How to use data to accelerate your success

By Michele Gettins, Chief Marketing Officer at iamproperty

Data is a powerful tool and understanding how to successfully identify and utilise reliable and relevant data to your advantage is key to growth.

In iamproperty’s most recent Tech Talk, myself and Natasha McDonough, CEO of MMC Research, expanded on the topics covered in Tech of a Life 3, which looked at key survey data surrounding agents and vendors conveyancing experiences and how Estate Agents can use data to accelerate their success.

Looking at insights from McKinsey, their research showed that data-driven organisations are:

• 23 times more likely to acquire customers
• 6 times more likely to retain customers
• 19 times more likely to be profitable

These benefits are particularly relevant for Estate Agents who, continuously navigating a changing marketplace.

At iamproperty we always use data to help us inform our key decisions and make sure that they drive real change for Estate Agents. One key tool that we use to track our customers’ experience and identify any successes or areas in need of improvement is a Net Promoter Score (NPS). This is a highly effective way of measuring your customer’s trust in you and a useful tool to identify any gaps or opportunities within the consumer experience.

Our NPS is shared with our Partner Agents, and we use their feedback to make tangible changes to how we do business and how we support our network to succeed. NPS results can also be a great marketing tool as they can support in enhancing the credibility of your service offering.

When gathering data from consumers it’s important to read between the lines to get the most from your results. For example, if 75% of your customers would recommend you, you should also be looking at why 25% wouldn’t. With this information you can identify where you may need to make some changes within the business in order to strengthen your customer’s experience.

From speaking to consumers we found that 78% of respondents said that if their agent recommended auction to them, they would consider it, however the data also showed that only 6% of participants had been offered auction by their Estate Agent. The value of this information is that it shows us the demand for auction is there, however awareness is still low. This information helps to highlight where iamproperty’s efforts are best directed to have the biggest impact on the future growth of the business.

During my talk with Natasha, she provided some valuable insights into the importance of data capture and how you can optimise and diversify your data collection to become more competitive in the market.

“A lot of Estate Agents are already using a lot of data, which has been heavily supported by the introduction of insights such as Rightmove and social media stats. As a result of this agents have a wide variety of data at the tip of their fingers, however, the biggest challenge is knowing what to do with this data.

“Although you can see different graphs and charts that show how many people are visiting your properties and how many people are looking at your social media feed, you may often be missing the part that brings the voice of customer to life. A great way of doing this is through customer surveys.

“By talking to current customers who are looking to buy or sell properties through you, and surveying previous customers, you can find out what their experience was of using you. From this, you can obtain a good understanding of how your service is being received and use this information to strengthen your business”.

Through our own experience of gathering customer data, we have seen how this has helped to enforce positive change within the business and has helped us to become more successful as a result of listening to our customers. By collecting and utilising data effectively, Estate Agents can stay on the front foot through competitive times by finding new ways to thrive and accelerate their success.

Watch our full session on demand now at: https://iamproperty.com/webinars-and-events/tech-talk-how-to-use-data-to-accelerate-your-success/

ENDS