Digital First Series: Adding Scale to Success
Professionals working with any form of digital platforms know that while it might take additional hours and energy to simply grow a business, the requirements are somewhat different when it comes to scaling a business. Scaling can’t be done by spreading things thinner than they already are, but reassessing and realigning business softwares and processes better to suit newfound goals. Here are a few ways C-suite level and other professionals can add scale to success:
Professionals must evaluate their entire business history and identify how it’s doing currently in its entirety; that means reviewing past sales, expenditure, hours worked, marketing metrics etc. This will require all hands on deck and reporting, but being able to access data in a centralized digital database or productivity tool will help promote precision and accuracy, forecasting of future performances, and save valuable time in repetitive tasks.
The best agency leaders know that a business about to shift its stance means having to get all key players on the same mindset, including team members and assistants, so that a common brand tone is maintained across all communications that will also promote smooth, consistent CX.
Reassess Financial Situation
Scaling ventures take time to plan and money to grow, so depending on the strategy and goals, new financial budgets could now include new softwares to help manage growth volume, hire new staff or experts, adopt new proptech etc. The saying that ‘it takes money to make money’ holds true here.
Focus on a niche
This is really important, because business leaders who scale successfully are sure of what their brand is truly passionate about, what they can offer to the table better than competitors, and where they excel at generating revenue. So whether it’s luxury housing or moderate-sized apartments or working class neighborhoods, identifying one’s niche is paramount.
Building strong alliances
Adding to a well-oiled machine doesn’t have to mean employing 15 more people. It simply means finding and hiring smart people who can get you closer to meeting your goals. Finding small businesses, partners, experts or mentors who can advise or assist every step of the way is also a great way of delegating tasks and generating even more ideas.
Adopt relevant infrastructure
Adopting relevant infrastructure to support scaling means carefully choosing the tech that won’t disrupt the status quo so much that the whole system topples, but upgrades what’s working so that it’s able to handle more business, faster. These technologies can cover a wide variety of activities: lead generation, tracking, nurturing, transaction management etc. Ideally, automation of many tasks will reduce manual labour more efficiently and at a lower cost.
Leveraging digital and social media marketing
Because social media platforms are almost always where you’ll find your audience in some form or another, real estate companies need to actively carve their place in the digital realm and make sure they’re building bridges between their social media profiles and their website/CRM. Not only that, Facebook and Google ads can’t be ignored when it comes to serving as powerful lead generation tools in their own right. That means lots and lots of testing and perfecting ad copy and other forms of persuasive media, whether it be done in-house or elsewhere.
Quantify, Qualify, Measure
Verification of every step of the process is key to scaling to success effectively. This means choosing relevant KPIs for every team member and process, measuring regularly, comparing, and finding out complications and successes in the system.
If you’re enjoying our “Digital First Series” - join us November 8th-10th for a free, online event
Real Conf. 2021 - Adopting a Digital-First Strategy
Exploring how property firms can harness the power of digital to grow reach, revenues and market share.