By: Jackbastian K. Nazareth, Group CEO, Puravankara Projects
Track2Realty Exclusive: In the pre-2008 era, print spends were high. Since then the global economic recession and resultant decline in sales have compelled marketers to explore alternative channels. Subsequently, internet marketing which up till then meant having a website, morphed into a lead-generation and branding tool.
Jargon such as search-engine-optimization (SEO) and search-engine-marketing (SEM), entered the developer’s lexicon. Google emerged as the mantra for web success. Real-estate portals became pivotal to the marketing plan.
Targeted marketing tools such as direct mailers transitioned into the online world as electronic direct mailers, and were routinely used to update prospective buyers about upcoming projects and launches.
The effectiveness of online marketing has led to several advances in the space. The medium has undergone a metamorphosis from web presence to real-time digital marketing.
Social media is emerging as a powerful platform, not only to showcase products but also to create engaged customer communities and build brand affinity.
Digital marketing which is proving to be a cost-effective tool to reach buyers across the world in real-time, has indelibly carved its place in the marketing mix. Budgets hither to allocated to traditional mediums, such as print and radio, are being redirected to online activity.
In addition to creative marketing, developers have embarked upon product innovation with great gusto. Theme-based projects, environment-friendly designs, intelligent living spaces equipped with cutting-edge gadgets and gizmos, world-class amenities and recreational features have become the norm, particularly in the luxury segment.
Moreover, developers are leveraging technology to incorporate best-in-class construction processes and practices.
To cater to a discerning clientele, some developers have introduced the concept of ‘experiential marketing’, effectively giving customers the opportunity to ‘trial’ apartments, before purchase. Branded residences, conceived in partnership with international luxury hospitality brands, and even celebrities, are rapidly gaining popularity.
Boutique residential projects and customized homes are making their way into the market, as developers are moving away from the assembly-line construction model. As customers become more discriminating and the market becomes more competitive, we should expect myriad innovations and out-of-the-box ideas in the years ahead.
Developers are extending their brand equity across geographies, markets and ancillary verticals. They are pursuing diverse customer segments in a bid for market share. Premium builders are entering the value segment and vice-versa. Metro-based developers are taking their products to tier I and II towns.
In the final analysis it should be acknowledged that marketing innovations, no matter how effective they are, have limited shelf-life. Marketing can never compensate for a poor quality product, particularly in a word-of-mouth reliant business. Ultimately, a developer’s reputation hinges on Quality. That, unequivocally, is the abiding legacy.
Indeed, marketing innovations are a necessary part of doing business, but an ongoing commitment to quality is the precept for long-term sustainability.
Build a great product, deliver a stellar customer experience, and marketing will be redundant. The product will sell itself, customer affinity will be established, and a great brand built by default. An oversimplification perhaps, but therein lies the kernel to enduring success.
