It is no secret that COVID-19 has mainly remodelled the marketing landscape across the globe in the last 14 months. It has been the real accelerator to the digital transformation. And it also has given rise to what is referred to as the “stay at the home economy.”
Considering most of us, maybe for the initial times in our lives, have spent an inordinate amount of time at home for the last year, each of us has understood the importance of home. And because the “stay at home economy” is here to stay home even after the vaccine has been made accessible, consumers have realized that home is at the centre of their existence.
The India Government’s Digital programme which was launched in 2015, with a sight to empower India digitally, has been accelerated largely by COVID-19.
Real estate, as a class, was very fast to change to the digital transformation driven by the pandemic. From the launch events of projects to webinars, consultations, bookings, and site visits – almost every step in a customer lifecycle has been digitalized in real estate in the last year.
Bigger real estate players such as Puravankara and Lodha Group have taken the lead in digitalizing to the customer expedition by taking online bookings and using 3D and VR walkthroughs to authorize customers to decide on the purchase.
The Covid-19 pandemic changed ad spending patterns in real estate completely. Real estate depends largely on BTL (outdoor, events and on-ground activation, apartment complex activations etc) and ATL (mainly print media) during the start and the sustenance stages of a project. However, the pandemic resulted in a sharp decrease in BTL activities such as OOH, apartment activities, seminars and events etc and BTL budgets were transferred to digital. And even though a KPMG report declared that COVID-19 will not have a long term influenced on print advertising, in the first months of the pandemic, real estate businesses abstained from advertising on print. The industry has resumed advertising on print media as the economy rescued. However, now there is a rise in dependence on digital media for a full-funnel activity – from increasing awareness to creating leads.