InSite Logic, which built a website interaction insights engine for the property sector, looks to expand its customer base with Web-based marketing platform
A home-grown vendor supporting the property development sector with website interaction data has set its cap at mid-tier brands in the travel, insurance, telco and banking space after building a Web-based platform offering.
InSite Logic is the brainchild of David Stewart, who earned his marketing stripes working for Melbourne-based Ivy Street, a specialist digital agency in the property and land development sector. InSite’s marketing solution, which first launched as an internal offering to agency clients in 2015 and was extended to the apartment space in March this year, unites Web-based customer insights with a company’s CRM data to help brands better understand and nurture prospects.
The idea for InSite came as far back as 2009 and the GFC, when the property market began moving from print-based to digital-based marketing, Stewart told CMO. At the same time, there was a shift in core prospects from gen X to millennial buyers, who exhibited markedly different buying behaviour.
“Historically, prospects would search for a list then go to those property partners face to face,” Stewart said. “Millennials on the other hand, are researchers, and predominantly do things on the Internet. They’ll research apartments in Richmond for instance, and get the same 10 projects I would. But they’ll then look more in-depth into developers and developments, and gravitate towards those developers with information.”
In addition, millennials rarely visit a physical sales office and when they do, they’re much better informed and more advanced in the buying cycle. This shift saw Ivy Street building interactive websites for property players to supply the more in-depth information younger prospects were looking for.
“We started developing insights and looking at things like increases in Web traffic,” Stewart continued. “Plus, if that prospect is registered on the site, you can monitor and track their behaviour and show sales agents what they look at, how often they visit the site, and rate their experience on the website through the algorithm we’ve created.
“It’s all about nurturing a prospect.”
Enter InSite Logic, which Stewart claimed is now chalking up more than $100,000 in monthly revenue and supporting more than 40 projects. InSite works with agencies on one side, and property and land development clients on the other, to put tracking on sites as well as digital campaign collateral, such as EDMs.
“If a prospect registers, we know what they are looking at, who they are, what they’re doing,” Stewart claimed, adding it can also tell what documents they download and compiles site registrations as leads for sales teams. “This allows sales agents to identify who the people are that they should be talking to, but also what they’re looking at.
“Our solution then integrates with the CRM at that sales agency and becomes a workflow solution for them.”
InSite also tracks adwords and other property sites to identify where every source of incoming traffic is coming from. “Then we match with if they registered, then if they buy,” Stewart explained. “Interestingly, what we have found is the average buyer has 3.2 points of contact before a purchase.”
While real estate agents are the next obvious cab off the rank, other industries now in InSite’s sights include travel, health, education and insurance. Stewart said discussions are already underway with a large health insurance provider with 600 franchises across Australia, as well as a well-known travel company.
InSite is arguably up for a fight, facing a convoluted and dynamic martech and adtech landscape with upwards of 5000 technology providers of all shapes and sizes, according to this year’s Scott Brinker lumascape.
To help support expansion efforts, Stewart is planning an information memorandum in February 2018 to raise further capital.
He positioned the product as one for those looking to connect their marketing automation effort with campaign interaction. The sweet spot is tier-two or three companies that can’t afford more established marketing automation platforms such as Oracle Eloqua, Salesforce Pardot and Marketo. Eighty per cent of the property industry, for example, would fit into this category, Stewart said.
He claimed InSite’s point of difference is linking all forms of CRM data to website interaction and activity monitoring. As an example, Stewart pointed to existing client, Moremac Property Group, which has six residential development projects with InSite.
“Different sales agents work on different projects around Melbourne. We monitor every one of those these, provide details on each, but then link all six together, so when the CEO wants to look at how all six projects are going, he can compare them to each other in terms of inquiries, sales, average size block and cost,” he said.
“It’s all automated with the different CRMs used by his sales agents. And that CEO is getting up to date information on his business.”
[Source: Aussie vendor pitches digital interaction platform as marketing automation for mid-tier companies : By Nadia Cameron for https://www.cmo.com.au]