Riding high after selling off Phase I of its residential project in Gurgaon in a day, Godrej Properties is now stepping up its marketing initiatives and gearing up for the next round of launches. Digital marketing has turned out to be a key factor and helped attract many customers.
Godrej Summit, in Sector 104, Gurgaon, had 695 apartments across 1 million sq.ft. The project is to be jointly developed by Godrej Properties and Zara Sanya. The entire Phase I part was sold in a day.
The feat didn’t come easy. At a time when the realty sector is struggling with low off-take owing to factors such as high prices and interest rates as well as rising debt amidst a marked slow down in volumes, the company relied on digital marketing to show the way.
Girish Shah, V-P Sales and Marketing, Godrej Properties, said, “For the last six to eight months, our marketing team has been planning this launch. It has taken a lot of hard work. We have been steadily aligning our marketing strategy with our newly emerging target group, comprising young single people in their late 20s. Earlier, home buyers used to be in their early 40s, but now they comprise young unmarried professionals who are computer savvy. So accordingly, we have shifted our focus to digital marketing.”
Though it has been a gradual transition to digital marketing for the company, the company was equally stumped at the fantastic response to the Gurgaon project. “Customer relationship management and digital marketing have a strong interplay in our business. Digital also helps us get 20 per cent more sales at one fourth the cost of conventional marketing,” Shah said.
2 per cent of the company’s revenue is allocated towards marketing activities. Of this, 70 per cent of the total marketing budget is for above-the-line promotional activities. This includes print, outdoor and digital. Around 25 per cent goes towards activation and brokerages, Shah added.
Breaking it down further, he said print comprises 30-35 per cent of the marketing budget, digital takes about 20 per cent.
New digital initiatives
Among the new digital marketing initiatives to be introduced by the company is the launch of a ‘Live 24/7 Chat’ feature, giving customers an opportunity to ask queries and get answers round-the-clock. The company is also focussing on multi touchscreens and an ‘augmented reality app’ about their company’s Web site. This app would provide home buyers an option to check out the interactive 3D walkthrough of the property they are interested in.