Selling something is tough! No matter how easy it may sound from the way things are portrayed and the morale boost that is given, making someone shell out money from their own pocket is tough, and if done becomes a thing commendable!
Now, some of you might say that in the era of impulsive shopping and the advent of online channels, sales have become comparatively easier. Agreed, but then why have the e-commerce retailers been struggling with selling out furniture or other higher involvement products belonging to the similar categories? Add to this the fact that more than 50% of the online transactions are in the range of INR 100.
All this in perspective, let us take some time to ponder upon what should be the challenges the ‘Real Estate’ sector – the sector which deals with one of the biggest investments people ever make (a house/home), be facing?
Putting this thought in an even clearer manner, what should an ideal Sales Cycle duration be for a Real Estate firm?
(In case, you are someone belonging to a real estate sector, you already know the pain points and hence, you can directly skip to the section where we talk about converting the leads into sales).
Well, it is an average period of 18 months of research (which can be called as the period when the lead gets generated), followed by another 12 months of persuasion and engagement, post which the lead converts (and that to if at all it does).
So, what should be done then to expedite the entire sales process?
Running Digital Campaigns seems like a good idea given that this medium has proven to give some of the best ROIs amongst the innumerable marketing efforts.
Running Digital Campaigns – As Effectively as Possible!
So, what happens once the digital campaigns are up and running?
A default Experienced Marketing Manager would sound something like- The keywords have been researched meticulously, Google audience definition is strictly on point, website visitors are being retargeted, remarketing campaigns are on. CPC, Target CPA, CPL- you name it, and everything is being monitored. Email campaigns are being done and the new B2C SMS platform is being explored. Social Media engagement is being built upon. The leads are pouring in from all quarters and yes, most of them are genuine.
The leads are being consolidated, there are so many analytics that the firm now has, and fast forward say another 7-8 months, the data is so much that it is becoming tough to deal with. So, okay, a Business Intelligence tool is being brought in now. Also, AI needs to be explored so yes, Business Intelligence is a good option to consider.
Demo, Installation, Integrations, Implementation and multiple hours being dedicated again; there is even more data to act upon now. Now, we have sales forecasts, some analytics on A/B and Multivariate testing telling what has worked for the prospects, there is an ROI estimator too and some suggestions are being made advising on what needs to be done!
However, fast forward 6 more months (which makes about 1.5-2 years in total) and the problem remains the same.
How to CONVERT the Leads faster?
‘How to shorten the Sales Cycle?’ OR ‘How to Improve upon the Occupancy Rate?’ OR ‘How to Generate More Revenue for the same set of Investment?’
Let us first look at an ideal solution which offers the following:
- Advanced Analytics: Advanced in the sense that it will not just tell about the ROI one could generate and aggregate the leads that were created from various channels along with their interaction history giving a clear 360 degree view of the consumer’s activities, but ALSO segregate those leads into Hot, Warm and Cold. Thus, enabling the Sales and Marketing teams to act on the leads which are closest to completing their purchase decision and will convert at the earliest with the minimum efforts.
- Predictive Analytics: Give an insight into what needs to be run in the campaign, what do the customers prefer and MOST IMPORTANTLY – why do they prefer whatever they prefer?
- Social Insights: A lot of critical data about any client rests on their social media profiles. There definitely are multiple platforms providing analytics about them but how about a single aggregator platform which combines all these analytics, mixes and matches them with data from the other sources and provides one result? Such a solution would define a Marketer’s paradise.
- Sentimental Analysis: Mainly to understand how interested a person sounds in the product being offered and to know what kind of a person the prospect is. Knowing the basic nature of a person can make significant difference during the pitch after all, a fact that no good salesperson would ever deny.
- Tone Analysis: More of a feedback function, this analysis can help one determine how satisfied or dissatisfied was the prospect with the very first interaction that happened with the team. Taking cues from the language used, the AI powered tools can define what mood the person is in and the kind of tonality he/she prefers in a discussion, thus, giving key insights for subsequent discussions.
It all sounds fascinating, but do we not have so many analytics already? Well, yes BUT here is the difference – a Sales Cycle, especially for the real estate firms involves a mandatory face to face meeting and site visit and It is during this site visit that the difference is made.
For instance, buying a property for a first-time buyer is an emotional decision and for someone who is purchasing it for the second or third time will be a very thought-after one made mostly for investment purposes. One cannot pitch the same property to both the sets of people in the same manner because their needs are different, and only after understanding what an individual want, one would be able to address the exact requirement.
So, while all the Business Intelligence and Digital Campaigns will get the leads, the sales cycle will be shortened depending upon how effectively the personal interactions go, and this is where Sales Intelligence will come into play.
However, how does one get to know this closely about the prospect’s needs in order to make the perfect pitch?
Believe us not? A demo might help getting the answers to some of the concerns.
(PS: All the ideal features mentioned above are present in MARVIN)