Panama Equity is a leading real estate firm headquartered in Panama City, Panama’s capital. Since 2008, the company’s founder and partner, Kent Davis, has built a dedicated team of professionals who are committed to delivering top-notch real estate services to clients in-and-outside of Panama. A no-nonsense and professional attitude has helped Panama Equity establish a top-of-mind position for many prospective clients, bringing in new leads through the delight/experience phases.
Building Long-Term Collaboration and a Trusted Relationship
In 2016, a Panama Equity partner reached out to WX Digital Agency to see whether and how the agency might help Panama Equity deliver improved results and organic growth. During the initial conversation, the pain points were described as “growing competition,” “a changing real estate landscape” and “a slowing economy”. Panama Equity had hoped that hiring a marketing agency would help stimulate growth (revenue and results), overcoming the three aforementioned pain points.
WX Digital Agency started by laying the foundation for a long-term growth strategy. Specifically, the agency analyzed the client’s contact database, which was scattered across different systems with disparate data, and centralized it in HubSpot. Through a middle of the funnel strategy, WX Digital Agency segmented the contact database and ensured that a more personalized approach could be taken with each lead. In addition, WX Digital Agency launched a series of marketing campaigns to allow Panama Equity to gain a better understanding of their prospects. Through these campaigns, it became clear that 85% of all website visitors visited the website to explore properties -- as a result, the agency conducted an in-depth analysis to review the performance of the property listing pages.
Focus — The Conversion Rate Challenge
WX Digital Agency came to the conclusion that conversion rates, particularly visitor-to-contact rates on the property pages, were noticeably low (0.36%). To resolve it, as a result of ongoing discussions between Panama Equity and WX Digital Agency, this issue is now the focus for 2018.
Note that Panama Equity had already demonstrated an impressive track record in terms of website traffic growth over time. The founder had a clear understanding of the power of content, and, through dedicated blogging efforts and content marketing, the company became the go-to source for real estate questions and market intelligence in Panama (with 28 keywords ranking #1, 156 #2, and 157 on position / the first three Google search results). One of the company’s most successful articles in terms of website traffic, “Blood on the Streets,” was converted into an evergreen article and repurposed for additional uses (including email marketing efforts, content offers, etc), ensuring that valuable content was well leveraged.
Here’s a screenshot from Google Webmaster Tools, showing top-performing keywords:
While reviewing the website analytics through HubSpot, Google Analytics and Hotjar, WX Digital Agency saw a tremendous opportunity to improve the website’s visitor-to-contact conversion rate through conversion-rate optimization (CRO). At the end of 2017, the visitor to contact (leads) conversion rate was 0.36%, which was considered "poor". Both WX Digital Agency and the client acknowledged that a healthy conversion rate would be somewhere between 1% and 2%, so WX Digital Agency focused its efforts on this metric.
By using conversion-rate optimization techniques, Panama Equity could potentially double or triple its number of leads, ensuring that the company’s sales team could engage on a continuous basis with new leads, and close more deals as a result.
Methodology and Approach
WX Digital Agency, through an agile methodology called growth-driven design (GDD), conducted a website analysis to determine the highest impact pages. A high impact page is one that contributes towards the company’s goals, which, in this case, was the number of marketing qualified leads.
WX Digital Agency deployed a diverse set of tools, such as Hotjar, to help with quantitative and qualitative research. Website visitors/users had given clear feedback on areas of improvement for property listings, including better use of a gallery section, the importance of videos, and details on property location and information about surrounding areas.
In addition, the company’s wish list items were incorporated such as the ability to save a property for later and a more intuitive way to inquire about properties.
Below is a screenshot of the Net Promoter Score (NPS) of the listing page.
Prioritizing Initiatives (from the "Wish List")
In conjunction with Panama Equity, the WX Digital Agency team started to create a wish list that contained possible improvements to the website, with the goal of hitting the established conversion rate goals. Additionally, the list contained reported issues that needed fixing. Together, WX Digital Agency and the client determined the top priorities for the defined period based on pre-defined criteria, such as impact, urgency and time estimates, and established goals.
Here is the overview of wish list and backlog (issues) WX Digital Agency agreed to work on.
Initial Results - After 3 Months
The first results started to show in the third month, right after WX Digital Agency implemented the first CRO improvements -- showing a boost of 160%. The team continued to work on further improvements for the following six months, over which some remarkable results emerged.
Below is an image showing an overview of the CRO plan as of February 2018.
Results after three months demonstrating 160% growth (conversion rate growth from 0.36% to 0.94%):
Results After 8 Months
In the following months, the UX and usability had been improved, with a predominant focus on the user experience based on the user feedback that was received and the wish list items that were jointly created by Panama Equity and WX Digital Agency.
Here is an image showing the before/after state of the property page.
Eight months into the project and following the implementation of a methodological approach for CRO techniques, the following results emerged:
Contact conversion rates were up 211% (from 0.36% to 1.12%)
The number of new contacts (“Leads”) had increased by 398%
(from 47 to 234).
While we are delighted to see this growth in results, we continue to help Panama Equity by looking for further improvements. As of Q3-2018, WX Digital Agency and Panama Equity are looking into initiatives on how to further personalize the experience of each website visitor.
Kent Davis -- founder and partner at Panama Equity -- about his experience with WX Digital Agency
List of Resources
Finally, I’d like to end this case study with some tools for you to start working on your own CRO. Please reach out and let me know how they worked for you, I’d love to hear your experiences and any successes (or failures) as you start using them.
- [App] Hotjar Analytics
- [App] Google Analytics
- [Worksheet] CRO Plan
- [Worksheet] CRO Marketing Report
- [App] Databox KPI Dashboard
- [App] Wireframing with Balsamiq
- [App] Rank Tracker - by SEO Powersuite
- [App] Google Webmaster Tools - Keyword Position Tracking