Property Developer Market Trends
With increased competition and a larger pool of real estate options available for property buyers and investors, they tend to do a lot of research before settling on a decision. This results in the need for developers to use various marketing and communication avenues that are both effective and speedy. Marketing a real estate brand is no longer just about providing listings but is more centred towards providing informative value on the property.
Malaysia is experiencing a widening gap between supply and demand in the property industry. The mismatch in pricing and affordability in the domestic market is leading to greater supply than demand. There is skepticism in property purchasing where investors and buyers have adopted a 'wait and see' approach.
The current climate results in developers widening their catchment by marketing overseas where the local currency translates to attractive pricing and low-entry levels for foreigners. Developers are also adopting a push marketing method to boost sales and improve revenue. Notable developers using this approach are Sunway Group Bhd, IOI Properties Group Bhd and S P Setia Bhd.
The above trends have resulted in the need for developers to reach wider yet more specified target markets. Developers are faced with creating strategies that are effective for foreign markets as well as skeptical locals.
Seeking New Strategies
Digital marketing has become an essential tool in the property industry with investors and buyers becoming more digitally aware and experienced. There is however a slow adoption to digital tools with few developers employing methods such as Search Engine and Programmatic Marketing. This is evident from the lack of real-time retargeting advertising as well as paid ads on Google search.
In a changing climate, flexibility in marketing strategy gives competitive advantage to developers who avail themselves on wider platforms. The use of digital and social media platforms increases visibility and brand awareness with the target audience. Adopting interactive websites and applications and games improves brand engagement. To reach optimum levels of awareness about the brand, these platforms need to be widely distributed across the Internet.
Digital media also provides improved lead generation for database growth. Social listening not only helps to discover how many people are talking about a brand but also what the overall brand perception is. Developers can use that information to repackage their brands and create value, which helps in desensitising price elasticity.
The return on investment in digital marketing is much simpler to measure than traditional marketing with some methods offering real-time measurements allowing quick adaptations and changes to execution strategies. This translates to reduced costs in the long run.
An added advantage of digital advertising is that in contrast to traditional advertising where smaller brands would struggle to appear in media channels such as television and billboards due to low budgets, smaller developers can compete with larger ones on the same platform. All it takes is a solid digital strategy.
So What to Do?
Good or relevant content, communicated through precise marketing mediums can capture and engage the right target audience. Each developer has something unique to offer, and as an agency, we identify the right content for the right audience through the right medium. Not only do we ensure the content is relevant and interesting, but that it also translates the persona of the brand. More importantly we create and elevate strong brand perceptions that audiences can relate to and be drawn towards.
At FOREFRONT, we provide creative digital solutions that are specific, measurable, attainable, realistic and timely. Being a full-fledged creative agency, we also provide a variety of solutions ranging from graphic design, 3D visualisation, motion and animation designs to customised information-system solutions, FOREFRONT International brings a fresh approach to branding and advertising.
By 25th November 2016