By: Dr Kunal Banerji, CMO, M3M India
Track2Realty Exclusive: We are the first to accept the influence of branding in our lives. Look at the watches we wear, the T shirts we adorn, and of course the cars we buy. Are our decisions not highly influenced by the ‘ brand name ‘? Indeed, it is. Marketing has begun to play an important role in the decision making process of consumers, especially in urban metropolis areas. Moreover this phenomenon is spreading rapidly to the tier II and tier III cities of India as well.
I do not see why we shy away from proper branding of our real estate projects in India. In fact, to me, it seems to be a logical step forward. Let us start with residential projects. Not just the luxury ones, but also the homes meant for the middle-class segment. Just like the automobile sector has category segmentation as well as specific branded offerings, so can the real estate projects.
Digital Marketing of real estate is a new trend that is here to stay. More and more of the new generation of buyers are dependent on the Internet for making a calculated decision on most things that they purchase. The real estate arena is no different. However, I must caution on distinction between the investor’s vis-à-vis the user segments. The depth of Internet dependency amongst investors is less than those of the new breed of young buyers.
The use of social media and forums of buyers’ opinions will guide a potential home buyer on the decision they make. The question remains, how does one tap into this marketing tool, (if I may call it a tool) without compromising ethics and authenticity?
Simple! Be honest. Interact and engage with customers on real terms, as you would with a friend. If you have nothing to hide, and you should not have, then you will be a winner in this game. In fact, quite clearly, one has the opportunity to really hard sell all ones strong points directly.
Build and sell. It is easier said than done. Only builders with deep pockets or very small projects can do in this manner. Although there is no doubt that customers prefer to buy what they can see, ascertain and pay a premium. But how does one fund the construction process? For this to happen, the financial institutions need to build innovative yet secure instruments.
The advent of the Studio Apartments is something that we will see more and more as the price of land and price per sq ft keeps going north wards, because of locational advantages. The younger customers will prefer to live in the city and be where the action is. But at what price? A studio apartment will be just right for their budget. Thus the ‘stigma’ of living in a small space will be compensated by the compact design and the excellent location.
The Office-cum-Home scenario is new but if the regulations offer the opportunity of having the type of mixed usage under the commercial FSI space, then we are in for another revolution. Transportation costs would be drastically reduced. The quality of life may suffer or perhaps not.
