Brands have a mass appeal and tug on the emotions of their target customer. Brand loyalty is visible in fast moving consumer goods, but the same is also true of the largest thing ever bought - a home! The inward breath of appreciation (or envy) when a friend namedrops a reputed builder's project as their buying decision is reward enough, for both the buyer and the developer concerned. If possible every consumer would like to have a home from a reputed builder, as a strong and recognisable brand increases customer confidence and shapes ownership experience.
Brand building is now a conscious decision with more realty companies including their own profiles on their more visible projects and products. Completed projects of the developer are being used as points of advertisement, especially if it is a large and successful project. Hiranandani Developers have almost a policy of prefixing their projects with the company name, which sets up an immediate brand recall. Surendra Hiranandani, Founder and MD, Hiranandani Group says, "Building a brand is a conscious effort - living up to and surpassing the expectations from the brand is also a must. A bigger project would naturally carry the Hiranandani name, though we do not use it for single building projects".
The importance of branding is that with the high level of competition in the market it is necessary to build a brand or image today. When the image of the company is established, the consumer can understand the values and the services provided by the firm, it is also easy for them to judge any constructions or upcoming projects of the company. Thus, in a way the company name becomes a synonym with the quality they provide.
"The sub-brand CASA, is probably the best example of our ability as a company to understand market and economic conditions and bend the same to our advantage, by targetting the mid income luxury housing segment. CASA's success can be attributed to a combination of right product, brand strength, and innovative marketing. The segment at the middle of the income pyramid has very different expectations and needs than high-income segments, typically targeted by Lodha Group earlier. CASA created a new segment within affordable housing called "Mid income luxury". The idea of luxury was incorporated with a focus on providing better value for money to a segment that had distinct affordability limits and expectations. Additionally, this launch also gave us an opportunity to explore marketing activities otherwise limited.
Co-branding is also another aspect that is now gaining prominence, with reputed developers Nirmal Lifestyles coming out with their offering - the US Open Apartments. These are 'linked to fitness', as Director, Nirmal Lifestyles, Rajeev Jain puts it. The USP here is that the US Open organisation is accrediting and certifying the tennis courts and sports facilities provided here. There will be programmes organised for coaching by them and the residents stand a chance to go across for the annual US Open tournaments, at a nominal fee.
In another instance the Indiabulls Real Estate projects like Sky (sold out), Sky Suites and Sky Forest promises buyers a piece of the sky and that the ‘Sky is the limit’ or a ‘head in the clouds experience’! The Sky experience includes a temperature controlled wine cellar, concierge desk, squash court, housekeeping, butler and amphitheater - all part of the brand building exercise.
The one area where realty has not ventured for branding is celebrity endorsements. Ghosh says, "In an era of compressed consumer time, celebrity endorsement does aid to capture the consumer's attention by breaking the clutter. However, in a high involvement category like real estate, the objective of the marketer should be to evoke confidence in the brand through sound product offerings and excellent customer experiences. A real estate brand should aim to focus on key touch points with the customer to make the offering favourable. Having said that whenever there is an opportunity to associate with a celebrity endorser Lodha will do so; only if there is truly felt 'brand imperative'."
There is fierce competition in the fragmented real estate market today, as many Indian companies have diversified their portfolios and entered into the field of real estate. To establish one’s own identity in this booming market to reap rich dividends, company promotion has become inevitable. Today projects get sold out while they are under construction. This is only because of the image of the brand in the consumer's mind. To enjoy this kind of success, a brand image has to be created in the consumer’s mind, but more importantly, as Hiranandani puts it - the brand image needs to be lived up to!
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