Track2Realty Exclusive: The story of the informed buyer and his crucial assistance in real estate has a great history of revolutionary changes in last two decades. The real estate sector has undergone a massive transformation in India in the recent past. The boundaries of metro cities are ever expanding. For instance, the city of Mumbai has expanded into huge Mumbai Metropolitan Region (MMR) today.
Browsing: Brand Rating
Track2Realty Exclusive: Branding is about building strong relationship between an organization and its stakeholders, which are generally its customers. It involves establishing strong trust, connection and affinity with the general public.
Track2Realty Exclusive: The real-estate category has taken the product-led path to brand building. Products occupy centre-stage in advertising campaigns; properties serve as brand emblems. Developers build properties, showcase them through advertisements, customers experience drives word-of-mouth, which in turn generates additional customers and on it goes. Through this iterative process, a brand is built. In other words, the brand identity is inherent in the developer’s real-estate footprint.
Track2Realty Survey: What has been a surprise finding of the survey is the fact that radio, a medium of the past that has reinvented itself in recent years, is a very powerful tool to capture the home buyers’ attention. 62 per cent of the home buyers’ even recall the radio jingle of the projects and that is too high a dividend for the top-of-the-mind recall value of the brand. However, the rate of this interest translating into buying decision depends on a number of other factors.
Track2Realty Survey: In this mismatch of segmentation, actual buyers are neglected in holistic branding of the company. However, it is the consumers who play a huge role in determining the credibility of a brand. It is not just the word of mouth publicity, or the lack of it, that is the reason to keep the promise to the customers; rather it also saves money to do crisis management against the negative campaign.
Track2Realty Survey: Is a buyer ready to pay premium for the brand reputation of the developer? Majority of the brand conscious buyers’ say ‘NO’ unless the big brand has offering to match the high price and differentiate the product. In the high-end category, 40 per cent of the buyers are ready to pay a premium.
Track2Realty Survey: The question is what shapes public perception as far as brand premium of a real estate company is concerned? User experience and word of mouth publicity is what matters to them and advertising is nothing more than a medium to know about the new launches.
Track2Realty Survey: 70 per cent of the Indians who have either bought a house or are planning to buy believe brand reputation only amounts to the developers’ past projects. More than that, 78 per cent maintain the track record of timely delivery of the project is the best way to judge the developers’ brand.