Indian real estate as an industry is expected to reach $1 trillion in value by 2030 and contribute around 13 percent of India’s GDP by 2025. Needless to say, the introduction and extensive use of technology have been key components in facilitating this dynamic growth.
The rise of AI-powered proptech platforms, enabling different real estate-based services through a seamless tech-driven approach, has played an important role in transforming this conventionally traditional industry into a revitalized, tech-based, and optimal one.
Having said that, in this era of a customer-centric business environment, every company is trying to woo its target audience. This is done by curating personalized, relatable, and connected marketing campaigns that move beyond the conventional means of outdoor and print advertising.
As the information overload and short attention span of consumers have become a challenge, gauging the sizeable attention of the target audience has become extremely challenging. The branding and marketing of Indian real estate, which is primarily driven by conventional marketing strategies and traditional advertising, is developing more slowly than the global average.
Nevertheless, the last few years have witnessed some progress in using new-age marketing techniques to gain the attention of the target audience. This trend has been further accelerated by the pandemic that struck the world in 2020.
Impact of the pandemic
The emergence of the pandemic in early 2020 has had the worst possible impact on the real estate industry. Transactions ceased, outdoor hoardings and billboards were rendered ineffective due to lockdowns, and all players were forced to reconsider their marketing and advertising strategies to attract their target audience. At that time, proptech platforms helped the real estate sector in a big way. Let’s have a look at some of the key marketing trends today, which are driven largely by proptech platforms.
Rise of Digital Marketing
The advent of digital marketing and the extensive use of social media has completely transformed the prevalent marketing techniques and revitalized them for good. The use of specific social media platforms to target a brand’s niche audience, build personal connections, and capture that perfect timing through “moment marketing” has been a game changer.
Quirky, personalized, and fresh digital content has replaced the one-size-fits-all, repetitive, and dull hoardings and billboards. This has given a huge scope for instant course correction, feedback-based quick optimization, and increased mobility and flexibility to edit and modify the campaigns.
AI-based performance marketing and automation
The dawn of proptech has taken marketing in real estate to a new level by moving just beyond hard sales to customer acquisition, property management, and investor relations. The target markets for various products that offer various services—from home buying and selling to Real Estate Investment Trusts (REITs) and fractional ownership in commercial real estate—vary.
As a result, they need various tools and methods to spread their main messages. Moving beyond just e-commerce, AI-driven performance marketing is influencing big realtors and young entrepreneurs alike.
Through real-time recommendations and insights, AI is disrupting the sales and marketing paradigm. With the help of AI, marketers can design the best-fit marketing mix model, optimize customer acquisition costs, and make the overall marketing strategy a much more cost- and resource-effective tactical game.
The best aspect of the newly improved marketing game is the perfect balance of the “phygital” phase. Young marketers are now striking the perfect mix by combining digitized and automated marketing gimmicks with strategic brand partnerships to build a connection beyond the transactional with their customers.
This involves rising sports partnerships, partnering with blockbuster movies, and in-show branding with leading web series and video content platforms. These trends have truly led to a paradigm shift in the way proptech is leading the new marketing era for the entire real estate industry.
The real estate industry is undergoing a significant transformation. Future efficiency gains are likely, and proptech will play a significant part in them. The success of early tech adopters in the real estate sector shows the importance of making investments in new technology and ideas. It is time for all real estate stakeholders to think about utilizing technologies like proptech to create new opportunities and value.