ET_Real_Estate and_Digital_Marketing_2014
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The document discusses how real estate marketing can leverage digital technologies. It notes that 90% of home buyers now do online research and consumers expect quick responses to online inquiries. While digital spending is increasing, many real estate campaigns are ineffective due to fragmented platforms and lack of accountability. The document outlines how real estate marketers can improve the customer experience at each stage of the home buying process through responsive websites, video, chatbots, and quick response times. It also discusses emerging trends like smart homes and how real estate will increasingly rely on data-driven personalized experiences and integration of physical and digital spaces.
ET_Real_Estate and_Digital_Marketing_2014
- 1. How Technology can Take Real Estate Marketing to the Next Level? Ajay Chhabra VP – Online Marketing & Strategic Initiatives Cyber Futuristics (India) Pvt. Ltd.
- 2. Traditional Vs. Modern Marketing Desk Source: https://www.facebook.com/DigitalMarketingStrategyPranuKumar Some of you would have already transformed your Real Estate desk with the power of Digital Marketing and Social Media
- 3. ARoadmap tothe Futureof Marketing Source: Dollars, Bits and Atoms: A roadmap to the future of marketing, Rob Salkowitz, Mediaplant Data + Context + Pervasive Computing = Mass Personalization at Scale, Digital/Physical Blend and Marketing becomes Experience Management
- 4. Source: eMarketer data as quoted in http://boomtownroi.com/blog/post/why-digital-marketing-fails-for-the-real-estate-industry RealEstate Digital Marketing Spends
- 5. • Poorly Run Digital Marketing Campaigns • Fragmented Technology Platforms & Providers • Lack of accountability and Support • Prior Experience with leads aggregators is not good with respect to ROI Reasons • Real estate industry tend to focus on generating traffic and acquiring as many leads as possible with little emphasis on relevance. • A very few are bothered about Customer Online Experience Root Cause Analysis 90% 90% of consumers did online research before they bought their last home What Real Estate Consumers Expect? 45% 45% of consumers expect an initial response from an online inquiry within 15 minutes 56% 56% of consumers expect a response from their agent within 30 minutes 89% 89% of consumers said response time was very important when choosing their agent 45% 45% of inquiries on real estate websites never receive a response Source: http://boomtownroi.com/blog/post/why-digital-marketing-fails-for-the-real-estate-industry Billions of dollars are being wasted on digital marketing products and services in the Real Estate Industry, world over Why Does Digital Marketing Fail for Real Estate Industry?
- 6. Real Estate Digital Marketing Spends in The United Kingdom In UK, the forecast for the next 3 years clearly shows an accelerated divergence between print & digital with digital set to grow by 50%. Source: http://www.nbr.co.nz/article/real-estate-industrys-move-digital-marketing-speeds
- 7. Real Estate Digital Marketing Spends in India Due to slowdown property developers are cutting the traditional marketing & investing into newer technologies http://timesofindia.indiatimes.com/business/india-business/Realty-turns-to-digital-marketing-to-cut-costs/articleshow/21744523.cms Assocham Interacted with about 2,000 real estate marketers, property developers and builders in India during May-July, 2013 and found that they spend about Rs 2,500 crore annually on publicity across different media and digital marketing accounts for about 25 per cent with a share of about Rs 625 crore, the survey said.
- 8. Ten Trends driving the future of Real Estate Marketing Having seen the prevailing trends one needs to stop, think & re-evaluate the real estate marketing strategy Source: Game Plan : How Real Estate Professionals Can thrive in Uncertain Future, Ian Morris & Steve Murray 1. A Slow Recovery in Housing Sales and Prices 2. Changing Consumer Demographics 3. Pressure on Commission Levels 4. The Continued Advance of New Business Models and Industry Segmentation 5. The Growing Importance of Lead Generation 6. The Use of Integrated Technology Platforms 7. The Evolution of How Consumers will Select Real Estate Professionals 8. The Importance of Leadership 9. The Emergence of Real Estate Teams 10. A Stiffening Regulatory Environment
- 9. Consumer and Market trends in Real Estate – Google Real Estate companies need to connect with customers Real-Time at the right moment as would enable them to be more professional & proactive 1. 90% of home buyers searched online during their home buying process 2. Real estate related searches on Google.com have grown 253% over the past 4 years 3. Buyers use specific online tools during different phases of the home search process 4. How important “local” search terms and websites are for buyers 5. How mobile technology connects online to offline home buying— including the reading of online reviews 6. How video and YouTube satisfy buyers’ research needs 7. The role of age and gender in driving real estate decisions both on and offline 8. Top states where online searches around first- time homebuyer tips, senior housing, and foreclosures are happening 9. 36% of new home shoppers utilize a mobile device while they are watching TV Source: Google.com
- 10. Consumer Insights and Role of Digital Marketing
- 11. 90% 90% of consumers did online research before they bought their last home Enhance Customer experience with the help of responsive multiple device experience Consumer Insights and Role of Digital Marketing Digital first, mobile first and mobile through out the sales cycle would be a reality. So be mobile ready. Having responsive website designs and search engine friendly content for web, smartphones and tablets would be the need of the hour. For an improved audience engagement, high quality customer utilities, white papers, videos, content marketing & though leadership material would be a hit.
