Praveen Kumar, CEO, Sell.Do
An alumnus of Indian Institute of Management Ahmedabad. Praveen specialises in Business Strategy, Marketing, Leadership, P&L Management, and many more.
Technology has helped to elevate marketing across industries to a whole new level with the creation of a new category in the marketing landscape, i.e. MarTech. More than 69 percent of marketers today rely on MarTech solutions with more than 97 percent marketers having witnessed an increase in their marketing ROI. So, it is quite evident that MarTech solutions have disrupted the marketing topography with the availability of new mediums, channels, and media type for marketers and have revolutionized marketing campaigns, marketing analysis, and customer experience.
The real estate industry has been one of the initial adopters of MarTech solutions in India. The industry is one of the highest marketing spenders selling high ticket items, a comparatively difficult product to sell. Through the use of MarTech solutions, the industry has benefited a lot and witnessed improved conversion rates and amplified marketing ROI.
The first biggest disruption of MarTech in the real estate sector was the advent of technology based portals. It has created newer, dedicated channels for real estate companies and has reduced the consumer’s dependency on brokers for any information on any project. Since then, there have been multiple such disruptions created through dedicated performance campaigns, content marketing, CRM, automation platforms and more.
Technology has helped companies make their sales & marketing more efficient and productive, but I still feel that the technological advancements in real estate marketing have not reached the maturity stage with new MarTech solutions still being developed. Here are a few new marketing tech solutions that are currently transforming the real estate marketing industry.
Complete Ad Automation
Setting-up a 360-degree marketing campaign and implementing multiple channels in marketing is very challenging. When it comes to the real estate business, advertising expenses are really high and it is important to get the most out of that budget. New age companies are exploring tech solutions to automatically optimise the advertising budget for a real estate company in real-time.
"The real estate industry has been one of the initial adopters of MarTech solutions in India"
Empowering Sales Team to Sell Faster
With machine learning and predictive analysis, sales automation platforms can highlight hot prospects that a salesperson should focus on and provide actionable insights that help them achieve better engagement with the prospect. Chatbots, integrated into the sales platform, can have the initial conversation with a new lead, and as the lead progresses to a detailed questioning, a salesperson can take over, saving a lot of time and efforts for salespeople. With sales automation, every member of the sales team becomes more efficient, delivering a much higher output in the process.
Virtual Site Visits
Another landmark innovation for the real estate industry has been the integration of virtual reality. With the power of VR & 3D modelling, a real estate company can deliver a better consumer experience than a physical site visit. Through virtual site visits, a consumer can even experience how a property would look during different times of the day. A builder gets the opportunity to demonstrate yet-to-be built spaces to the consumer with a newer dimension of experience.
A virtual site visit can also provide a virtual living experience. Through a virtual tour, consumers can experience the complete look & feel of their lives in a particular property unit and even get a feel of the neighbourhood experience. Also, the application of VR has made the lives of both real estate property sellers and buyers much more comfortable, as they do not have to visit the site location every single time. Moreover, it saves the time & cost for both the parties. A salesperson can conduct more site visits and also convince a consumer for a site visit easily as they just need to be online for a few minutes.
Advanced Marketing Analysis
With such high marketing budgets, it is important to know the impact of marketing on the bottom-line of the company, the quality of leads or contacts they receive and their actual interests in the project. Such deep analysis highlights the sources and mediums that provide the leads with high-interest level and better chances of a purchase. CRM systems have evolved into an end-to-end sales & marketing platform that provides the impact of each marketing campaign on sales performance and provides deeper KPIs like cost per qualified lead, cost per site visits, and more. A number of companies have aligned their sales & marketing activities using our platform and have amplified their marketing ROI with a better understanding of their campaigns.
Personalized Content Automation
It is essential to connect with a prospect at the right moment to drive higher engagement and improve the chance of sales. New-age marketing software have the ability to track the complete brand or sales events and interactions, either online or offline of a prospect. And it sends automated personalized email/SMS based on any pre-set event. You can even notify a salesperson on any event or schedule a call with a prospect.
With personalized content automation, you can engage with the prospect at the right time with the right message and push the prospect higher in the sales cycle. At Sell. Do, we have a complete workflow automation feature exclusively designed as per the real estate process. It lets companies send personalized email/SMS based on predecided prospect behaviours. Our software can also autodial and connect the salesperson with the prospect on any pre decided activity. The future of marketing relies heavily on these newer technologies. Real estate companies should look at integrating these advanced technologies to sell more properties with optimized budget and time.