As we entered 2020, the real estate market in India was well on its way to a steady recovery after a reform-ridden slump over the past couple of years. But little did we know, a global pandemic would bring that recovery to a sudden halt.
The initial impact of demonetization, followed by a dual structural reform like RERA & GST, resulted in delayed project launches and dampened sales, right up to 2019. But the market showed promise of recovery with projected market size of US$ 1 trillion by 2030 from US$ 1.72 billion in 2019.
As the sector was picking pace, it had to face whole new challenges. Negative consumer sentiments & the impact of lockdown due to COVID-19 caused a decrease in the sale of residential units by 29% (Q1 2020) as compared to sales during the same period last year.
At a time when consumers are moving online, the need of the hour for real estate builders is to reinvent themselves with a newer way of marketing, sales and customer retention.
Topics
- Urgency of Digital Transformation in Real Estate
- Consumer Lifecycle Phases
- End-to-end Real Estate Technology Solutions
- Marketing Solutions
- Pre-sales & Sales Solutions
- Channel Partner Solutions
- CRM Solutions
- Implementing Vertical-Focused Solutions
Urgency of Real Estate Digital Transformation
Most homebuyers now have turned fence-sitters and are delaying their purchase decisions hoping for further discounts. In such a scenario, setting a command over the right selling price in a buyer’s market requires:
- A trusted brand with a strong delivery record
- The perfect product with the right location, amenities & specifications
- An enhanced buying experience in both the physical & digital world
- Collaboration within internal teams & with channel partners
Given these challenging market conditions, developers need to focus on technology that can help them establish a strong brand perception, create a strong top-of-the-mind recall through omnichannel communication and leveraging data & automation for enhanced customer experience.
But before diving into the details, we first need to understand the real estate buying process and the journey homebuyers go through, from being aware of your offering to being a happy customer.
Consumer Lifecycle Phases
The consumer lifecycle begins the moment you first catch a potential customer’s attention. All the steps from here to ultimately retaining your customer form the buyer’s journey for your product. By successfully guiding customers through these stages you will end up gaining enthusiastic advocates for your brand.
Let’s take a closer look at each step and the relevant business activities along the way.
Awarness & Reach
Activities
Engagement
Activities
Consideration & Purchase
Activities
Post Sales
Activities
Awareness & Reach
Your relationship with a customer begins when they first become aware of your existence
Activities
PR, Advertising, Lead Generation, Social Media Outreach, Influencer Campaigns, Brand Building, Thought Leadership, Channel Partner Outreach, Database Marketing, Webinars, Consumer Research
Engagement
Customer starts seeking out and interacting with your marketing content
Activities
Lead Engagement, Create more touch-points, Virtual Tours, Site Visits, Lead Enrichment, Newsletters, Product Explainers, Sales collateral, Video Content Personalization at Scale, Micro-moment Marketing
Consideration & Purchase
Customer considers your offering and ends up making a purchase
Activities
Negotiations, Offer & Schemes, EOI, Payments, Inventory & Price Optimization, Customer Stories, White Papers, Reduce Cancellations, e-Commerce
Post Sales
Building a relationship with the customer by continuing to provide quality service and support
Activities
Document Verification & e-Signing, Agreements, Payments, Demands & Payment Schedules, Service Requests, Follow-up, Referrals & Loyalty, Customer App, Property Management
End-to-end Real Estate Technology Solutions
Now that we understand the buyer journey, we can now proceed with uncovering the right tools and features that should be a part of each stage. Keeping stage-wise business activities in mind, a One Technology Solution for Real Estate Sales & Marketing is needed that should cover all your internal functions and stakeholders.
Let’s look at a stage-wise plan and what technology solutions fit in those stages for each business department and function.
Marketing Solutions
Marketing function begins with an unaware lead and ends with nurturing a converted customer, thus, covering all the four stages of the consumer lifecycle phases. It includes solutions ranging from ad automation to consumer engagement portals.
| Awareness & Reach |
|
|
| Engagement |
|
|
| Consideration & Purchase |
|
|
| Post Sales |
|
|
Pre-sales & Sales Solutions
After the first stage, a lead moves onto the second phase where the role of pre-sales & sales team starts. They cover the middle two sections of the funnel and at both the stages strengthen and simplify sales functions.
| Engagement |
|
|
| Consideration & Purchase |
|
|
Channel Partner Solutions
Channel partners play a crucial role in pushing an aware customer further down the funnel. Thus their role comes into play at the middle stages of the funnel. The technology features allow complete transparency and help in the successful management of channel partner operations.
| Engagement |
|
|
| Consideration & Purchase |
|
|
CRM Solutions
A CRM platform performs a variety of crucial relationship management functions across departments. But generic CRMs fail to provide the features and solutions that an integrated strategy needs. Covering the last two stages, an all-in-one CRM solution would ensure that all customer-facing teams are empowered with the right data to create incredible customer experiences.
| Consideration & Purchase |
|
|
| Post Sales |
|
|
Implementing Vertical-Focused Solutions
Once the components of the system have been laid down, the next step is the implementation of this system. Successful system implementation requires:
- All systems connected with data flowing across seamlessly
- All stakeholders with access to a common system
- Platform available online for ease of use, secure & controlled access
- Allowance for faster growth experiments
Choosing a vertical-focused solution and then tailoring those solutions to fit internal requirements is a cost-effective and efficient option for real estate builders. It offers a low cost of ownership with innovative industry solutions and faster go-to-live timeline.
Final Words
The right tools and solutions across the consumer journey cycle can help all your departments and stakeholders function at optimum potential. It is also an important part of growth marketing that allows gathering and analysis of the right data, on-the-go optimizations and seamless collaborations between internal teams. With the uncertainty of the pandemic looming large, it’s best to put your best foot forward with end-to-end technology solutions for the real estate industry.
