India set to witness a monumental growth in the Real Estate industry
The real estate sector in India is growing at wonderful rates. It is expected to reach US$ 1 trillion in market size by 2030, a sharp rise from the US$ 200 billion recorded in 2021 and is predicted to contribute a major 13% to the country’s GDP by 2025.
Along with housing, the other sub-sectors of real estate: retail, hospitality, and commercial real estate are also growing significantly, providing the much-needed infrastructure for India’s growing needs, owing to the growth in the corporate environment and the rising demand for office spaces as well as urban and semi-urban accommodation.
In FY23, India’s residential property market witnessed the value of home sales reaching an all-time high of Rs. 3.47 lakh crore (US$ 42 billion), marking a robust 48% year-on-year increase. The volume of sales also exhibited a strong growth trajectory, with a 36% rise to 379,095 units sold.
Challenges in the Real Estate Industry
The real estate industry and its players who continue to use traditional methods face some challenges that limit them from achieving the best and realizing their potential. These challenges restrain the firm from improving in a lot of areas, let’s look at some of the challenges:
- Identifying the Prospects: Oftentimes finding leads in a packed market is like looking for a needle in a haystack. It can also be difficult for the firm to stand out from the competition.
- Marketing expenses: Traditional methods of marketing such as billboards or TV marketing are expensive, less effective and less relevant today. There is only a very limited section of the audience that can be reached today using these methods. Measuring the results of these methods is also very difficult.
- Fierce Online Competition: Online real estate options are becoming increasingly popular. They can offer lower prices than traditional agents and reach a wider audience at the same time.
- Changing market conditions: The real estate market is constantly changing, and it can be difficult to keep up with the latest trends.
- Customer expectations and communication issues: Majority of potential buyers expect proactive communication, and they have very limited free time. This is a major challenge for traditional marketing with limited channels of communication.
Also, the restrictions imposed by traditional marketing methods are many:
They provide a broad reach but less precise targeting, limited personalization options since most campaigns are general and it is not easy to customize campaigns to appeal to the different customer personalities. Most processes are manual and almost never automated, this can cause delayed communication and high chance of missing out on leads. For data related requirements, only limited tracking and insights are available which are almost never enough to make data backed decisions. For lead management there is limited lead tracking capabilities offered. These methods are also slower to adapt to trends and less flexible in adapting to changes. Communication channels are limited to expensive and less relevant mediums today, such as print media, direct mail, networking. The CRM system is not inherently connected to client data inducing many limitations.
Salesforce Marketing Cloud: The perfect solution
Salesforce Marketing Cloud is a perfect solution to the problems that we have discussed above. You need a system that can help manage clients, properties, and transactions with ease and efficiency. You also need to stay updated on marketing trends and leverage technology to stay competitive in a constantly evolving market. The Salesforce Marketing Cloud can help you achieve these goals and put you at a higher level in the real estate industry.
Salesforce Marketing Cloud with the help of data helps the firms to break down silos in the teams, access growth opportunities and leverage their data to deliver exceptional customer or client experiences that accelerate growth and deliver an even stronger understanding of your audience.
Good marketing is a game changer for the modern real estate industry. A good marketing strategy will help in promotions, attracting buyers and sellers, and in creating positive brand awareness and recognition. It can help improve customer engagement through targeted advertising and through personalized communication. In a competitive market, effective marketing will establish trust, help to stand out from the competition, and ultimately lead to successful lead conversion and long-term relationships.
Let’s take a look at the various advantages provided by Salesforce Marketing Cloud in contrast to the traditional options that are available:
- Salesforce Marketing Cloud provides precise audience targeting based on data.
- The option to take up personalized communication at scale is also a major advantage.
- The automated workflows and communications that is made possible saves a lot of time and manpower. Automated communication helps to make sure no lead is missed.
- Salesforce Marketing Cloud can provide accurate, predictive and detailed analytics for data-driven decisions.
- Cost-effective solutions are available with the backing of finest technology.
- There is also the freedom to make any quick adaptations to changing client behaviours.
- The access to a wide array of digital channels, mobile apps & SMS provides relevant and wide reach.
- Comprehensive lead tracking and analysis makes it an advanced lead management system.
- Salesforce Marketing Cloud is integrated with client data in Salesforce CRM, this integrated CRM will help store and use the data as and when required. The centralized client database and better CRM help in keeping track of client data and utilising them as and when needed.
- Adaptable to dynamic digital landscape and the ability to be modified as per the situation demands, makes the Salesforce Marketing Cloud a truly flexible option.
- Highly efficient collaboration and coordination options, High compatibility with other related tools, Convenient access to the data and tasks & overall better marketing options gives Salesforce Marketing Cloud huge advantage over the traditional methods of marketing and is a perfect solution to all the challenges as we have discussed above.
Convenient end to end tools in Salesforce Marketing Cloud
There are great end-to-end tools that come with Salesforce Marketing Cloud that can help real estate companies to overcome the challenges of modern-day business. Most of these can be customized with the help of partner services tailored to fit requirements. Some of these are:
- Interaction Studio: Interaction Studio is a platform that helps businesses create personalized experiences for their customers across various touchpoints. In real estate, Interaction Studio can be used to customize marketing messages and experiences based on individual customer behavior and preferences. Example: A real estate company uses Interaction Studio to track a customer’s interactions with their website, such as property searches, viewings, and inquiries. Based on this data, the company can send personalized emails suggesting properties that align with the customer’s preferences, ensuring a more engaging and relevant experience.
- Customer Data Platform (CDP): A CDP is a centralized database that collects, stores, and organizes customer data from various sources to create a unified customer profile. In real estate, a CDP can help optimize marketing campaigns and improve customer engagement. Example: A real estate agency integrates data from various sources like website visits, social media interactions, and offline interactions into their CDP. This enables them to create a comprehensive profile of each potential buyer or seller. When a property matching a customer’s preferences becomes available, the agency can use this data to send targeted messages via email or SMS, increasing the chances of conversion.
- Datorama: Datorama is a marketing intelligence platform that helps businesses analyze and visualize marketing data to make informed decisions. In real estate, Datorama can assist in tracking and optimizing marketing campaigns across different channels. Example: A real estate developer launches a multi-channel marketing campaign to promote a new residential project. They use Datorama to gather data from various sources, such as social media ads, online banners, and email campaigns. Datorama’s dashboards allow them to monitor which channels are driving the most leads and conversions. This insight helps the developer allocate their marketing budget more effectively, focusing on the channels that generate the best results.
Salesforce Marketing Cloud comes with a holistic system that perfectly suits real estate firms and enables to operate at a higher speed, ease, efficiency and run clog free. The business receives every support to overcome the limitations of traditional real estate and put technology to the best use.
Today, numerous processes and operations have gained a lot of progress with the use of Salesforce, and the truth is better customer experience is achieved in almost all cases.
Equipped with this powerful marketing technology your firm will be ready to take on every business that approaches you. With customized marketing and growth plan you can leverage the most out of these resources, and we can help you in just that. This way you will also be supported by the best technology solution providers in the industry. Together, Salesforce Marketing Cloud and Kasmo empower businesses to achieve marketing excellence, drive sustainable growth, and establish a strong foothold in the competitive market landscape. Reach out to us at firstname.lastname@example.org or here to learn more.