Identified £5m of revenue opportunity – Real Estate

Client: A national LSE listed Real Estate Services firm

Brief:

  • To support a regional product origination team to identify opportunities to avoid and address a £1m revenue shortfall.

Impact delivered:

  • Supported the team to identify well over £5m of missed opportunities that weren’t being converted into revenue.

How we did it:

  • Through a combination of Data Analysis and Group Workshops we helped the sales team to cut through the noise and complexity to develop their insight and awareness of:
    • How they were in their words being ‘busy fools’
      • Sourcing the wrong product type:
        • Spending time and effort sourcing product that didn’t sell well – 68% UNSOLD
        • The product type they sourced the least of of was the best selling product, and vice versa
      • Not collaborating effectively with other internal departments to ensure the clients utilised their services
      • spending their time on secondary activities with limited to zero impact on revenue and growth
    • Why this was happening
      • How they had developed a silo mentality that was blocking effective communication and alignment between departments, which was a significant drag on revenue
      • How their cognitive biases and functional fixedness had stopped them from seeing these opportunities effectively
  • Having identified the underlying issues, the next step will be to develop the team’s approaches to overcome these biases and obstacles, to see their world differently and interact with it in more effective ways

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