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30 Nov Reduce Customer Churn and Cancellations in the Homebuilding Industry with 149Photos
How can 149Photos Reduce Customer Churn and Cancellations in the Homebuilding Industry?
The homebuilding industry is facing a serious challenge: customer churn and cancellations. Customer churn and cancellations are the loss of customers who either terminate their contract or stop buying from a homebuilder. These two negative outcomes can impact a homebuilder’s revenue, profitability, reputation, and growth.
One of the main reasons for customer churn and cancellations in the homebuilding industry is the loss of interest and excitement during the homebuilding process. The homebuilding process can be long, complex, and stressful for the customers, who often have to wait for months or even years to see their dream home come to life.
During this time, the customers may lose their enthusiasm, confidence, and trust in the homebuilder, as well as face various challenges, such as financing, design changes, construction delays, quality issues, and communication gaps. As a result, the customers may become dissatisfied, frustrated, and anxious, and decide to cancel their contract or switch to another homebuilder.
According to our research survey, 72% of new home buyers reported feeling anxious or stressed during the homebuilding process, and 62% reported feeling frustrated or disappointed. Moreover, 38% of new home buyers said they would not recommend their home builder to others, and 12% said they would actively discourage others from buying from their home builder. These findings indicate a high level of customer churn and cancellations risk for the homebuilding industry.
How can homebuilders prevent or reduce customer churn and cancellations due to the loss of interest and excitement during the homebuilding process? How can homebuilders keep their customers informed, involved, and engaged throughout the homebuilding process? How can homebuilders create a lasting impression and a loyal relationship with their customers, and turn them into raving fans and advocates for their brand?
The answer is simple: 149Photos.
What is 149Photos and How Does It Work?
149Photos is a digital customer engagement platform that offers weekly foundation-to-finish new home construction progress photos for new home buyers. 149Photos works with the nation’s largest home builders to provide them with a turnkey solution for photo screening. 149Photos proprietary photo screening is the process of analyzing and filtering photos of new home construction projects, using computer vision and machine learning algorithms.
149Photos has a network of professional photographers who visit new home construction sites every week and take photos of the build progress. These photos are then uploaded to the 149Photos cloud platform, where they are processed by AI algorithms to detect, classify, and sort the images. The AI algorithms can detect and determine which room of the home is in the photograph, as well as determine the stage of construction, and then add the correct labels to it. The AI can also help detect potential issues in the photos, such as a messy worksite or other items you want to hide in the photos (ex: personnel, equipment, ladders, etc.).
The photos are then delivered to the home buyers through the 149Photos website, with email notifications sent as new photos are added. With the AI detecting the stage of the home, and labeling the photos appropriately, home buyers are kept up-to-date. After the photos are on the 149Photos platform, the home buyers can view and share the photos with friends and family.
How 149Photos Can Reduce Customer Churn and Cancellations
By using 149Photos, home builders can reduce customer churn and cancellations due to the loss of interest and excitement during the homebuilding process. Here are some of the ways that 149Photos can help:
- Create a deep emotional connection and trust with the customers. 149Photos can help home builders to create a deep emotional connection and trust with their customers, by providing them with weekly updates and visual evidence of their new home. By seeing their dream home come to life, the customers can feel more involved, invested, and confident in the homebuilding process. They can also appreciate the quality and craftsmanship of the home builder and developer, as well as the value and benefits of their new home. Our research shows that 86% of new home buyers said that receiving weekly photos of their new home made them feel more excited and happier, and 83% said that receiving weekly photos of their new home made them feel more connected and loyal to their home builder.
- Encourage the customers to share their experience and excitement with their friends and family. 149Photos can help home builders to encourage their customers to share their experience and excitement with their friends and family, by providing them with easy and convenient ways to view and share the photos of their home. By sharing their photos, the customers can generate word-of-mouth and referral marketing for the home builder and developer, as well as create a sense of community and belonging with other home buyers. They can also receive positive feedback and support from their friends and family, which can boost their morale and motivation during the homebuilding process. According to our survey, 92% of new home buyers said that they shared their weekly photos of their new home with their friends and family, and 76% said that they received positive comments and reactions from them.
- Provide the customers with additional information about their new home. 149Photos can help home builders to provide their customers with additional information by adding relevant information and labels to the photos, such as the stage of construction and the room in the photo. By providing this information, the home builder and developer can educate and inform the customers about the homebuilding process, as well as answer some of their questions and concerns. Our home buyer research report backs this up, as 88% of new home buyers said that receiving weekly photos of their new home made them feel more informed and educated, and 81% said that receiving weekly photos of their new home made them feel more satisfied and valued.
Customer churn and cancellations are a major challenge for the homebuilding industry, especially due to the loss of interest and excitement during the homebuilding process. However, by using 149Photos, home builders can reduce customer churn and cancellations, by creating a deep emotional connection and trust with their customers, encouraging them to share their experience and excitement with their friends and family, and providing them with additional information and resources about their new home. 149Photos can help home builders to enhance their customer engagement and loyalty, as well as improve their quality and efficiency, and increase their sales and revenue. To learn more, or schedule a homebuyer or home builder demo, contact us today.
David Glaeser – 149Photos