Home Rental has been a pretty unregulated market, particularly in India. Homeowners have been tormenting tenants with unrealistic deposit demands and unserved amenities and facilities. Anyone new to the city, with a meager amount of money in his pocket, finds it tough to sail through.
NestAway, a Bengaluru based startup recognized this crisis and came to the rescue with minimum security deposits and brokerage. Founded in early 2015 by Amarendra Sahu, Deepak Dhar, Jitendra Jagadev and Smruti Parida, NestAway is a new concept for the homeowners, a solution for the tenants and is fixing the youth housing crisis in cities. It has set footprints across 13 major cities in India including Bengaluru, New Delhi, Mumbai, Pune, Noida, and Hyderabad, among others, and has 25,000+ homes in their network with 55,000+ tenants.
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Automating to Scale
Customers are said to be the knees of every successful business opening the doors to revenue growth. Considering customer importance at all stages, tracking every metric within the process became a crucial requirement for NestAway.
While redesigning the process in late 2018, it became a challenge to fill in the gaps within the tenant acquisition process.
Finding the right solution
NestAway’s Tenant Acquisition Head, Shrung Mehta says, “Keeping track of the entire process, from lead entering to lead closure is key for us and with the already existing software, managing all this had become very complex. The lead leakage was proportionally increasing. Since we were redesigning the process as a company, going ahead with the right Lead Management tool seemed like the right choice.”
As the company continued to grow, it became evident that there was a need for sales automation and a better way to capture incoming leads in order to help them scale.
Shrung adds, “Because we were reconstructing our old tenant acquisition process, we wanted to introduce a new tool. We did our research and came up with LeadSquared. It had everything we needed to increase our lead coverage so we could now get rid of the excel sheets and the tedious manual process. We knew it could get us the real results that we needed.”
Scaling the Process with LeadSquared
The Benefiting Teams
LeadSquared is being used by the Inside Sales team on the tenant side along with the team coordination with the customers and the field staff. LeadSquared integrates with NestAway’s inbuilt partner app which makes the process flow effortless.
“Sales reps aren’t always software experts, so it must be easy for them to understand while keeping all the complicated processes at the back-end. LeadSquared has helped us formalize it and has been phenomenal in terms of adaptability.”
As soon as a prospective customer registers with NestAway, be it through the website or any other channel, it gets added to LeadSquared. The leads then get distributed automatically to the region-specific salesperson.
If an SAV (Schedule a Visit) activity is posted, the salesperson follows-up and gathers the requirements of the lead, i.e. the kind of property he would like to visit, the time to be scheduled, etc. Once ensured, the lead is passed on to the Field Sales team, who are responsible for showing the property, and disposing the status on the partners’ app which is then redirected to LeadSquared.
In case the lead likes the property, it is followed-up again by the inside sales team to ensure that the sale is closed.
The entire process helped them track whether the field visits were happening and if the field sales reps were present on-site on time. They could now fetch the entire lead journey from when it entered the system to when it became a customer.
“After moving on to LeadSquared, it has become easier for us to manage all the leads. We can see the lead disposition and the reasons and points of drop-offs. All in all, since we have clearer visibility on the history of the leads, we can act accordingly.” – says Shrung.
Strong Results and a Promising Future
NestAway started seeing the results of its work with the LeadSquared software almost immediately.
“Before LeadSquared distribution of leads was one big challenge for us. LeadSquared has helped us a lot and we have reached there 100%. The distribution logic has proved to be a huge success for the team.”
The SAV to booking ratio, that is the number of people coming on the website to the number of people who are actually booking, has increased by 2%.
“There are multiple metrics that we look at in terms of our revenue growth, one of them being the SAV to booking ratio.”
A significant decrease in lead leakage has been registered.
Prior to LeadSquared, tracking the leads and the process through excel sheets was a difficult task. Since the lead disposal was not on time, the lead leakage was 80% . Now that we are using LeadSquared, we have been able to reduce the lead leakage by 70%. All these statistics have finally resulted in improving the sales funnel and increasing the visit to booking percentage by 20% month-on-month.
Road Ahead for NestAway
NestAway aims at continuing to build the supply of quality homes and providing great customer experience. They plan to build more depth in the cities in which they are already present, as well as expand to more Tier I and Tier II cities.
“LeadSquared team has been very collaborative, supportive and innovative at the same time. We wish to take this partnership ahead with us as we scale up the graph.”