In India, still there a number of real estate developers, agents and companies that either are not aware of digital marketing outreach & power or if aware then not conducting it the right way. They are not realizing the worth of digital marketing while tech savvy real estate companies are exploiting digital medium to the fullest and outrivaling their not so tech savvy competitors in this all-so-highly competitive market
I know at least at this juncture when every business is going digital or aspiring to go digital not getting convinced with what I said is almost impossible. Yet you must be looking some concrete reasons as to real estate in India must invest in digital marketing. The sooner they do, the better it is for their business. Here 3 solid reasons why digital marketing is so crucial for your real estate business.
Reason#1: Digital marketing drives Higher ROI with Lesser Cost per Lead
Every business has the same objective that is profit maximization whether it is a healthcare business or a real estate. You can substantially reduce your investment and improve the return on investment through digital marketing. To understand this in a better way let’s have a quick look at the market scenarios and Internet’s outreach in India.
According to a recent study India has now over 1 billion mobile subscribers and the number of Internet users in India is likely to cross 500 million this year, according to Ravi Shankar Prasad, minister for communications & information technology. India has grown to around 400 million Internet users. Besides, as per a report generated by ASSOCHAM-Forrester India’s e-Commerce revenue is growing at an annual rate of 51%, which is the highest in the world and is expected to reach $ 120 billion in 2020 from $30 billion at present.
Now think about it once what if you have a free media at your disposal unlike the traditional media (TV, Radio, Newspaper & so on), where you can extend your reach and generate awareness about your business among your target audience through different types of content such as blogs, videos, social media etc.
Almost everyone before buying a property conduct a hunt on the search engines to get an idea about the market to search best suitable property at the right location in right budget. This kind of leads can be called potential customers or prospects and chances of their conversion is also higher as they came to you instead of you broadcasting your marketing message through various mediums like TV, Radio and offline ads.
However, if you are unavailable on such online platforms then it’s nobody’s fault that neither you are reaching to them nor they are reaching to you.
Reason#2: The young and Non-resident Indians are quite internet savvy
It’s a fact that cannot be denied that the young generation is crazy about internet and the online world and so are the NRIs, for they are quite internet savvy.
In fact talking about the real estate market scenario recently Google released a report that revealed about internet to influence real estate purchase decision worth of US$ 43billion (53% of Real Estate Purchases) in India.
And! Especially in a market like real estate where the buyer lifecycle is generally longer due to the high value purchase decision and that buyers conduct extensive research and access trustworthy media & medium to acquire knowledge for making an informed decision.
So, if you don’t exist in the virtual world now a days then you actually don’t exist at all and you are not effectively influencing your buyer’s purchasing decision by winning their trust.
Let’s say an NRI sitting in USA wants to buy a property and India and just for sake of hunting to get idea what’s in and what’s out in the market he can’t make a visit to the country. So, he will for sure conduct an online research and if you are not there then you are missing out big opportunities.
Reason#3: What some studies and researches have to say
A recent study conducted by Tata Housing revealed that 3 to 5 years down the line online home sales will contribute 30% to the total revenue. At the same time Godrej Properties unveiled that it gets its 20% of the overall sales from online.
And, if you consider Tata Housing and Godrej Properties in real estate market in India as your competitors then you must care about the data that they are depicting. I think it was self explanatory and that I don’t need emphasize more on it.
By conducting wise digital marketing campaigns you can boost your sales online with lesser cost and higher conversions.