Closing The Deal – You want to use luck or science?

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How science, and the Seeable Tour Booking Widget, can add thousands of dollars in yearly revenue.

(This is part 2 of the series of posts about Smart Tour Booking by Seeable. You are encouraged to read part 1 if you have not already)

When it comes to winning a new member the moment of truth is on the tour, a potential member is looking at 3-4 spaces to choose the best one to address all her needs and requirements.

So why is so little science applied to this vitally essential part of our business? At Seeable we believe there’s a huge missed opportunity to optimally choose both the date/time of the tour and the host to maximise chances of winning a customer.

Conversion Indicators

The success of a tour is dependent on two broad categories:

  1. What’s the space like at the time of the tour

    • Number of members in your space at the time of a tour
    • Seasons and weather, your space may look better in natural light.
    • Meeting rooms booked at the time of a tour (you may want to strike a balance between - “all booked”, meaning they’re popular and “all available”, meaning you can showcase them to prospect during the tour
    • Who is giving the touring, some people are more effective than others.

  2. Who’s the potential member and what do they need

    • What the prospect is interested in; hotdesks, private offices, community access
    • Demographics
    • What is important in making a decision (price, aesthetics, what’s the earliest they can move in)

“I don’t need any more members” said No Coworking Space Ever.

“I don’t need any more members” said No Coworking Space Ever.

Seeable can leverage your existing analytics / marketing tools installed on the website to intake user-related data mentioned and pass them as parameters to the tour booking widget.

The Output

Our machine learning algorithm assigns probability of conversion to every <host, date/time> pair considering historical signals from the two conversion indicator categories. This is similar in nature to Churn prediction discussed before.

Every available tour time has a probability of conversion assigned. We present the 4 options at random according to conversion probabilities determined by the machine learning algorithm. The magic happens because we steer the prospects heavily towards the best converting slots.

Cold-start problem

There are 3 ways to start using the Seeable Smart Tour solution, depending on your current circumstances.

  1. You have just opened and have no data (or have never used any tools to collect data about your business).

    For this case, Seeable will feed the algorithm with common sense expert advice. Most of the prospects look for a community when joining a coworking space and thus you should tour when there’s a lot of people in your space prospects could possibly interact with. Touring at peak hours is counterintuitive to many coworking space operators. We will also leverage the experience of other Seeable customers running coworking spaces similar to you, if they opted-in to share their anonymised data with the rest of our network.Finally, in this case, when you start using Seeable smart tour booking widget, we will configure the algorithm to treat your actual touring data as considerably more important, so you learn what works in your case the fastest.

  2. You’ve got historical data Seeable can use.

    You’re already using a coworking software platform, we can intake your historical data to learn about your space’s usage patterns, including building access, wifi check-ins and meeting room bookings to determine the best times to tour your space. The ideal slots will continue to improve over time, with tour booking data collected thanks to you using Seeable smart tour booking widget.

  3. You use Seeable platform, just not the widget yet.

    This case is similar to the previous one, except this time historical data about your space is not intaken from a tool external to Seeable. However, the reason for you to consider this option as a priority is that by using Seeable platform, your spaces usage patterns are being fed back into the smart tour booking widget algorithm in real-time. Making sure they are factored in during the optimisation over time and are not just a way to start things up.

How we make the learning faster

We have defined the Seeable tour-centric sales funnel for your coworking space.

Each and every prospect goes through a predefined list of stages before eventually converting to a customer.

All the stages indicated here are part of Seeable Smart Tour Booking experience, in particular - we let your prospects book a tour from your website thanks to Seeable widget, but also let you indicate bookings as show-up vs non-show-up and automatically send out NPS surveys after the tours to all prospects who have showed up.

We also send out email communication on your behalf, reminding your prospects about the booked tour a day in advance and/or following up in case the tour has not been marked as successful.

While the ultimate goal is to win the customer ie encourage the person to go through the stages of tour-centric sales funnel all the way down to signing the contract. You can imagine, for some spaces, even improving the number of tours actually booked or even show ups can be a huge improvement. And as there’s generally more bookings / show-ups than actual deal closures, there’s more data Seeable can use to feed in to the Optimisation Engine. Thus, for some circumstances, we initially optimise for the intermediate funnel stages too. And hey, it makes a lot of sense, you wouldn’t imagine winning a customer without actually touring first, so making sure you just get enough tours at first, should sound like a good idea.