Q&A With Steve Wayne, CEO of ProspectNow
Two themes we thought worth exploring with Steve Wayne, CEO, was their ability to generate revenue from day 1 (which is really hard and critical for a new startup) and their investment in Content Marketing to build their brand.
Our CEO, Michael Beckerman, recently spoke to Steve about these topics, their current status and overall strategy.
What's new with ProspectNow?
Steve: We launched our new predictive analytics products this year and we are really excited for the opportunities this will bring to our customers. This new series of products has transitioned us from a pure real estate data provider to an analytics company. In addition to providing owner contact info, we can now identify properties most likely to be listed for sale or refinance in the next 12 months.
What are the origins of this new predictive analysis tool? And how did you go about building it?
S: When I first started the company, the specific problem I was focused on solving was to get the "true owner" of the property along with the contact info. I was spending all this time as a broker doing research when I could have been marketing. We have been able to help thousands of brokers and lenders eliminate this research...but now the next phase is about WHO to market to. What is the point of calling a prospect that has a very low probability of actually doing business with you? Our predictive model guides our customer to the prospects most likely to sell their property or refinance.
Our predictive model consumes all the information we have on a property and then it analyzes which properties are selling based on our analysis of thousands of transactions each week. Then it uses a machine learning algorithm to rank the properties that have yet to sell. You can actually calculate your potential ROI in your market by using our ROI Calculator. The results are astounding. In many cases we can double the probability of contacting a prospect that will sell.
How do you plan to market the new product?
S: By working with you Michael! This is actually a really fun product to market and sell. If someone told me when I was in brokerage that they could cut my number of cold calls or direct mail in half and produce the same results...my response would be, "You've got my attention." We are getting a lot of viral and word of mouth marketing and doing a lot of re-targeting to keep our message front and center. We are also doing a lot of content marketing.
How does ProspectNow use Content Marketing to build its brand?
S: I am a big fan of content marketing. Instead of talking about how great our product is, we try to focus on the qualities and processes our customers employ to be successful. We like to think of our product as a tool for elite sales people that are really motivated to achieve big goals. We try to reinforce this with our content marketing strategy.
ProspectNow is one of the most successful real estate startups-what do you attribute your success to?
S: Thank you. I think we have always had the benefit of knowing who we are. Our goal is so simple...we help real estate professionals close more deals and make more money. If a feature in our product furthers that goal, we build it, otherwise we do not. So focus as been paramount to our success.
I am also a strong believer generating revenue from day one. The moment you ask a prospect to become a customer is the moment you begin learning. Our product has evolved greatly due to the feedback from our customers.
Finally, our team has been instrumental in the success of the company. I get to work with a group of people that are not only highly competent, but that I enjoy being around. That is pretty rare and a huge advantage.
Prior to launching ProspectNow, Wayne successfully sold retail shopping centers in Northern California at Marcus & Millichap. Having millions of dollars in transaction experience, Wayne understood the need in the commercial real estate industry for an all-in-one database. Using his 10 years of expertise within the software industry, and relying upon the knowledge he gained from founding three other successful technology companies,Wayne set out to make the search process easier for commercial agents.. Wayne holds a Bachelor of Science in mechanical engineering from the University of Arizona. He resides in Los Altos, CA with his wife and two sons.