How to measure the success of a tenant experience platform

Knowing how to measure success of a tenant experience platform is key. From planning before launching the platform, to ongoing analysis. Here’s our tips on measuring success.

It’s important to do some prep during the decision-making process so you and other stakeholders have a clear idea of your expectations and the results you’re hoping to achieve in order to set yourselves up for success.

You need to fully understand how the building or portfolio is performing and the engagement levels of your community beforehand. This is a fundamental part of measuring ROI successfully, as you need to be able to measure the improvements after launching.

Here are some ways to prepare before you launch an app.

Preparation before launching

Take initial readings before you launch

Take initial readings, so you know what your current metrics are before the new platform is in place.If tenant retention is a key measurable for you, take note of your current churn rate. If you’re looking to become more energy efficient, take note of the cost of your current energy bills. Take a look at our recent article on the types of return on investment on a tenant experience app to understand the areas you could be focusing on measuring.

Determine what your measures of success are and create benchmarks

Now that you’ve taken your initial readings, decide what you would deem to be a successful reading once the platform is in full swing. For example, you may consider that a 10% drop in your energy bills would be a success. This is now your benchmark for achieving an ROI on your energy optimisation. You may want to drop your churn rate down from 25% to 15%. Now, before you’ve launched the app, it’s clear what you’re aiming to achieve and you have a clear benchmark that you’re aiming for. We recommend KPIs to our clients based on all the buildings we have worked with before – but every building is slightly different and there are variables to identify that might shift them slightly. We’re here to help and guide you.

Conduct an NPS

Some measures aren’t as quantifiable as others, especially before you have a platform in place – like measuring tenant satisfaction. By conducting an NPS (Net Promoter Score) survey before launching the platform, you can identify what your current score is and set a benchmark for where you would like it to be. Think: “What would I consider to be a success from this platform?” Perhaps it’s to increase the score by one, two or three points. Later, you can conduct another NPS and measure the improvements.

Deciding on your budget

Now that you’ve identified the key metrics for success, you can decide what budget you want to set aside for a tenant experience platform and for improved tenant services or events. At District, we guide our potential clients through the various benefits and showcase the features that can help achieve this. Some aspects, like energy efficiency, require additional smart building integrations and would, therefore, require a larger budget to facilitate.

Launch and after

It’s critical to create a marketing strategy around the launch of the app and then ongoing engagement strategies to keep your community in the know and to drive change management. The platform has huge potential, but like anything new, you need to consider how you will spread the word about this amazing new platform you’re offering to your community. Once you’ve identified that and have allowed time for the platform to bed-in, you can decide key times to track how your measurables are performing.

When to calculate ROI

When launching a tenant experience platform, you need to consider when will be the best time to calculate your ROI. You need to give time for the initial implementation and development and then time for your tenants to start adopting the technology. Like anything new, it can take a bit of time and encouragement to get your community used to using a new platform. We are here to guide you and to support in calculating ROI with regular check-ins on KPIs and quarterly health checks.

Launching the app 

We felt it was important to mention the launch of the app itself here. To determine ROI, you need your tenants or employees to be using the platform. Preparing a launch event or marketing activities around the launch of the app is a great way to communicate with your community about the new platform and stir up some initial excitement. You could plan a competition where to enter users must download the app, or plan a launch event with free bubbles and snacks. If it sounds overwhelming, don’t worry – we’re here to help! During the onboarding process we provide you with a detailed launch playbook with tips and tricks to help you with a successful launch.

User adoption

User adoption is a key element to calculating ROI for the platform. As we mentioned before about measuring success, decide what percentage of your tenants/employees adopting the app you’d be hoping to see. Perhaps, currently, you send out a monthly newsletter which gets opened by 10% of your list. So, aiming for the adoption of around a third of your community could be a good target to aim for and would show a significant increase in engagement. But how do you reach that? You need to ensure you’re posting regular content and events and update the app with interesting perks, services and even send a push notification from time to time. Having fresh, engaging content is a key part of driving user adoption. 

The analytics dashboard

The analytics dashboard is there to show you engagement levels, user insights and usage of the features within the app. Tapping into this and analysing the data is fundamental to working out the return on investment. It also means you can identify what’s working well, or what isn’t, so you can adapt frequently. We recommend reviewing your analytics once a month, so you can identify any trends. If a particular feature starts to drop in engagement, you can revisit it and make some edits before too much time passes.

Case study: Bourne Business Park

For Bourne Park’s launch event they gave away free eco mugs and a hot drink for those that downloaded the app.

Bourne Business Park’s key objectives

  • To engage tenants and increase satisfaction.
  • To increase tenant retention.

 

We’re here to help you succeed

Our customer success team are there to support you throughout the whole process. The very first thing we do is assign you a dedicated customer success manager who is there to answer any questions you may have and to guide you through the process. Initially, you’ll be given a welcome pack which has a lot of useful information about the onboarding process and beyond. We have an instant chat functionality on the dashboard so you can contact your customer success manager easily and a knowledge base of useful information which covers many frequently asked questions which is accessible through the dashboard.

Onboarding

Throughout the onboarding process, the customer success team guides you through each stage and collects what they need from you so our developers can make your app look amazing. They also give you training on the platform, including how to use the dashboard so you can upload fresh content and events whenever you wish.

Launch

As mentioned earlier, the launch is a great opportunity to build user adoption of the platform. The customer success team provides you with a playbook with top tips on how to deliver a successful launch and are on-hand for any questions you may have.

Health checks

Once you’ve launched, the customer success team provides you with quarterly health checks which identify areas of the platform that could be utilised better for increased engagement and showcase to you some key metrics from the quarter. This is key to staying on track to hitting the targets set out at the beginning. Rather than something going undetected for ages, a quarterly health check means you can take action on something that is underperforming and do more of what is working well!

Our success team

Kay Macayza-Sandford

“To help the client succeed it’s essential to understand what they’re trying to achieve from our product from the very beginning. Our aim is to deliver continuous value every step of the customer journey and to make sure the client sees the value from their investment. Ultimately, our goal as customer success is to ensure the client succeeds in their business goals. So, we ensure we align at the very beginning and work hard to ensure their ongoing success.”

Shane Meiring

“There is often a trend in larger SaaS companies to overvalue the things we can measure and undervalue the things we cannot. To ensure long lasting customer success we pride ourselves on not only guiding our clients through every step of the way in order to achieve their desired KPIs, but also focusing on something which cannot be bought or measured with money, and that is sincerity and integrity.”

 

For more information on measuring ROI, and to find out how we support our clients to achieve their ROI here at District Technologies download our latest e-guide.

- Share this post -