Marketing gimmics to attract home buyers
The real estate market in India is still reeling under the pressure of sluggish sales and low demand. As developers are finding it increasingly difficult to boost sale of houses, they are resorting to innovative marketing techniques to woo the home buyers.
Home buyers are usually laggards. They would not like to buy a home purely based on impulse. The weakening national economy and rising inflation makes it difficult for developers to convince the buyer to go for their units. The property market in India is still subdued and effective marketing techniques are being sought after by the developers in recent times.
360 degree media campaign
Developers are engaging all types of media to generate hype around a newly launched project. The hype is created through the use of mass media. Advertisements on news paper, television, radio and also through new media like internet create an awareness about the project. Also, billboards on streets are being looked at as the quintessential head turner which would help attracting the potential buyer.
Hype created around the project
Usually developers create the initial hype with a big launch of the residential project and a booking marathon. The booking marathon gets more publicity as buyers are aware of the project due to the on going publicity activities. The buyer’s religious leanings are also being exploited as the developers organise rituals like ‘bhoomi puja’ to invite a large number of people to gather at a single place.
The profit earned by developers has declined from 55% from 2008 to 30% in 2012. The onus is on them to steady the falling demand and hence they are leaving no stone unturned to woo the buyer.
Association with banks
Developers are nowadays associating themselves with banks. The association with banks aim at making it easier for buyers to get a home loan which suits him/her the best. The 80:20 scheme, which requires buyers to pay only 20% of the value till he/she gets possession of the flat is increasingly being promoted so that homes are being sold quickly and easily.
Association with a prominent bank also lends credibility to the builder and the project. It helps in creating trust among the buyers and create a good word of mouth regarding the property for sale.
Interiors and architecture
Developers are coming up with homes designed in special innovative architecture style in cities like Gurgaon, Mumbai and Delhi. High end home buyers look for enhanced living experience and villas/apartments in different architecture style draw their attention. French or Mediterranean style villas or Victorian style row houses are increasingly becoming popular with the premium buyers.
Developers are also roping in designers to add value to their projects. Interior designers and fashion designers of international repute are designing the interiors of the homes in premium segments. This is particularly getting popular in markets like Kerala and Gurgaon where demand is being generated by the large presence of NRI home buyers.
Interior cost of apartments comes around 20%-40% of the total cost of the apartment. Since high-end projects bring in more margin of profit for the developers, hence they are emphasising on niche segment by providing world class interiors.
Social media marketing
Amidst tough competition and stagnation in the property market, developers are opting out for innovative marketing techniques and looking out for new avenues to market their products, instead of being stuck with the traditional media tools.
On line marketing has emerged as a big tool for publicity in the recent years. Digital options in social media like Facebook, Twitter and LinkedIn are being used to reach out to target customers. Through these social media sites, developers are promoting their projects and running effective media campaign. Social media offers more flexibility to the campaign as they provide the developers with the opportunity to know the sentiments of home buyers. Potential buyer not only views the advertisements on social media, but can also give feedback.
Viral marketing has emerged as an able tool for developers to build up consumer interest.
All the innovative marketing strategies look to increase visibility of the specific project and developer in the cluttered property market.
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