Coronavirus Impact: Shapoorji Pallonji Real Estate bets big on digital, to redirect ad spends on digital marketing
The company plans to redirect around 50% to 60% of its ATL spends towards digital marketing which takes the tally to over Rs 10 crore
by Smriti MishraAt a time when the real estate sector is reeling under the impact of coronavirus, Shapoorji Pallonji Real Estate is looking at ways to leverage technology in an effort to get people to buy homes. In fact, according to the firm advertising budgets have been re-allocated to capitalise maximum on digital. “This year we are planning to redirect around 50% to 60% of our current ATL spends towards digital marketing which takes the tally to over Rs 10 crore,” Parikshit Pawar, senior vice president and head of marketing, Shapoorji Pallonji Real Estate (SPRE) said, adding that the reason for this shift is an increase in traction in the online space as the consumer is spending more time there.
The increase in ad spend on digital is on the rise of the search for homes online. “The current crisis has taught us that owning a home is not a luxury category for consumers, it’s a basic necessity. We have seen 50% of the people familiar with the digital space are actually willing to transact online, while 20-25% are willing to follow it up with a final visit at the site,” Pawar added. To cash in on the growing demand, the company has also launched a campaign in the on-going lockdown period highlighting the importance of ‘owning’ a home especially as the recent times have called in for people spending more time with their families.
Furthermore, SPRE has launched a digital platform ‘Virturo’ to provide a seamless home buying experience. From tracking location to providing Google Maps views, Google street view, to sample flat photographs, project-related information and master layout plans, the platform has been equipped with all. According to Pawar, the aim of the platform is to provide an actual site visit experience to prospective customers. The platform will help in converting qualified leads to bookings, online, not only during the lockdown but even later. “This will be on the back of behavioural changes seen in the customers as they get more accustomed to the digital medium amid the lockdown,” he stated.
As the company prepares to usher in the digital era, it claims that the digital cost per lead (CPL) on its site has reduced by at least by 20% and qualifications and conversions are also showing a 10% to 15% jump in comparison to pre-covid era as it runs various campaigns on social media. “Conversations on the digital medium are more serious and purchase driven,” he noted. As more and more consumers take to the online media, the company is looking at creating innovative payout arrangements which are more performance led in association with varied offline agencies which will further optimise marketing cost.