Residential real estate sector in 2012 did not witness a growth a lot different than any other industry. Nonetheless, according to a report by Moneycontrol, metros such as Mumbai and NCR-Delhi witnessed a healthy absorption rate, with a 60 per cent contribution to the overall absorption. Residential real estate advertising is directly proportionate to the kind of demand increase witnessed in this sector, especially in metros.
Real estate advertising on radio has emerged as a strong combination that one could have not imagined a couple of years ago due to radio’s lack of visual ability and real estate’s need of visual depiction.
The demand increase of residential real estate in metros is stimulated mainly due to the increasing career opportunities that attract potent residence seekers and the increase in standard of living in these areas, thus making city level advertising extremely important.
“The service class is an important target group in this sector and most of this group listens to radio while traveling to and from work, usually during peak hours on weekdays. Also, data as shared by an agency says that in SEC A and AB, the reach is 32 per cent on an average through radio,” said Samujjwal Ghosh, Head of Marketing, Lodha Group explaining the importance of radio in real estate marketing.
Lodha saves five to six per cent during every integrated marketing communication campaign for radio. The organisation recently executed a radio campaign to promote its La Venezia project. Ghosh explained that the radio spot helped them highlight those aspects of the product which are not captured in print advertising.
Listen to Lodha Group’s ad:
While their best companion – home loan ads are bullish on television, residential real estate industries do not focus a lot on it, and print and out of home do not offer strong storytelling elements, making radio a very important medium. Radio offers strong brand communication options (including storytelling, which is provided by television).
“Firstly, it helps in engaging the consumer directly. Also, as opposed to a print or OOH ad, in radio we have an opportunity to create a story and bring out the connect with our project. This helps in creating a high recall for our offering and pushing forward the brand positioning,” added Ghosh.
Cost effectiveness, flexibility in changes and scheduling of creative messages, its potential to engage with the consumer and deliver on specific call to action are some of the elements offered only by radio; thus, marketing objectives of most real estate advertisers focus around these.
“Our objective was to effectively reach specific target groups and potential home buyers and attract their attention towards our flagship project Nahar Amrit Shakti,” remarked Manju Yagnik, Vice Chairperson, Nahar Group.
Yagnik added that Nahar has 10 per cent of brand promotion budget dedicated to radio and the medium helps optimally disseminate information to a wide variety of target groups in urban India.
Listen to Nahar Group’s ad:
Traits such as high traffic hours, elite working class and the way radio is intercepted in metros make the real estate business and advertising on radio an altogether different concept in metros. “Normally a local real estate player’s 80 to 90 per cent of local sales are captured by a local medium (radio), especially in a city such as Mumbai, because of the traffic time. Thus, our objective from radio is to reach out to every Mumbaikar,” said Bharat Dhuppar, CMO, Omkar Realtors and Developers.
Omkar integrates radio in the entire media mix and focusses on the amount of spots, their frequencies and timings.
Listen to Omkar Realtors and Developers’ ad:
What kind of effect did a particular radio spot create may not be exactly quantifiable, thus pre-defined objective and surety of their implementation and execution might help in estimating the performance of the radio campaign. “Key objective of a real estate organisation can focus on will be the leads in the form of walk-ins at the show-flat and telephonic enquiries. It could also look at the online search and site visits,” said Vidyadhar Kale, GM, Maxus Global.
Strategies and objective of each real estate organisation from radio might be different, but the entire residential real estate category has tailored a rhythm with radio which means big bucks for both – real estate and radio.