Propsoch onboarding

PropSoch helps homebuyers make the right choice by providing detailed property insights and expert guidance throughout the process.

Glossary of some stages mentioned in the hypotheses:

These terms are used in the hypotheses below, and can also be understood better by looking at the sales/product funnels in previous sections.

1. Discovery call - when sales rep talks to users to sell a report.
2. Guided experience - when user wants us to help them with best recommendations that match their needs.
3. Deep dive call - when user opts for guided experience, expert advisor from the team gets on a call with users to understand user's non-negotiables from 80-100 detailed parameters.
4. Evaluation call - done after team has found 10-15 properties that fit within user's non-negotiables. In this call, advisor walks the user through all these recommendations.
5. Shortlisting call - done after user has evaluated the recommendations and is now ready to shortlist top 3-4 properties.

Hypothesis 1

Activation metric → User completes payment for report (10k) within 12 hours after discovery call.

Why → Prompt user payment following the discovery call validates effective value communication in discovery calls and demonstrates high purchase intent for house. It also shows commitment because they're ready to pay a high amount like 10k to start the process.
Past data shows that 65% of users end up buying a house after paying for report.

Checklist for validating activation metric

Hypothesis 2

Activation metric → User pays 1k for report within 12 hours after discovery call.

Why → User may be hesitant to pay high entry cost as 10k to begin process. Experimenting with a lower entry cost could be interesting to see whether these users are also sticking till the end after paying 3k. This would validate that these users are also finding value in report and are willing to stay with us till the end. By introducing a lower entry cost, we could possibly avoid drop offs at this stage.

Checklist for validating activation metric

Hypothesis 3

For those who seek guided experience,

Activation metric → Complete deep dive call within 24 hours after payment for guided experience service.

Why → Right after paying, users feel happy and hopeful because they expect to get good suggestions with expert intervention. If we talk to them while they're feeling this way, and get them to share their detailed requirements, we can help them start feeling relieved even before they find a house. It's important for them to feel this transition in emotions (from happy to relieved) so they trust us and stay with us until the end.

A lot of users have mentioned that during the deep dive call, they were forced to think about parameters they hadn't even considered before. They immediately felt like they're in good hands after picking more detailed non-negotiables (like water body facing house, terrace garden, etc) that went beyond their basic requirements (like 3bhk, budget, villa vs apartment).

Checklist for validating activation metric

Hypothesis 4

For those who seek guided experience,

Activation metric → Complete evaluation call within 7 days after deep dive call.

Why → In reality, the work involved for team takes 2-3 days, but 7 days is a good timeline for users to feel like things are moving forward quickly and also for them to feel like the team is spending enough time and effort to find them the best options (labor effect).

Checklist for validating activation metric

Hypothesis 5

For those who seek guided experience,

Activation metric → Complete shortlisting call within 4 days after evaluation call.

Why → Getting them to take action in short period of time will ensure they’re actively working with us in the process and are committed toward finding the right home. If we let them take their own sweet time or give them a longer timeline to get back to us, chances are they might lose interest due to external factors we cannot control.

Checklist for validating activation metric

Hypothesis 6

Activation metric → Complete all necessary site visits within 2 weeks after shortlisting call.

Why → The sooner the user checks out the properties in person, the quicker we’ll have an idea about their decision. Accordingly we can work toward increasing the chances of them finalizing a house without losing interest.

*Complete minimum 1 site visit every week till all site visits are completed (this is more from engagement standpoint)

It’s important to keep the momentum going and keeping the user involved in the homebuying process to ensure they’re closer to buying a home without losing interest.

Checklist for validating activation metric

Landing page - consideration stage

1. # of Visitors
2. Traffic sources
3. Page loading time
4. Scroll depth
5. CTA clicks - which CTA is getting clicked more
6. # of form clicks → # of form submissions
7. # of leads from visits
8. Conversion rate: Visitors → Leads
9. Device breakup - to prioritize and optimize landing experience

Sales funnel - decision stage

1. # of leads with channel breakup
2. Lead quality with channel breakup - are they looking for house in BLR, budger > 1Cr
3. Demographics, age, gender of high quality leads (to target similar audience in future)
4. # of discovery calls completed
5. # of users paid for report
6. Conversion rate: Leads → Paid users

Product funnel - activation and retention stage

1. # of reports shared
2. # of users who bought house without guided experience
3. # of users who opted for guided experience
4. Drop offs after report shared
5. Time taken for following actions:
6. 1. report shared and house bought without guided experience
   2. report shared and user paying for guided experience
   3. deep dive call after paying for guided experience
   4. evaluation call after deep dive call
   5. shortlisting call after evaluation call
   6. completion of every site visit
   7. property closure after site visits
      
7. Average time taken for calls at every stage
8. Conversion rate at each stage
9. Conversion rate: Paid users → Bought houses
10. NPS (for internal feedback)
11. Google review and ratings