitious on housebuilding

At UKREiiF, Angela Rayner, Shadow Housing Secretary made several commitments to help solve the UK’s housing crisis including new towns, greater numbers of affordable housing, a return of housing targets and a clear design code criteria. Richard Beresford, Chief Executive of the National Federation of Builders (NFB), said: “Although election season is the time for…
Read More
Breaking News

Comment on Land Registry’s House Price Index showing an annual rise of 1.8%

Commenting on Land Registry’s UK House Price Index showing an annual rise of 1.8%, Daniel Austin, CEO and co-founder at ASK Partners, said: “The property sector is recovering. Rent values have seen sustained growth, positioning real estate as reasonably valued in comparison to gilts and presenting growth potential. In the realm of commercial real estate,…
Read More
Breaking News

Breaking Property News – 22/05/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Sunak calls General election for 4th July 2024 – American Independece Day Many pundits feel that post the General election Rishi Sunak will fly off to Silicon Valley, so maybe holding the General election on American Independence Day is no coincidence! The real carnage…
Read More