With their one-shot and short-term profit gathering approach, most real estate players in India have a negative trust in market. To regain image, now their branding efforts is moving beyond traditional media planning. They have corporate campaigns apart from project specific one's and are increasingly and aggressively using the electronic mediums.
Firms that remain locked in the tunnel vision of traditional branding practices will fail to see the crisis, fail to understand it, fail to act on it, and ultimately find their brands suffering. Firms that expand their view to include social-paradigm based practices will see the crisis developing, be able to interpret it, experiment with approaches to addressing it, and seize competitive advantage and profits from its resolution.
For example, DLF has sponsored events like DLF Cup, Tri Series and the UAE Cup, Nasscom CEO Meet, and so on. They are spending time with consumers to see how satisfied they are with their decision. EmaarMGF is stepping up its brand building initiatives. Their most recent association was with international cricket tournaments, to get attract Indian eyballs for their future projects here!
Many are also sponsoring industry-specific events across sectors like retail, financial services and so on. Everyone in the real estate industry are making concrete efforts to craft their brand image. Purvankara, Eros, Vipul, Omaxe, etc. are making efforts to propel their image in the market.
Apart from the basic expectations, the increasing number of players in the space and the fact that players are now evolving as national region players, brand building is nothing but the need of the hour so as to cut across the competition. As many companies are listed on the stock market, it's now a dispensable to follow so as to maintain a continuous touch with their investors. Increasing stock listing rush is also fueling those who are unlisted.
The Internet has always been and always will be a direct response vehicle, but so it is with branding. How did you first become aware of Google.com? Was it by watching Harbhajan Singh bowling something related to this name in a cricket match or perhaps did a friend tell you about this great search site? Were you looking for tall women or did you notice a banner for a company with the seemingly unrelated name in search business? Branding has been a part of the Internet since commercialization began. Extending this, Real Estate Times relates to it's segment.
Almost all the realty companies have doubled their branding expenditures. The investments towards the purpose are backed by the growth in the sector and ultimately the sterling performance of all the companies and are heavily enjoying the sail in black. Almost all the companies witnessed a quantum jump in profits (by more than 50%).
Fact remains that with the Indian consumers becoming more demanding and increasing participation of global investors, it has become necessary to brand almost every thing and real estate is no exception. As we move ahead, it's quite clear that marketers are looking to consolidate brands and invest their resources behind those that can perform on a global basis. Once the strategic decision has been made about which brands will be elevated to this status, considerable effort will be required to determine the degree of consistency that is appropriate and the means of achieving that consistency will then be used more efficiently achieving broad-based brand recognition and conveying a cohesive message worldwide.
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