Increasing sales conversion in residential housing
Barratt is the UK’s leading housebuilder – and they had identified an opportunity. If they could identify the prospects that were most likely to purchase a house as early as possible within their engagement, they could focus their site sales teams on the hottest prospects and increase conversion. This means a better experience for the best prospects and sales staff focussing in the right areas rather than being spread too thin.
Barratt wanted to increase the conversion rate of sales but had a number of data quality issues they needed to overcome. They needed to incentivise their staff to input better data by giving them a clear pay off – in this case, increased commission to sales staff because of improved conversion rates. This gives us the opportunity to create a ‘virtuous circle’ – better information driving better sales decisions and ultimately increased revenue for the business and increased commissions for the sales team. Identifying and prioritising legitimate leads early in their engagement was the engine that drives the revenue opportunity.
Our solution was to develop an engagement score underpinned by data science – a solution that would be robust enough to deal with the challenging data landscape while also providing a deployed system that was fully automated. By creating a large number of clean journeys across multiple data capture points, we were able to build a clear picture of how customers were interacting. We then built a series of predictive models that identified both the factors that lead to a successful sale and the relative influence of the different activities in leading to a reservation. These parameters were then used to develop a rule based score with business overlays based on exploratory data analysis – which also supported in the creation of a depreciation score for customers that became stuck in the sales funnel but were unlikely to convert.
Nationally deployed engagement score with RAG status to prioritise actions. Identification of a number of new features that impact on likelihood to convert. Development of a new nurture programme to support different engagement journeys.