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How Sotheby’s real estate identifies potential sellers

By 19. February 2017 No Comments

Another record breaking weekend in real estate sales in Sydney. For real estate companies worldwide it is imperative to get insights to secure the best properties and clients ahead of competition.

Sotheby’s uses big data to have a time advantage over their direct competitors. They identify wealthy households that have become “empty nesters” recently. Those owners are often willing to sell their homes that have become too big. Sotheby’s buys data records from supermarket chains to get informed about wealthy households that have a change in their purchasing patterns. This method has proven to be a reliable indicator for the departure of children.

The example from Sotheby’s illustrates the Big Data pattern “Leads identification”. This pattern describes the potential data have to acquire new customers who have a unique value for the own business model.

Learn about 39 other ideas how organisations create value for their business model from data. We categorize the value potential in 11 areas:

  • Acquire new customers
  • Leverage current customers
  • Innovate your marketing
  • Boost your relationships
  • Improve customer experience
  • Build new offerings on insights
  • Build new offerings on information
  • Adapt your pricing
  • Increase your efficacy
  • Increase your efficiency
  • Improve planning

Do you want to use the potential of Big Data for your organization?