Case Study – Property / Real Estate Developers
Property & real estate developers in Malaysia are often traditional brick and mortar businesses – In 2012, property developers spent only 0.7% of their total advertising budget on the Internet. A very far cry from advertising in offline or above the line adverts, which makes up the total of their ad spend.
Apart from spending on ads online – Their methods of marketing often consist of age-old tried & tested techniques. This often involves heavy amounts of spending for a limited audience reach. From billboards across town to buntings, roadshows, mall events and overseas trade shows; it’s only the matter of price most of the time.
Generally, a good estimate of the total marketing budget to be spent for corporations in this industry is 1% of GDV (Gross Development Value) of the project.
Our challenge begins when we begin our initial audit of the situation. We find that for some property developers, they have been through numerous advertising / marketing agencies and their web assets are often scattered.
In-house marketing personnel are often bogged down with heavy amounts of work – From ensuring that information is accurate to organising events, focus is shifted.
Decades of reliance on traditional advertising methods also often disables the team from exploring other methods – Like digital marketing. Some due to lack of savviness, some due to time constrains. Besides, it may not make sense for a property development business to set up a full-fledged digital team.
Our biggest challenges are often Education, Consistency and Budget.
We were tasked to get a number of things right: Reach a larger group of audiences in a tight budget, increase the number of leads to the website.
Online advertising methods are new to the team, and the company is willing to only take small, calculated risks.
We were also tasked to create a better ‘brochure’ for this particular project – Which means a new landing page that fits to multiple screens, attractive pictures & easy to understand unique points on the development.
Working on a tight budget, we had to implement a old but effective few tricks up our sleeves. Competing directly with other larger, deeper pocket developers & those in other sub-industries can be tough.
We approached the situation by doing 3 major things: Utilising existing internal resources, integrating offline and online campaigns & perform re-marketing activities. This resulted in savings on offline efforts, reaching to a broader audience through referrals and increase in showroom visits without further spending.