How Suitespot Massively Increased Its Sales Conversion Rate

The Challenge

Before partnering with SMART Apartment Data, SuiteSpot faced significant challenges in data management and client targeting within the multifamily real estate sector. They struggled with identifying potential clients and identifying the property management systems in use, which are crucial for effective targeting and business growth.

The Outcome

By integrating SMART Apartment Data into its operations, SuiteSpot experienced a substantial transformation in its business processes. They gained access to highly accurate and industry-specific data, which led to improved email deliverability and more targeted and efficient sales campaigns. This strategic advantage allowed them to focus their efforts on the most promising accounts, save time and resources, and massively increase their sales conversion rate. 

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Established in 2017 with offices in Toronto, Canada, and operations in the USA, SuiteSpot is a trailblazer in the multifamily real estate market, focusing on unit turnovers, renovations, and maintenance operations. The company provides cutting-edge software solutions to tackle the complex challenges of multifamily property ownership and management.

Gabe Forsyth is the business development manager at SuiteSpot, and he has witnessed first-hand SuiteSpot’s journey navigating the hurdles commonly faced by suppliers in the multifamily space. One such challenge was the absence of precise, comprehensive multifamily data to inform decision-making.

Some of the insights offered by some prospecting/lead generation tools fell short in addressing the specific needs of the multifamily market, impeding the company’s ability to understand prospective client needs and target them effectively.

Recognizing the necessity for more detailed, market-specific insights, SuiteSpot shifted its focus to seeking a multifamily data service provider that could offer more than just generic information. They needed a partner that could provide detailed insights specific to the multifamily real estate market, encompassing accurate data on property management systems, unit counts, and client contact information. They found that partner in SMART Apartment Data.

“Before we had SMART Apartment Data, we were struggling to identify which property management system these companies were using. 
We struggled to identify all of the multifamily owner operators that were even in our industry that we could sell to.”

Gabe Forsyth 
Business Development Manager—SuiteSpot

The transition to SMART Apartment Data marked a pivotal shift in SuiteSpot’s approach to data-driven decision-making. Compared to their previous data provider, SMART Apartment Data offered Suite Spot’s team:

• Data Integrity and Quality: SuiteSpot’s experience with SMART Apartment Data revealed a noticeable improvement in data integrity. Forsyth noted that the quality of data provided by SMART Apartment Data was exceptional, especially in terms of email accuracy and industry-specific information. 

“From where SMART is, they really have the best data in the industry,” Forsyth shared.  “There isn’t another option out there that’s as good as SMART, and I will just flat-out say that.”

This is due to the fact that SMART Apartment Data updates multifamily property information every 30 days, ensuring suppliers have the latest and most reliable information for their marketing and sales strategies.

• Industry-Specific Focus: A core advantage that SMART Apartment Data brought to SuiteSpot was its specialized focus on the multifamily real estate sector. Forsyth emphatically stated that SMART was unrivaled in this regard, offering insights and information that no other service could match. For instance, SMART Apartment Data offers national coverage of the US multifamily market, with over 11,000 management companies in its database and 90,000 contacts across 10 departments.
• An Easy-To-Use User Interface: Forsyth praised the platform for its ease of use and user-friendliness. Also, the introduction of new features, such as customizable reports and management change notifications, added to the functionality and utility of the platform, which he and others in the sales team greatly appreciated.

“The SMART user interface works really well,” said Forsyth.”It’s very easy to use, and it’s friendly.”

So, how did these advantages of SMART Apartment Data impact SuiteSpot’s operations?

• Enhanced Strategic Utilization of Data Points: SuiteSpot’s sales team leveraged key data offerings from SMART Apartment Data, particularly in the areas of Property Management Systems (PMS) and multifamily property unit counts. This information proved invaluable for SuiteSpot’s Account-Based Management approach, enabling them to categorize potential clients based on their PMS. Such categorization allowed for more focused and effective sales strategies, especially towards their primary targets – properties using Yardi and RealPage property management systems.
• Increased Efficiency in Prospecting and Client Outreach: The integration of SMART’s data into SuiteSpot’s prospecting processes led to a notable increase in efficiency. Since they could now filter management companies by their property management systems, business development reps could focus their efforts on the most relevant and promising accounts, ensuring that their time and resources were not wasted on less suitable prospects. This is particularly beneficial in a market where understanding specific client needs and characteristics is crucial for success.
• Improved Email Deliverability and Campaign Effectiveness: SuiteSpot observed an improvement in email deliverability, attributing this to the accuracy of the email contact information provided by SMART Apartment Data. Additionally, the ability to segment and target based on accurate data allowed for more personalized and effective outreach, enhancing the overall effectiveness of their sales campaigns.

