The Indian real estate market was feeling the effects of the ongoing economic slowdown. The objective was to sell inventory for 5 projects located across the country, in a sluggish market. The traditional approach of promoting homes in respective micro markets through ATL mediums was not an option anymore.
We had to achieve 2 things simultaneously – a. reach out to audiences across the country and b. achieve sales conversions within a short time span.
We figured that online is the only medium which could help us reach out to a large set of audiences within the limited budget. But how do we ensure sales within a short timeframe? What if, besides creating awareness, we could complete the entire sales process online?
But people don’t buy homes like this. In India home buying is a very high involvement and elaborate process spanning across 6-10 months, involving multiple visits (with family and with the extended family) to numerous property locations. It stems from the fact that homes are bought every 2-3 generations. Hence the unique challenge – To sell 200 units located across 5 projects within a span of 2-3 weeks, that too, over the online medium, without actually seeing/visiting the property.
In order to seek answers to this unique challenge, we went back to the consumers. The aspiring urban middle class Indian is driven by a compelling desire for one-upmanship in life. More than anything else, Indians just hate missing out on a great deal. There is an inherent trepidation and anxiety of missing out on an excellent investment opportunity, coupled with the desire to grab it before anyone else. That’s why exclusive deals, on limited stocks and for a limited time period, are extremely popular amongst this set of consumers.
We also observed a common regret related to home buying – almost everyone has a story to tell, where they missed out an excellent investment opportunity. E.g. not going for a house in the suburbs 10 years ago...
So instead of saying “we have 200 units to sell” we decided to say “we have only 200 units to sell”. We gave teeth to this statement with the following insight – Real estate prices appreciate with time. What if one can gain a year of appreciation value within a matter of a few days? Therefore, the idea of establishing the National Home Buying Day. Hailed as India’s Biggest Appreciation opportunity, one could gain maximum appreciation on their dream homes, in a record time – within a single day.
No one had ever even thought of buying a home online before. Four factors made buying a home online a reality –
1. Exclusivity – Limited units available only for 4 days. Homes to be allotted via an online lottery system
2. Incredible incentive – Up to an year’s worth of appreciation on investment within a single day
3. Tata brand Trust and Assurance – As opposed to suspicious projects from local builders
4. Convenience – Book a home sitting comfortably in front of your computer screens
With NHBD, we created a one of its kind brand platform where consumers (from across the world) could get the maximum appreciation on their dream homes within a single day, under total brand confidence of Tata, that too on the click of a button.
Our campaign got the right people talking about NHBD. Consumers picked up NHBD as an exciting investment opportunity, to be grabbed just in time. This led to immense anticipation as people lined up to buy homes even before the micro-site went live. In the middle of an ongoing market slump, we received phenomenal consumer response
· Oversubscription and overwhelming sales and lead generation figures (numbers are confidential)
· Tata Value Homes became the first company in the world, to sell homes online
· Creating New Demand – Increase in enquires from smaller towns with a significant share of sales from New Markets