Godrej Properties, the realty arm of the Godrej Group, recently launched its new commercial property ‘Godrej BKC’ in a 50:50 joint venture with Jet Airways. Located in Mumbai’s commercial district, Bandra-Kurla Complex (BKC), it is one of the many projects that the company has taken up as part of its aggressive expansion plans. Girish Shah, VP, Marketing & Sales, Godrej Properties talks to Simran Sabherwal about the company’s strategies and having Aamir Khan on board as the new group brand ambassador
Q] How has marketing for the realty sector transformed over the decade?
The realty sector today has a consumer forward and service-led approach. Most companies have enhanced their touch-points and engagement with the brands to create a differentiated experience to customers. Marketing as a function has evolved and created a niche which will become an example for other sectors to follow, primarily because of the level and period of engagement with the brand over the entire purchase lifecycle.
Q] What is your total advertising and marketing budget and what is your media mix? Which medium has the best conversion ratio in realty marketing?
Our marketing budgets are based on organizational objectives and goals. We are typically present across all media formats and believe in integrating media platforms and create innovations in almost all activities that we do. Our integration approach acts as a multiplier effect, which in turn leads to requisite conversions. Our presence in primary mediums like Print is strictly confined to announcement of new projects or inventory.
Q] How important is Digital marketing for Godrej Properties? What are you doing on the Online Reputation Management front?
Digital Marketing is extremely important to tap the current and future demographics of active seekers today. It is essential that brands provide the right tools for consumers to access and engage with the brands online. We have over the years provided cutting edge online and Digital tools like i-pad apps, 360 degree virtual tours, chat facilities, customer portal, etc., to create a differentiated experience for our consumers. Our approach to maintain a positive online reputation is very simple; it is to engage with customers across platforms, discussion forums and ensure that we help and support every individual to make the home-buying process easier.
Q] Radio advertising is an important medium for property developers. How effectively is Godrej Properties using this medium and what innovations are done on this front?
We are the pioneers in innovations done on Radio. We have been able to effectively use radio spots and extend it to online, Print and various on-ground platforms like studio shift, music events, Garba festivities and more.
Q] Your main markets are Mumbai, NCR and Bangalore but you are now expanding to other metros and Tier II cities. How does your marketing campaign vary from market to market? What medium works in smaller places?
Our campaign reflects the needs, cultural nuances of geographies and aspirations of the target segment, while keeping intact the brand codes of trust, transparency and quality. Our marketing media mix is driven by our campaign, where we optimize our spends to get maximum output from every activity which we do.
Q] With realty demand currently low, what is your marketing strategy to attract new clients?
We have been able to maintain good sales velocity across all projects and we look at every possible opportunity to engage with customers when it is the most receptive, which in turn ensures good recall and perceptions about the brand.
Q] Some developers disclose price ticket in advertisements. Does price disclosure help in higher rate of conversions?
Price announcements helps attract the right audience and creates filters, the right set of information codes which active seekers consider while purchase.
Q] Your earlier focus was on residential properties and now it is also commercial; does your marketing strategy vary for commercial and residential projects?
Godrej BKC is one of the most visible, successful and differentiated launches recently in the commercial space. Our marketing approach begins with the right nomenclature, for Godrej BKC we have clubbed the most promising commercial business districts in Mumbai, BKC with our brand name Godrej. The marketing campaign is a detailed one and encompasses 360-degree activations in all leading financial newspapers, business channels and magazines, clubbed with innovations in the online space. This approach ensures that the brand name and campaign is targeted to stake-holders who we want to tap. We have also activated some interesting corporate events and awards to engage with the who’s who of the corporate world. Our blanket outdoor approach also led to a multiplier effect to the overall campaign execution.