“SMART Apartment Data, in my words, is the best industry-specific database for multifamily.
If you are a vendor in multifamily and you are relying on a database, this is your best option.”

Results

The collaboration between SuiteSpot and SMART Apartment Data yielded significant outcomes and benefits, reshaping SuiteSpot’s approach to data-driven decision-making and client engagement. 

One of the standout benefits for SuiteSpot was the marked improvement in email deliverability. Prior to the adoption of the SMART Supplier software, the email bounce rate was fairly high. This has now significantly dropped, and the accuracy of the email data provided by SMART Apartment Data played a crucial role in this enhancement. 

“A big thing with SMART is it’s really helped our email deliverability in the sense that we’re having accurate emails.
We’re not getting bounces from bad data, and that’s been a huge thing for us.”

However, the biggest benefit is the increase in the sales conversion rate. SMART Apartment Data has been able to provide SuiteSpot with the accurate contact information they need to make contact with key decision-makers in organizations of interest. 

“The way we use SMART Apartment Data is primarily for identifying the companies that we want to go after as a whole. 

So SMART plays a very big role in identifying the companies that we’re going to be targeting for the next year or six months via a certain campaign and being able to have accurate, reliable information as to unit count, property management system, and who works there.”

Furthermore, the SMART Supplier software offers additional property information, making each lead a warm one. This makes it easier for business development reps to create relationships first, resulting in more sales down the line and an increase in the sales conversion rate. 

“We only have 10 hours in a day and want to be able to devote all of those 10 hours to the best possible accounts that we can go after.
Without SMART, we aren’t able to identify those accounts.”

Other beneficial outcomes of this partnership include:

• Enhanced Targeting in Marketing Campaigns: The precise and detailed data from the SMART Supplier software enabled SuiteSpot to develop highly targeted marketing campaigns. This level of specificity allowed for a more effective approach, reaching the most relevant audience and resulting in more successful campaign outcomes. The ability to segment and target based on accurate data proved invaluable in executing focused and impactful marketing strategies.
• Increased Efficiency in Prospecting and Client Outreach: Utilizing SMART Apartment Data’s comprehensive data, SuiteSpot streamlined its prospecting process, leading to a significant increase in efficiency. The team could focus their efforts on the most promising accounts, reducing time and resources spent on less suitable prospects. This strategic approach to client outreach saved teams in excess of 10 hours each week.
• Enhanced Decision-Making Processes: Access to industry-specific data from the SMART Supplier software empowered SuiteSpot’s team to make more informed and strategic decisions. The insights provided by the software helped sales teams understand market trends, client needs, and potential growth opportunities, which were crucial for their strategic planning and business development.
• Refined Account-Based Management Strategy: The data from SMART Apartment Data was instrumental in refining SuiteSpot’s Account-Based Management strategy. By categorizing clients based on their property management systems, SuiteSpot could tailor its approach to each segment, resulting in more effective and personalized client interactions.
• Positive Impact on Business Growth: The overall impact of integrating the SMART Supplier software into SuiteSpot’s operations was a positive influence on the company’s growth trajectory. With improved sales strategies, more effective client targeting, and enhanced decision-making capabilities, SuiteSpot is better positioned to capitalize on opportunities within the multifamily real estate market.

The partnership with SMART Apartment Data brought about a transformation in SuiteSpot’s approach to data utilization, leading to a series of positive outcomes. These included improved email deliverability, more effective sales campaigns, increased efficiency in prospecting, and better-informed business decisions. 

As SuiteSpot continues to evolve and grow, the insights and capabilities provided by SMART Apartment Data will continue to enhance SuiteSpot’s ability to innovate and grow in the multifamily real estate market.