With the explosion of online marketing in recent years there is more and more data available to help home builders in their decision making – especially about marketing. Will data driven intelligence increasingly replace decisions made from past experience, intuition or one to one prospect and homebuyer interactions? Seems there is a long way to before this happens – a recent survey of 800 marketers at Fortune 1000 companies found that just 11% rely heavily on data for customer related decisions. I think a pragmatic approach for homebuilders and developers (and what we are trying to do ourselves at Lasso) is to use data driven intelligence to at least look at and consider what the ‘statistics’ are telling us. Balancing gut-based with data based information should lead to more informed decisions and — a better probability of good ones. Consider these basic marketing sales measures that CRM homebuilder software can provide accurate data and stats:
- What are my best sources of leads – that convert to onsite model visits and eventually to purchasers?
- How long is response time from initial interest list, either online on walk in, to the first personal follow-up (not auto-response) by marketing or the sales agent?
- How many contacts/interactions are typically needed to convert browsers to home buyers?
If you have ‘good’ data on these measures it takes much of the guess work out of what and where to allocate the marketing budget. And provides great insight into your actual response times (in a world where speed and quality of communication is everything) and the quality of the sales process.
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