Launching a Project? Boost Your Conversion Rate

There’s nothing quite like the buzz of anticipation that comes with seeing a queue of people lining up outside your sales suite door ready for the launch of your new project.

Then comes the registrations of interest, the inquiry emails, the flood into your inbox requesting more information about the exciting new house and land release or apartment project that’s due to come to market.

But it’s all pretty meaningless without conversion, when interest turns into a prospect that becomes a sale.

New development market conversion rates hover around 20 to 30 per cent—about one in three or four prospects will become buyers.

What if there are ways that figure could grow to 50 per cent, where one in two leads could be converted into genuine buyers in an environment where competition is tight and sales mean survival.

Here are three proven ways to improve the sales conversion rate of your next project.

1. Get personal

DisplaySweet co-founder and co-CEO John Paige knows what it takes for an enjoyable and ultimately successful sales experience.

He’s spent hundreds of hours mystery shopping all kinds of consumer brands and products and knows the most memorable are an experience.

It’s a technique previously only used by luxury brands, art galleries and museums but as it turns out, is equally as successful when selling new development house and land estates as well as apartments.

“It never made sense to me that a retail experience could be more satisfying than buying a house or an apartment, when that is the biggest single investment most people will ever make,” Paige said.

“I couldn’t understand why my wife would receive better treatment when shopping for a pair of shoes or a handbag than a prospective home buyer who has stepped into a sales office.”

Experience is everything at One Barangaroo, Crown Resort’s $2 billion project under construction in Sydney.

Meticulously planned and executed, the buyer’s needs are prioritised above all else, One Barangaroo partner Erin van Tuil says, in reference to the layout, presentation and extraordinary level of finishes within the sales suite.

“Most critically it needs to be an exceptional representation of the product on offer,” Van Tuil said.

“When selling residences at this price point off-the-plan, a detailed and accurate representation needs to also encompass a ‘touch and feel’ experience for potential purchasers.”

By utilising a space that overlooked the One Barangaroo site and incorporating DisplaySweet technology to accurately showcase the view lines from each of the 82 different apartments, potential purchasers could tangibly link the contents of the marketing suite and the construction taking shape before them.

“We felt that it would be a stronger message to our purchasers that our building was under construction and progressing at speed,” Van Tuil said.

“This was the right decision. Being able to see the incredible shape of our building come to life has been a real asset.”

2. Keep It Simple

Technology has the power to streamline and simplify the sales process, closing the gap between the developer’s vision and a buyer’s understanding of a project or community.

“We’ve seen first-hand how DisplaySweet clients who can humanise a project via a simple and effective sales process instantly form a stronger connectivity with their buyers and a loyalty,” Paige said.

“Straight away that relationship means a buyer’s inherent sense of risk is reduced and they have more confidence around what they are buying.”

“Software within a sales gallery is crucial in this process, by integrating a platform that is as user-friendly as possible, buyers can navigate the sales gallery experience with ease and confidence while agents can easily sell and communicate through a single interface.”

For first home buyers entering the Tick Homes Experience Centre in Essendon Fields, Melbourne, integrating technology into the sales experience has been a game changer.

The benefits for using DisplaySweet technology to sell Tick Homes provides speed and flexibility for the business, is intuitive for employees and buyers to navigate and reflects the needs of time-poor, tech-savvy buyers.

“The benefits of using digital technology means we can make changes on the fly, whether it be tweaking our customer engagement, tools or marketing and sales solutions,” Tick Homes chief operating officer Darren Mehl said.

3. Be visible, engage, follow leads and convert

A few years ago, DisplaySweet’s earliest clients elected to AB test the technology to track the conversion rate and return on investment.

Clients would set up their sales suite where traditional marketing techniques would be used on half of their prospective purchasers while the rest would use the interactive DisplaySweet technology.

The results were staggering. Development sales teams converted significantly higher numbers of customers every single time, often converting more than double the rate of sales compared to traditional sales methods.

Theoretically, it meant clients who elected not to use the DisplaySweet technology were losing half their sales and commissions.

Using the DisplaySweet platform creates a more personalised sales presentation, resulting in a higher conversion rate.

For new home market leader Tick Homes, implementing technology has not only won them major industry marketing awards but it’s enhanced the customer experience.

“We’re able to map the customer journey from the moment the customers walk through the door, which means our technology solutions enable and complement the sales track,” Mehl said.

“This again adds to the customer experience and removes any obstacles or objections.”

In the first 12 months of operation Tick Homes helped more than 100 buyers into new homes, converting around 50 per cent of appointments, compared to the industry standard of 30 per cent.

“By choosing Display Sweet as our provider of technology solutions has meant that the tools are easy to operate and navigate,” Mehl said.

“Given their intuitive nature, the sales team have taken to them. Essentially, they are the main tool we use and rely on, so the sales team have been trained and know how to use them.”

To learn more about enhancing the sales experience for your next development visit www.displaysweet.com .

The Urban Developer is proud to partner with DisplaySweet to deliver this article to you. In doing so, we can continue to publish our free daily news, information, insights and opinion to you, our valued readers.