‘A picture is worth a thousand words.’ It’s an adage we’ve all heard, and remembering it can help you grow your business. Anton Babkov explains how using your software systems can generate a visual summary of how your business is performing, save time and put you ahead of the competition.
How often have you sat in a meeting feeling your eyes glaze over from looking at a wall of numbers?
Or worse still, having made a strategic decision for your agency based on a guess?
This can simply be because you didn’t have the right data formatted to support decision making.
Bring in a dashboard – with its simple graphic visualisations – and at a glance you’ll see where the challenges and opportunities are, giving you the time to work on the right strategies and execution plans.
Today’s agency software providers have the valuable data hidden deep inside and are now focusing their efforts on surfacing it in ways that will fundamentally drive your agency to success.
So what’s all the fuss about?
Humans are visual creatures, so graphs and dashboards work effectively.
We process visual data better than any other type of data.
The human brain processes images 60,000 times faster than text, and 90 per cent of information transmitted to the brain is visual.
A Massachusetts Institute of Technology study reported, “We can understand the meaning of an image in only 13 milliseconds”, which is 10 times faster than the blink of an eye.
Here at Rex, we’ve recently spent a lot of time talking to agencies about the numbers that are important to their business and come away with some key dashboards to help drive your prospecting/marketing strategy and execution.
Inventory pipeline dashboard
With a live pipeline dashboard, you’ll get a daily feel for the status of your current listings, and be able to trigger additional prospecting activity when your number of active appraisals falls below your standard benchmarks.
This is a good way to restart prospecting activity like your best performing appraisal lead generator campaign.
Days on market counter
If the days on market number looks good, and even better if it is going down, make a quick graphic and use it to run a social ad on Facebook and Instagram.
Property owners looking for a quick sale will be interested in this trend, and it might be the trigger for them to inquire about a market appraisal.
Live ‘just sold’ dashboard
Watch the ‘just solds’ as they appear and quickly build and publish the highlights in a just sold ad campaign on Facebook or Instagram.
Put in the copy details of how many hot buyers you have on the books who missed out on these properties and you’re sure to seek out local homeowners considering their next move.
Sales team activity dashboard
Tracking daily activity like the number of calls made, the number of appraisal meetings booked, and the number of listings signed off in a visual chart highlights the highs and lows in your team’s performance.
It stops you guessing and acting off gut feel by letting the numbers guide you.
When armed with numbers, you’ll be able to set clear benchmarks and expectations.
Your prospecting activities will hum and everyone will know where they are at.
Knowing exactly what is going on in your business is a powerful thing.
Dashboards with visual data representations will:
- Give you total visibility into your business.
- Save time trying to manually account for things.
- Improve results by focusing on the right things.
- Reduce stress when your “spidey” senses are rightly or wrongly telling you things aren’t good.
- Increase productivity for your whole agency.
- Ultimately increase profits.
As you can imagine, having all this information available on-demand in your dashboards gives you a huge advantage over your competition.
You know precisely how your business is performing and what to fix, while they spend the majority of their time on the wrong tasks.
So, check your software systems and see what dashboards you can use to gain these advantages.