To optimise or not to optimise: One property company's digital product journey

Different shares how it is combining data points and human insight in the property investor market

The measurability of digital platforms has enabled some unlocked capabilities for testing and optimisation. But in the race to measure and optimise performance, should we even be trying to optimise the process in the first place?

It’s a question that has been on the mind of Mina Radhakrishnan as she has built out her property management company, Different. Speaking ahead of her appearance at the Melbourne Business Analytics Conference, Radhakrishnan said she has worked to ensure that creating a superior customer experience does not default to just maximising specific data points.

“If you do that you are not thinking about why that is even a data point,” Radhakrishnan told CMO. “Don’t think about one data point and optimise. Ask the question of whether you even need to optimise the data point.”

This approach has been critical to the development of Different, which is setting out to provide a differentiated experience for property investors. The idea itself about when Radhakrishnan watched the process her father-in-law had to go through when investing in property.

Along with her co-founder and husband, Ruwin Perera, they have been systematically pulling apart the process of signing up with a property manager to make it as clear and enjoyable as possible. And that means understanding Web analytics won’t always tell the full story.

“So much of it is about deeply understanding your users and what it is that drives them and motivates them,” Radhakrishnan said. “What you also need to do is ask what the overall problem is, what are people trying to accomplish, and why they are trying to accomplish it in that way.”

A key example of this thinking in action has been Different’s approach to the management agency agreement, a key document that sets out the relationship and responsibilities between a property’s owner and the agency they hire to manage it. Normally this would require the owner to fill out a lengthy online form.

Different’s approach has been to determine where information is required to be input into the form, then reframe it as a series of simple questions.

“Our system autogenerates and populates the agreement with all of the questions that they just answered,” Radhakrishnan said. “They can browse through it if they want to, then they can sign on their phone, and that’s it.”

Radhakrishnan’s approach was honed through her years as a head of product at Uber in the US, and in product management at Google before that.

“Product is this really interesting mix of the heart and the mind, in that you have to have a very clear sense of why you are doing something,” she said. “That ‘why’ should be driven both from a data perspective and being able to measure that impact, but at the same time, being able to recognise that the real power from a product is intangible – it’s how it makes people feel.

“Ultimately, what is the intangible feeling that your product creates? There is a level of delight and specialness that is hard to measure.”

One potential useful measure, however, is the response from customers. Radhakrishnan said that while the industry average net promoter score is negative 38, Different has been reporting scores in the 50s and 60s. Hence she said company will be working hard to utilise that goodwill.

“Within a month of becoming an owner, one out of every four owners is referring somebody else,” Radhakrishnan said. “We know that people like what we do, and enjoy it and appreciate it, But we really haven’t pushed hard to get people to refer and that is something on the marketing side we do need to do more of.”

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, follow our regular updates via CMO Australia's Linkedin company page, or join us on Facebook: https://www.facebook.com/CMOAustralia.     

 

 

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Blog Posts

How can organisations debias their decisions?

​People whose personal details and experiences signal they come from racially diverse backgrounds are less likely than anglo or Caucasian candidates to make it through the first cut in recruitment processes. Even if the organisation says it values diversity.

Dr Karen Morley

Author, commentator

​ Coronavirus is rapidly changing customer behaviour: Is your marketing team adapting quickly enough?

The impact of coronavirus is far reaching with the true impact on the economy and businesses is unknown. While there are a few categories and brands experiencing growth, for the most part the crisis is wreaking havoc for large and small operators across many sectors including entertainment, tourism, retail, fitness, services and the list goes on.

Teresa Sperti

Founder, Arktic Fox

Why COVID-19 makes it more important than ever to move at the speed of the consumer

There is no doubt the challenges we are facing as businesses, advertisers and audiences with COVID-19 are all unprecedented. But with this comes an opportunity to take stock and re-evaluate current strategies, plans and processes to drive efficiencies and relevance in today's market.

Emma Macey

General manager, SuperNova Media

Great article. Well said!Https://www.virtualtradesho...Virtual conference

Curtis Okeefe

Can virtual events fill the digital conference gap?

Read more

Why these voice assistants are so popular nowadays? Maybe I should get one too? I am really curious.

Jill Kim

Aussie brands jump on voice-interaction bandwagon following Amazon Alexa's local launch

Read more

We encourage you to share your thoughts on your favorite social platform. Digital Marketing Consultant HyderabadDigital Marketing Analyst...

Chaitanya Nandigam

CMO interview: Charting a new customer course at a NFP fintech

Read more

Extremely insightful and well written. Thanks for the great article!

Nicole Brodie Nahum

Why COVID-19 makes it more important than ever to move at the speed of the consumer

Read more

Blockchain is one of the fastest growing technology in today's digital era. Industries like banking and finance are already using blockch...

Aniket Singh

Can blockchain deliver on its big advertising promises?

Read more

Latest Podcast

More podcasts

Sign in