In my report on the Startup Speed Dating & Pitching event of nov 20th, I observed (without originality), that trust was the real currency of the sharing economy sector.
I had a discussion after the presentations with another attendee whose name I have shamefully forgotten (if you’re reading, get in touch!) about the future importance of trust metrics, and he came up with a very interesting example that makes it clear how such ratings derived from a particular service context can ripple out into a wider arena.
Consider the scenario (he said), of a boutique hotel, with relatively high prices. The hotel has, say, a 60% occupancy rate. Obviously, it would be good to improve this. But simply lowering prices will encourage budget tourists whose appearance in the lobby might detract from the supposed ‘cachet’ of the brand (yes, I know, I don’t want to stay there either, if they’re so snooty [actually, if I get rich, I might book their best suite and turn up looking like a slob, just for kicks] – but this is a business conversation, remember).
So, they’re stuck.