A real estate tech company was experiencing a less-than-2% adoption rate of the payments software module that was generating the majority of its revenue.
The multi-million-dollar enterprise provides a SaaS-based platform with accounting, site security, data storage and chat solutions for property and community managers, condominium and residential associations, builders and security companies.
The client engaged Larx, who was already helping with performance improvement and interim leadership initiatives, to investigate the issue and make recommendations.
The company’s management believed that the low adoption rate was due to unsophisticated users who were not familiar with new technology.
To evaluate if the hypothesis was true, Larx conducted a statistical study using demographic data from the U.S. census bureau and each of the company’s customer locations. It then performed a regression analysis on the data to determine if engagement with the software was correlated with younger, savvier users in metro areas versus older populations in rural areas.
Research proved that there was no statistical significance to the population demographic, and that the low adoption rate was due to the customer (community organizations) simply not knowing how to use the payment module.
Larx located the customers and recommended ways in which the company could improve upon and standardize the onboarding and training process in order to increase adoption of the payment module.
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