Reinstating Homebuyers’ Confidence
Vyoma Pandit, Joint CMO, Shriram Properties talks about the unique marketing strategies that they have adopted for their new project O2 homes.
- Please tell us about the unique marketing strategies you adopted for your new project, O2 Homes? What is the modus operandi for the same?
O2 homes debuted the unique concept of “Codename marketing” in Bangalore. Under this model, we did not reveal the name of the project to the market but actually highlighted the key value proposition for the home buyer by calling it a “Deal of a Lifetime”. The entire market was told about the opportunity at hand which was an unseen mix of strategic location + right product + unbelievable price through all possible channels. Interested people were asked to fill an “Expression of interest” to book a unit and were called over on a stated date to select the unit of their choice and complete the booking formalities. This way, we could channelize the demand into a finite window and also showcase the interest generated in the market to the prospective buyers.
- How this strategy will help you in combating the impact caused by recent policy turmoils?
After a year of combatting back-to-back challenges with DeMo, GST & RERA, the market was waiting for someone to reinstate the home buyer’s confidence. We are a company that firmly believes in the fact that the right combination of location, product mix, price and brand can never fail. And by proving the same in the O2 homes pre-launch, we proved that right. The launch brought in the much need “hit” for the industry & we are sure of much faster paced recovery now.
- What has been the impact of this unique marketing activity?
We have successfully sold over 500 apartments i.e. most of the units in the launched phase. It has also catapulted ‘Budigere cross’ to the top selling micromarkets in the city for the quarter.
- What is the need to increase direct consumer engagement in the real estate sector?
Home buying is a decision that is very close to a customer’s heart, especially in a city like Bangalore where most people are buying their first home with lot of aspirations. We at Shriram make a lot of effort to communicate our core value proposition and RTB (reasons to buy) to the customer so that they can make an informed decision. In fact, in the coming year we are starting a unique initiative internally that will take our sales experience, customer communication & listening skills to the next level.
- How does the communication differ for different segments? What are the mediums used in Shriram’s marketing plan — digital Innovations, outdoor and print campaigns etc.
We treat every medium seperately & customise our communication to suit its needs. Eg. we have a ‘5 second visibility rule’ for outdoor & we design every Facebook ad & validate it mobile first. We also have an internal tech & innovations team that helps us stay ahead of the curve in adopting new customer touch points.
- Please tell us about the growing marketing trends in the real estate sector
In the last 3-4 years, the sector has discovered the power of digital marketing & now for most established companies; over 60% leads come from digital. But now, the shift will be towards customisation of content for the online customer. The online footprint of the customer (though a sensitive topic right now!) will help move the buying stage from ‘information’ to ‘consideration’.
In terms of communication, the shift would be from lifestyle based aspirational ads to value proposition led ads that create a compelling case for action for the smart home buyer.