GTRsuite is a technology company that offers geo-locating tools for retailers and manufacturers in the home furnishings industry.
Its latest release, the Lead Prediciton Engine, geolocates shoppers who search for furniture online so GTRsuite knows where all of those searches appear and the SKU they’re interested in — whether through Google or a company’s website.
For example, if you’ve been trying to get into a certain retailer for years and they’re not interested, you can put this ‘magnet’ right over that retailer’s locations on your map of dealers and then show the intention within these areas right down to an SKU.
And like many other technology companies, the numbers speak for themselves.
With one well-known $75 million furniture manufacturer that preferred to remain anonymous, Steve Baxter, GTRsuite’s co-founder, says the Prediction Engine found that the amount of ‘intention’ annualized over the next year is likely to be around $182 million and should come out to over $3 million in converted sales this year.
That’s 2.4 times the amount of revenue in top of funnel interest and a bump in revenue of 4%,
“And when we analyzed it, 2.5% of all of these product interactions generated a direct-to-dealer lead,” Baxter says. “Of the leads, 57% of them turn into closed businesses. By the end of the year, we’re going to be looking at $5-7 million in leads, at least 90-120k product interactions, 1,500-2000 people likely to buy, and at least $2.5-3.5 million in sales. If you look at ROI, it’s a week.”
But just as valuable is what the industry can learn from technology like this Prediciton Engine.
For example, it found that only 20% of retailers follow up on leads that are sent to them, and that of the furniture sold via a lead, 93% was purchased in a store other than the original store of interest.
That means the lead went to store A and they buy from store B, nine out of 10 times.
The reason? Only 20% of dealers are calling the customer back when they are handed a lead and the shopper is determined to purchase the product.
“Think about it, they’ve searched online, they’ve found the product, they’ve picked a store, submitted our lead form, and all they want next is a phone call back – and it doesn’t happen,” Baxter says. “The GTRsuite platform allows manufacturers to be selective with dealers, attract new dealers with actual real-time intention data, and proves that if you call the shopper back you will, 70% of the time, make a sale. And that’s just one of many pieces of data GTRsuite’s prediction engine can help with.”