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Competition pushes realty sector to enhance marketing methods


Branding of any consumer product has become essential as competition within firms has spiced up the commodity market. The scenario is no different for the Real estate market. Developers are going the extra mile to lure homebuyers. Marketing executives in the field of real estate now understand the importance of changing marketing scenario as they realize that long standing reputation is not good enough to ensure sales. They are now applying newer marketing methods.

“Marketing of real estate is a very complex issue. The industry is growing at an annual rate of 30 per cent and contributes to the country’s GDP immensely as nearly 200 other industries are dependent on it,” says Dr B P Dhaka, COO, Parsvnath Developers. One needs to generate more leads, be engaged and be more connected to the consumers, adds Dhaka.

Reiterating his thoughts Puneet Kukreja, Chief Manager, Product, MagicBricks.com says “Real estate needs to reach out to more consumers. It needs to target the NRI as well as the small town audience.” He emphasized the importance and effectiveness of online marketing for the same. “Unlimited space to showcase even the micro details about projects/properties, plenty of advanced features for advertisers (user analytics, creative performance etc) and an interactive medium is what online marketing offers,” he added. Thud digital marketing seems to be the way forward for real estate.

Both Dhaka and Kukreja were addressing a huge gathering of students and experts from the field of real estate, health and sports at the 39th World Marketing Congress on ‘Changing Marketing Dynamics’ held on Friday, November 30, 2012 at the Institute of Marketing and Management (IMM) Convention Centre, New Delhi. The conference was organized to redefine the role of marketing in various industries and lay emphasis on the important contributions made by the marketing profession, specially its recent contributions to the field of Real estate, Health and Sports.

The event was jointly inaugurated by Shri T N Chaturvedi, Former Governor of Karnataka; Sardar Tarlochan Singh, MP (RS); Dr Jagit Singh, Executive President, IMM; Dr. Gaganjit Singh, Director General, IMM.“Marketing has benefited several industries in a big way and real estate is one such sector which has enjoyed the upside of marketing in recent times,” says Dr Jagjit Singh, Executive President, IMM. Other eminent personalities who spoke on the occasion included Anjan Bose, Healthcare Federation of India.