Property developer Stockland has implemented Salesforce CRM software across its retirement living business to identify people most likely to make a purchase.
Stockland first trialled the customer relationship management software in its residential business after announcing it would be replacing its core IT systems from 2016.
Retirement living CEO Stephen Bull told the company’s investor day presentation this morning that its marketing analytics team had been working with the software over the past year.
He said the team has created algorithms to analyse customer data to figure out how engaged potential leads are with the company and what their likelihood of making a purchase is.
“The initial results of these surveys is really positive, showing that higher-ranked customers [by the algorithm] are three-and-a-half times more likely to buy with us than those that are lower ranked," Bull said.
In the residential sector, low-scoring leads have a conversion rate of seven percent, whereas high-scoring leads have a 24 percent conversion rate, according to the investor presentation.
The firm's sales team are now actively pursuing leads based off the algorithm’s recommendations.
The company is also using the data to better understand whether customers would be better suited to its residential or retirement living businesses.
Bull said that the company is still refining the algorithms as the company continues to obtain more customer and lead data.