REAL ESTATE MARKETING
Real Estate Marketing is still a question for many marketing pundits, there is still a doubt whether its better to continue traditional methods of bill boards and space ads or really do we require more inputs and change with changing trends.
I recall my days of MBA where in economics lecture about monopoly, oligopoly and monopolistic markets i can well relate that to the present real estate market. Yes that is where we need to stat thinking about the real estate marketing. Earlier there were few players in the market and like a cartel they used to handle the market fluctuations and needs. Now there are thousands of players or even one more then that. In my recent study i found more then 150 players just in a small area like Thane itself so one can assume for Mumbai as a whole and then India. Further they are sub divided into two small time builders with one or two projects and large groups like Godrej Properties or Hiranandani etc.
So this is no more of a Niche Market. If we talk about marketing we are talking about the latter group(large groups) generally small time builders have there own small segment to cater to as there prices due to low operational costs are low and better then one prevailing in the market.
These large players do not have threat with these small time players but still can be a weakness.Thus there marketing should be quite strong and massy.
I as per my gut feeling feels that the marketing in Real Estate should not be limitized to Expo’s, paper ads and bill boards. but just go beyond and why not.
When we talk about buying behavior of customers we often use the jargons like share of mind and share of heart. We are taught that human brain is like a ladder and brands take seat on every ladder and its a tendency to remember only top seven brands of the ladder.
I feel for a soap a FMCG co. spends in abundance to create that market value and yes results can be seen they are quite obvious how olay, Garnier and others create their brand then why not a real estate brand whose product is thousand times costly and generally once in a lifetime purchase product. Yes i agree there can not be mass selling happen but it does not require a mass selling.
As per two schools of theories:
1). Soaps have a repeat customers.
2). Its product, packaging and other USP can be altered as per market demand.
Now to it i say, WHO SAYS FLAT/APARTMENTS/VILLAS/PLOTS/COMERCIL SPACES DO NOT HAVE A REPEAT CUSTOMERS.
It s not long back when reliance carved out a strategy where they changed the face of a telecom world now i think that was the time when telecom entered into FMCG (Fast moving consumer goods).
And yes this a time when India growing with a high GDP compared to rest of the world when per capita income of an individual has grown many folds, there is a change in lifestyle and a feeling on all. ASK yourself how many of you are staying with the same residential address since last ten years or how many people you know have changed 4-5 address in last 5-10 years. How many of your knowns own more then 3-4 residential/commercial property.
So, what does that implicate this only shows that yes this is the time to change the definition of Real Estate and Above all Marketing Strategy.
Make a Kill
Adopt all the available media vehicle, be innovative, be clear.
create a brand
Spread a brand message
Honour customer sentiments.
Sell them Homes Not a Flat.