Using data to increase ROI must come with a properly thought-out strategy. Don’t be vague. Identify what you want to achieve and collate the necessary data to make it happen. Without a clear plan, data becomes nonsensical, i.e., words and numbers with little meaning. Instead, what it should provide you with is the right insights to make the right decisions that will help you boost ROI.
“The digital business future provides organizations with nearly unlimited possibilities to create business value. Increasingly, data and analytics has become a primary driver of business strategy and the potential for data-driven business strategies and information products is greater than ever. It is a part of everything that organizations do.” (Gartner)
In this blog, we’ll look at the benefits of data and the reasons why it’s so important to the success of your real estate business.
Table of Contents:
- Establish a baseline
- Use real-time data analytics
- Act on the insights your data gives you
- Access data from your CRM
- Using high-quality data
1. Establish a baseline
To measure ROI accurately, there needs to be a baseline to compare progress against and a metric you want to achieve. In this way, you’ll understand where your business is at, establish where you want it to be and identify the ways to reach your goals, be this to:
- Improve forecasting, efficiencies, and revenue
- Mitigate costs
- Improve company practices and procedures
- Reveal opportunities
2. Use real-time data analytics
Search Business Analytics tells us that “More organizations today are looking to real-time data analytics which is the use of data and related resources for analysis as soon as it enters the system”. “It is all about using data as soon as it is produced to answer questions, make predictions, understand relationships, and automate processes”. (Rockset)
The benefits of real-time analytics include:
- Faster decision making
- More agile business operations
- Quick fixes of operational issues
- Rapid response to market trends
- Personalised customer marketing
- Better customer service
3. Act on the insights your data gives you
Analysing your data to increase ROI is just one step in the process. Turning the insights you derive from that data into something actionable is just as critical.
Let’s look at A/B testing for example. According to Neil Patel, “A/B testing is the process of comparing two versions of a web page, email, or other marketing asset and measuring the difference in performance. You do this giving one version to one group and the other version to another group. Then you can see how each variation performs”. This data is incredibly valuable to marketers as it gives them the insights to optimise webpages or campaigns where needed.
4. Access data from your CRM
According to statistics gathered by Smallbizgenius:
- Companies that use CRM successfully have improved their sales by 29%
- Customers spend between 20% and 40% more if they’re engaged by a company using CRM
- 34.6% of sales professionals say that CRM tools have a significant impact on their company’s bottom line.
Your CRM holds a wealth of data relating to your customers, leads and opportunities. Use it to segment and then target specific groups of people with messaging that resonates with the needs and wants of each. Analyse where in the sales pipeline your leads and opportunities are at and re-engage each audience to help you increase conversion instead of churn. Use your CRM customer data to increase ROI for your business.
In this article, learn how investing in a Real Estate CRM can bring you a significant ROI.
5. Ensure the quality of your data
It is essential to use accurate, high-quality data. All contact data decays or goes bad over time as people move, change jobs, get promoted or move laterally — B2B data especially. Using stale, outdated data is a waste of time and money. Start with quality data and keep it clean through data cleansing, a process that removes, corrects and, when possible, replaces inaccurate data to increase deliverability and ensure the quality of the full record.” Forbes
Read this blog to find out more about the trillion dollar cost of poor quality data.