- 12. The potential of real-time open online chat is currently under-utilized. Multiple Call to action including even property detailing e-Videos, and anonymous online site tours would be in demand. In-house online demand generation center with focus on nurturing young talent into real estate consultants, via campus placements Online Chat and Consultation has to be in place for connecting with the customer at the right moment in time so that high impact sales pipeline is developed Consumer Insights and Role of Digital Marketing 45% 45% of consumers expect an initial response from an online inquiry within 15 minutes
- 13. Mobile Call extension integration in all Search marketing campaigns and multiple Toll-Free numbers to test channel / creative effectiveness. Video call integrated websites and video integrated marketing automation systems would be in demand. Real time marketing would enable success. So based on pre-defined triggers on various actions on website / mobile applications, desired communication would be pushed. Skype/Video calling based integrated video Chat would enable greater success and delight customers Consumer Insights and Role of Digital Marketing 56% 56% of consumers expect a response from their agent within 30 minutes
- 14. e-Learning based soft skills training to the front-line sales, brokers and agents, so that brand message delivery is consistent. Telephonic conversation recording and tracking based marketing automation system would be in demand. Customers expect privacy, good behavior and appreciate consultative sales. They avoid if the sales person is pushy or tries to oversell. Consumer Insights and Role of Digital Marketing 89% 89% of consumers said response time was very important when choosing their agent CRM Systems would enable customer history and background check via social media before calling.
- 15. Real estate industry needs to invest in a centralized leads nurturing and marketing automation system. All leads forms to be synched to sales force automation systems and monitor analytics goals conversions regularly. Define and publish services turnaround time and response time on your website with hours of operations. The idea is to ensure transparency & accountability so that the digital marketing spends are justified and deliver a better ROI. Consumer Insights and Role of Digital Marketing 45% 45% of inquiries on real estate websites never receive a response
- 16. Digital Marketing and Mapping the Customer Purchase Cycle
- 17. Model Flats 3-D view, e- detailing multimedia brochures, video enabled PDFs, Virtual walk-throughs & map based Search would be must for all. IP based CCTVs linked from websites and mobile apps to save travel cost and time for actual site visits. Property portals would develop into real estate auction sites with time bound deals. Luxury Real estate online portals would come into existence. The idea is to delight customers even at this early stage so that his/her experience is good & privacy is maintained Pre Purchase and Enquiry Stage Enquiry Stage
- 18. Partnerships and timely e- communication of banking partners, financial advice, home insurance, Interior designers, painting tips, white goods, stylish bathroom & paintings etc. Lowest possible rate of interest guarantee offers, special discounts for key corporates, flexibility to changing Interest plans, ROI Calculators on the site / in the apps would help. Agent commission rates would be a big decision making factor after location and rates, which would come down however revenues to builders would come from other services. The builder’s role would evolve and he would be able to measure customer life time value and not just a one time transaction During Purchase and Negotiations During Purcahse
- 19. Secure mobile apps for timely reminders of due payments, construction updates, account statements, reminders, letters and project completion etc. would be common. IP CCTV based site construction updates via smartphone apps & websites post secure login. Capture Online Customer feedback and Video testimonials and promote on social media. Turning customers into brand advocate with the help of referral / CRM programs and to help them generate extra income would be an extra edge to your marketing program. A satisfied customer would spread a positive Word of mouth, which is the best form of marketing till date. And it works wonders for the real estate!!! Consumer Insights and Role of Digital Marketing Post Purcahse
- 20. Other Technological Advances in the Real Estate Industry in Future
- 21. Smart homes with the internet connected gadget, white goods, surveillance, greener homes with lowest energy consumption would require even a home to have Semiconductor Chip for inter-connectivity of devices & data A home would need to have a dedicated IP and would be generating tons of digital data which would be required to be stored in a Cloud Server. One connection for electricity, phone, water, Gas & internet 3-D holography seen inside the home walls and digital projection would allow you to change the paint & design of walls every day. Traditional paint companies would have to innovate. Future is nearby. Go ahead and touch the same. With digital marketing impossible is nothing and value addition to Real Estate industry is very high. Smart Homes and Beyond – How Digital would help In Future a Smart Wearable device would become the key to the home and would control all functions including locking & Lighting. The Future
- 22. Concluding Thoughts & CEO’s Action plan for Monday Let’s welcome a happy future of the Real Estate Industry with the help of results oriented digital marketing 1. Don’t be myopic only about leads generation, try and map the entire customer journey and enhance their experience. Customer is betting on you his entire life’s earnings and faces the pressure of home loan EMIs for rest of his active life. So we as community has moral responsibility for their well being and not just about project’s profit. 2. Stop, Think & Re-evaluate the Real Estate marketing strategy as future is uncertain yet demanding, customer demographics are changing & technology is changing every day. 3. Evaluate & Hire a domain expertise based digital agency and treat them with professionalism as they are here for your good. 4. Hire young and talented digital marketing persons in your marketing team and let them work closely with GM – Marketing & Communications. 5. Give them freedom and marketing Budgets for innovation yet make them accountable for results, as even a mere 2% of your project cost would be very big for the Digital marketer 6. Motivate and Bring in senior digital marketing professionals to work for real estate industry CEOs as consultants for bringing in thought leadership, strategic initiatives, and ability to map the future.
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- 26. Lastly, my understanding of real estate marketing via digital! “The elitism of real estate business lies in its engineering sophistication and the art of selling a concept which is yet to take the shape of a physical infrastructure. Further, the relationship between customers and real estate marketers is based on trust demonstrated, which paves ways for global presence. I believe India has a lot of potential to leverage the opportunity to set footprints for the world to follow, using enterprising mindset, unparalled skillset and digital marketing.” Ajay Chhabra Skype ID: CallOnAjay Mobile: 0091-8130940808 [email protected]