How to transform customer experience with data and analytics
Consumers are increasingly digitally connected and they’re accustomed to technology that is always on and instant. This is largely a result of digitally native companies like Netflix, Amazon, and others changing the customer experience. More and more, customers are using this type of experience as a benchmark for the service providers they choose to deal with.
In my opinion, the traditional agents model worked best in the print area. Some agencies produced beautiful weekly property booklets that were hotly sorted after. It was a part of many people’s weekend reading, and growing up in Melbourne this was a big part of the inner city cafe scene. These documents were engaging and connected the consumer to the brand.
Today, a buyer or seller’s first interaction with a property or agent is often via a portal which can lead to a disconnected experience for the user.
Looking forward, there is an opportunity for agencies and agents to reclaim the engagement experience they once had, and better manage the customer lifecycle journey.
At a recent Inman conference in the US, a study conducted by Imprev found that over 60 per cent of top real estate executives rated predictive analytics and big data as the key technologies for investment in the next two years.
Further to this, the study showed the most important channels, in addition to portals, would be social media and video.
This represents a great chance for the industry to provide a more engaging online and personal experience for buyers and sellers.
Using new technology, the agent’s data can be enhanced and categorised. This allows for relevant and timely content to be delivered via multiple channels. Currently, agent’s data is often incomplete and in many systems. It is only possible to personalise a customer’s online experience if this data is categorised correctly. Imagine personalised buyers or sellers reports at scale, not a custom one. Better still, an engaging video accessible where users look every day.
It is now possible to use predictive analytics to assist in the customer journey of buyers and sellers. Many surveys have estimated that over 50 per cent of deals are lost by agents due to lack of mid customer journey engagement. Great video content is one way to keep consumers engaged with the agent at top of mind until the time is right.
According to Dave Garland, partner at Secondary Ventures, predictive analytics is analysing extracted data, using old data to predict the future.
The big difference now, he says, is we have new data points that we can apply to the real estate industry.
This can be used to predict the behavior of people who have interacted with a property. The data can then be used to create a score or rank so that the agent is far more efficient in prioritising their workload.
It is important to note that it is a significant challenge, though not impossible, to gather data related to a consumer's personal life while still respecting the individual’s privacy.
A data-driven marketing and sales approach will see the highest return on investment for the following reasons:
- Data helps gain better clarity about the target audience.
- Data offers the ability to build stronger connections with potential buyers.
- Uncover the best channels for promotion.
- Personalisation - Today’s customers are skeptical of generic marketing.
The implementation of these technologies and processes can now be achieved in a less disruptive way than in the past.