By: Rohtas Goel, CMD, Omaxe
Track2Realty Exclusive: When we moved out of the comfort zone of metro city, the first question people asked us was how can we meet up with the challenge of leveraging our brand positioning in other geographical markets? Real estate, after all, is a micro market business and branding the realty has by and large presumed to be a metro phenomenon.
Fact of the matter is that it has never been difficult for us. Being a national player with strong credentials, the brand name was enough to create confidence amongst buyers. Besides, we did some necessary brand promotions to create the comfort and trust among the people, especially in small towns where established regional players have penetrated the market very deeply.
Today, not only us but many national level developers are still commanding a brand premium even when entering into a relatively lesser known destination. The assurance of quality is a premium in itself that is associated with most of the national brands. We, as a listed company with a national presence, have the edge of our brand name that is duly recognized and has been widely accepted.
The fact that we have been in the sector for over 25 years is something that shows our tenacity and perseverance that guides us towards making substantial change in the lifestyle of the people in these regions.
The key challenge, however, has always been to position the brand in the right context in these not-so-brand conscious markets. And hence, the dynamics of advertising changes when entering into a new market as we have to address to the different audience and different markets.
The ability to connect with the local populace is the key and this is where local flavour, use of vernacular language etc plays an important part. Besides advertising, the products are planned and strategized in such a way that it is easy to understand and then make a purchase.
There is a general perception gaining ground in the metro cities that tier II & III cities more PR driven than advertising driven market. However, in my opinion it is definitely as much advertising driven as in the matured metro cities. Strong connect with channel partners also plays a great role. Advertisement remains the most effective form of communication. Their turnaround in sales is directly dependent on the way it gets communicated to the target audience.
In my opinion one should not have a straight jacket approach towards advertising, but a careful study of market dynamics and consumer behavior is what drives it. Moreover, local flavour is the key. International jargons and tie-ups also work in attracting customers to a large extent; they don’t quite translate into sales.
What ultimately matters is the brand equity and the quality of the projects. For example, our project in Vrindavan has the flavour of the region, its aesthetics and the ethos and history. The architecture, colours, name of towers etc have those flavours. The advertising and other marketing collaterals too have those flavours.
…to be continued
