Real Estate Marketing in India

Real Estate in India is a vast and complex sector with unique challenges of its own. There are projects coming up in every nook and corner of India. The gap between demand and supply is alarming and is responsible for the need to create differentiation. Pickup marketing material of a typical real estate project in India and one of the first things you will notice is that there is emphasis on differentiation. Real Estate marketers need to carefully plan and choose the right media mix while utilizing an optimised budget. Also, another major concern is ‘what’ to communicate to their TG and not just ‘how’. As a result, the need to differentiate a project and choosing the right communication has become more important than ever.

Gone are the good old days of simply selling the Real Estate with the location as a primary attribute at an attractive price. It is getting difficult to sell the Real Estate as me too offering. Marketers are now focusing on bringing differentiation and uniqueness to the projects. As a result Marketers now play an important role in defining the value proposition of projects. They guide developers and contribute in decisions on creating a project offering as per market trends and consumer expectations.  It’s not just homes or offices anymore.

Developers are selling Smart homes, Green homes, Compact homes, Luxury homes, Sky homes, Fashion homes, Boutique offices, and Five Star offices. The list is endless.  Focus is more on creating & selling USPs and experience, a proposition which will attract and instil a sense of ownership in the buyer. Buyers invest significant portion of their savings into their home. It is important to identify expectations of the TG and deliver those expectations. Over and above that, creating unique attributes can help deliver consumer delight. A proud and satisfied buyer is worth millions.

So how does one come with these Unique Selling Propositions? Is it something that is planned and offered by the developers or something which is being sought after by buyers? I firmly believe it is both the buyers and industry that define this kind of demand. With changing times the tastes and preferences of the buyers have changed. There are also the technological advances in the industry which are enabling this shift. For developers it is of prime importance to keep the buyers interests at the forefront while planning the project. The points to keep in mind are purchasing power of the TG and aspiration value of the offering. Providing a differentiated offering which stands out and appeals to the aspirations of the buyers may even persuade them to stretch their budgets.

The spending power of consumers plays an important role. A young nuclear family with more than one earning member have different aspirations related to owning a home compared to a traditional joint family. Smart homes with automation, modern amenities and spaces that compliment modern lifestyle typically appeal to the young and some middle aged buyers. However, senior home buyers may not value such attributes as much.  It is critical to identify the TG & its preferences and design the project accordingly. Marketers are increasingly influencing this aspect more and more, whereby they help in establishing such differentiation for a project, and then plan, design and execute appropriate marketing and communication strategy to reach the TG. #realestate #realestatemarketinginda #smartliving