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    RW   CA7598871027

RENOWORKS SOFTWARE INC.

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Delayed Bourse de Toronto  -  11:17 2022-07-05 am EDT
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06/23RENOWORKS SOFTWARE : Building Product Manufacturer Increases Overall Lead Generation Rate by 1300% With Renoworks Gated A.I. Solution
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06/15Renoworks Software Inc. Announces Launch of Analytics Hub to Accelerate Manufacturer Clients' Return on Data Science
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RenoWorks Software : Building Product Manufacturer Increases Overall Lead Generation Rate by 1300% With Renoworks Gated A.I. Solution

06/23/2022 | 03:35am EDT
Renoworks partnered with a leading national manufacturer of building products to increase their lead generation rates from their visualizer to unprecedented levels.

THE RENOWORKS IMPACT

  • Increased lead generation by 1300%
  • Converted 40% of overall traffic into leads
  • Reduced drop-off to just 10% through A/B Testing

A leading manufacturer of building materials reached out to Renoworks to increase their homeowner lead generation rate. In response, Renoworks deployed new platform improvements that leverage A.I.-powered visualization and A/B testing that increased lead generation by 1300% and delivered a higher return on investment for the client's visualizer.

"Very early on, we recognized the effectiveness of our A.I. masking tool as a lead generation solution. Homeowners love the ability to instantly visualize their homes with new exterior products, and we've found they are more than willing to give their contact information in exchange for a design."

Doug Vickerson (CEO, Renoworks)
The Goal

STRATEGY

  • Gate the A.I upload form on the visualizer to increase overall conversion rate
  • Integrate with client CRM to successfully begin nurturing project-ready leads
  • Analyze lead information through Analytics Hub to optimize marketing campaigns and detect regional product trends

The manufacturer's primary goal was to convert homeowners into Marketing Qualified Leads (MQL's) at an increased rate while also maintaining a high-quality homeowner visualization experience. It was also imperative to the client to mitigate drop-off, as deterring homeowners from reaching the visualizer entirely was a concern.

To achieve the client's goal, Renoworks required users to provide their contact information in order to access the A.I. upload form on their visualizer. Then we conducted a series of A/B tests with different landing page formats to evaluate the impact of gated vs non-gated access to A.I.-assisted design.

Several different landing page versions were tested to reduce potential drop-off, including side-by-side, form on top, and various versions of copywriting (Simple, Detailed, and None).

The Result

The Results of Gating the A.I. Design Tool and A/B Tests

1300%

INCREASED LEAD GENERATION

GENERATING MORE MARKETING QUALIFIED LEADS

As a result of the A.I. gating and A/B testing, the client increased lead generation by 1300% after 2 months of testing. This meant that 1,730 more users submitted their contact information in exchange for an A.I.-assisted design when compared to the non-gated form.

We concluded that homeowners were more willing to give their contact information because they were aware of the immediate value of the A.I-assisted design.

> 40%

OVERALL CONVERSION RATE

DECREASED DROP-OFF

Through our A/B testing, we optimized a gated landing page that was able to decrease drop-off to just 10% when compared to the non-gated form, while maintaining an overall conversion rate of 40% of overall traffic that visited the gated landing page and converted into high-quality MQL's.

HIGH CONVERSION PAIRED WITH DATA SCIENCE

In addition to increasing the client's lead generation rate, Renoworks also provided the Client with access to Analytics Hub - a new data science and analytics platform that delivers actionable insights on the client's visualizer.

Using Analytics Hub, the client was able to monitor their lead generation rate over time as well as the effectiveness of various campaigns in converting traffic to leads. Analytics Hub also provided in-depth data on user type, geography and product and color selection to help the client understand and optimize the effectiveness of their visualizer at generating leads.

THE TAKEAWAY

Clients can pivot their visualizer from an engagement tool to a competitive lead acquisition method by leveraging Renoworks A.I. assisted design tool. Its immediate value is persuasive enough to collect the end-user's contact information, and typically converts 40% of overall traffic into high-quality, marketing qualified leads.

Renoworks can also streamline the distribution of these leads through CRM integration, to work in unison with your current affiliate networks to fill sales pipelines and increase top-line revenue.

Lastly, our latest data offering - Renoworks' Analytics Hub, increases the value of each lead by tying valuable, and easily accessible data to lead-specific project links.

Renoworks' platform improvements that include these technologies and data science offerings will generally be available in the coming months.

Disclaimer

RenoWorks Software Inc. published this content on 22 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2022 07:34:04 UTC.


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Financials
Sales 2021 5,55 M 4,25 M 4,25 M
Net income 2021 -0,61 M -0,47 M -0,47 M
Net cash 2021 1,10 M 0,85 M 0,85 M
P/E ratio 2021 -23,0x
Yield 2021 -
Capitalization 14,2 M 10,9 M 10,9 M
EV / Sales 2020 4,22x
EV / Sales 2021 3,03x
Nbr of Employees -
Free-Float 59,3%
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Managers and Directors
Doug Vickerson Chief Executive Officer & Director
Debbie Carter-Ross Chief Financial Officer
Greg Martineau Chairman
Nairn Nerland Independent Director
Robert Schulz Independent Director
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