Need help with the way forward? We are India’s pioneering growth marketing agency that has helped numerous real estate brands achieve sustainable growth over the last ten years. Feel free to get in touch to discuss post-COVID growth strategies for your business.
To get in touch,
email at vikram@amuratech.com
Leave a comment
Comments (38)
The use of chatbots should be approached with caution. I know people who really get pissed when they realize they are not interacting with an actual human.
Leave a ReplyWhatever digital solution a real estate company adopts, it should clearly align with its current goals and strategies. It is a very delicate process that should be approached with utmost care.
Leave a ReplyThere is a lot of cost savings associated with a digital transformation. This should be more than enough reason for real estate developers to make the shift.
Leave a ReplyMaking a digital transformation can sometimes pose a challenge to real estate developers who have become accustomed to the traditional way of doing things. For this reason it may be important for them to hire professionals that can help them make the transition smoothly.
Leave a ReplyThe importance of a digital transformation in the real estate sector cannot be overstated. Practically every other sector has already or is in the process of doing the tranformation.
Leave a ReplyMany times the post sales gets ignored. It's important to note that post sales is just as important as the rest of the processes.
Leave a ReplyI fully agree with you on the point about generic CRMs fail to provide the features and solutions that an integrated strategy needs.A good CRM should be well customized to fit the strategy and goals of a real estate developer.
Leave a ReplyWhen employing digital marketing solutions, it is of utter importance to keep track of the analytics. It is a great way to see how effective the methods one is employing are.
Leave a ReplyYour coverage of the consumer life cycle phases is very exhaustive. There are a few steps that were totally new to me. Thanks for the information.
Leave a ReplyThe real estate builders have all been forced to adopt new techniques to market themselves. Failure to do this can simply spell doom.
Leave a ReplyA 29% reduction in first quarter residential units sold is a big deal. Looks like the pandemic has a much larger impact than initially thought.
Leave a ReplyPost covid has forced all businesses to rethink their approach. Your guide is extremely helpful to the real estate industry. The graphics in your article are well-structured and remind me of an infographic. Perhaps you should brand it and give the visuals an easy way to be embedded and shared on other sites. This could really boost your authority and reach to help more businesses and people with your great content and insight.
Leave a ReplyFirst off we are not yet at the end of the tunnel for there is no cure/ vaccine as of now. I think w should concentrate on that before crossing the post virus bridge. One step at a time.
Leave a ReplyThe correct tools across the journey cycle can assist all your departments. It is a vital aspect of growth marketing.
Leave a ReplyI love this research work output. This has kept being my question, how will people relate with real estate firms or individuals.
Leave a ReplyPeople are tending more towards online world for every aspects in this pandemic, so as to for real estate as well. Being a real estate developer, which foot should I step forward to establish a strong brand perception?
Leave a ReplyWhat are some of the digital alternatives for site visits and how effective are they in the long run?
Leave a ReplyThanks for sharing, got a complete understanding about the need for digital transformation throughout the funnel.
Leave a ReplyNice article. With the uncertainty during and maybe post Covid19 how many real estate brands can really survive and keep their growth?
Leave a ReplyFrankly I cannot imagine it yet since we are far off to the end of this crisis. However, one thing is sure, hopefully er get out better than before when the smoke clears.
Leave a ReplyIt really is quite amazing how we can really adapt to the pressing needs of every business especially real estate in India during the pandemic. It is sorely needed in order to be able to survive as a business - going digital - in these most trying times.
Leave a ReplyThanks for sharing this detailed article! Do you think Covid-19 related change is here to stay, or is it just going to be a temporary blip in our timelines?
Leave a ReplyInteresting read, good solution for the Indian market. The people needs good marketing leads
Leave a ReplyThe market is currently in a "waiting" condition for both buyers and suppliers until the situation becomes "safe" and able to "save" their financial position. This is also very dependent on the government and stimulus to the property business.
Leave a ReplyMany real estate brands have gained good growth in the past 10 years. It is a nice blog for discussing business growth strategies.
Leave a ReplyI love this post for its real content. Real estate broken to the root for us to grab during and after the covid19 pandemic.
Leave a ReplyEven real estate is going digital huh? It can work in other industries but not here in my opinion or at least not as efficient. I for one is the type that would like to see first hand what it is I am dealing with. How much more if we are talking about a property? Screen shots are fine but it is lacking for me.
Leave a ReplyWe are into newer way of marketing, sales and customer retention. We are moving and thanks to you people, this piece is a blessing and I hope it gets out there.
Leave a ReplyI downloaded the complete guide and currently learning a lot from it. Thanks a lot Amura.
Leave a ReplyThis is a great content. Industries should adapt to the new normal, so that economies will rise again.
Leave a ReplyThis is not too long, but full of great information to absorb. Thank you for sharing.
Leave a ReplyThis article is very interesting I must say and an eye opener to real estate agenies. No one knows when this pandemic would end, so you just have to find a way out to keep your business going. Thanks.
Leave a ReplyThanks so much for defining lifecycle phases, the buyer's journey and channel partner solutions. We can't led COVID destroy the real-estate sector and this article is an amazing resource for being proactive.
Leave a ReplyInteresting point of view. These study clearly shows that we can easily adjust to any situation. I will try to share these with my colleagues.
Leave a ReplyFrom physical-site visits to virtual tours, we can see the shift. Would like to know more in detail how the real estate industry is responding to this crisis digitally?
Leave a ReplyNice article! How will the customers approach change towards real estate post Covid19 and even after Covid19?
Leave a ReplyInteresting read!! Please suggest the best digital platform to generate quality leads.
Leave a ReplyInteresting read! Valuable content and insights. One query - Is novel COVID 19 forcing the digital transformation?
Leave a Reply