14th February 2017 - Developer Marketing Systems Explored
In this day and age, developers are adapting their marketing ecosystems into more expansive and engaging ones than ever before. We've moved from a ‘brochure' form of marketing in erstwhile days to a more ‘interactive' system of marketing.
There's a higher frequency and more one to one relationship with channel partners in an attempt to push sales. As far as reaching out to prospective clients go there are now numerous and diversified channels of promotion.
Some examples are publishing of city guides, real estate development specific magazines, event management and parties catering to the launch of specific products, interactive CRM systems, reference based relationship management systems, social media platforms and advertising, offline advertising and sponsoring for events and the list goes on..
There are push and pull mechanisms in order to attract customers like in the conventional days it's just that marketing operations have evolved to match the more informed, discerning buyer.
Some top known developers have managed to attract sales talent and managers from non-real estate sectors as diversified as IT and FMCG with an attempt to harness innovative ways of marketing alongside existing real estate experienced professionals.
In terms of pricing, we've not seen much of discounts offered onto the table in the primary market although developers are offering innovative and easier payment schemes and plans in order to attract customers.
It's become more than just about ‘promoting your product' and moved to ‘promoting the ecosystem around it as well'. This could be in the form of other infrastructural facilities, wherein even developers are willing to invest alongside state authorities (note this is still limited though and prevalent in certain micromarkets). Some developers are diversifying in non-core real estate activities like building schools, joint ventures for hotel projects as well as creating non-profit initiatives.
If the customers don't come to you, you go to the customers. This can be illustrated by developer marketing trips to domestic and foreign locations in order to promote their projects.
Having said all this we're waiting for a strong RERA so developers can be held accountable for delivery and match up to their sales pitches. Something that is much needed in an industry with a somewhat tainted name.
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