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By Yasmine Goodwin & Luke Hall, my-designstudio.com
Decor sales and the multi-residential construction industry are entering an exciting new era with more advanced digital and virtual solutions to enhance the sale of your homes. The new technology that has emerged is invaluable to the builder and can now be applied to your decor sales to create an exciting experience for your future homebuyers. Here are three ways digital technology can set you apart from the competition.
Improved client experience
Virtual technology holds measurable benefits for your clients. With the rise of visualization programs, purchasers will take an immersive approach in the colour selections process from wherever is most convenient for them. By removing the time constraints and pressures of an in-person meeting, buyers will have the freedom to explore different combinations of finishes online and share their personal vision, or “lookbook” with friends and family, before their appointment with a design consultant to finalize their selections. Providing as much knowledge about the products offered ahead of time and keeping them invested in the process from the start, the more likely they will be to pull the proverbial trigger, finalizing their selections on time.
Buyer analysis at your fingertips
One of the most noticeable benefits digital design solutions will have on your process is the improved analytics. Being able to debrief and review detailed demographic data and data analysis reports, both during and after a project is complete, provides a wealth of information. We often reference the 80/20 rule to generalize that 80 per cent of buyers choose 20 per cent of the selections available. And with that knowledge comes the task of identifying from that 20 per cent what product categories held the highest profit. This exercise is an excellent learning experience to help you plan future programs based on these insights.
After breaking down the product categories that resulted in the greatest profitability comes the more granular analysis of breaking down the selections that were chosen and, equally important, the ones that did not move. This is useful to get you to think outside of your typical processes and see more clearly where investments are being spent. If you approach your digital program from a retail perspective, you can apply the same principles of how a boutique storefront is staged. Start to think about where products are positioned within your program and how slight modifications will allow you to yield more profitable results for your future projects.
Boost in revenue
The combination of offering builders with insightful analytics using digital software, and streamlining the client experience, will provide a successful Decor Sales Program, offering you the additional profit to your bottom-line while increasing confidence with your homebuyer.
With the incredible opportunities that this new technology presents, there’s no better time to start integrating it into your everyday process. Improving the homebuilding process and experience for all parties involved, is well worth the time and effort, and you’ll notice the impact immediately. If you’re looking for a way to distinguish your brand in the industry, virtual technology is the perfect solution.
