Evolution of the 4Ps and how they have transformed Real Estate marketing

The 4 Ps of marketing, also known as the marketing mix, have been the cornerstone of traditional marketing strategies for over 50 years. The elements of Product, Price, Place, and Promotion have provided a solid foundation for crafting successful marketing campaigns. However, as technology has revolutionized the way we connect with consumers, it is essential to explore how these principles have evolved.

In today's rapidly changing landscape, consumer behaviors have shifted, with online research and personalized experiences taking precedence. Studies reveal that over 80% of shoppers conduct online research before setting foot inside a physical store, and 74% become frustrated when messages and offers fail to align with their interests. To succeed in this new era, marketers must adapt by utilizing technology and customer relationship management (CRM) to create meaningful connections with their target audiences across digital channels.

While the traditional 4 Ps remain relevant, a new set of digital-focused 4 Ps—Process, Personalization, Platform, and Performance—have emerged. These digital 4 Ps enable marketers to meet the evolving needs of consumers and deliver personalized messaging that resonates with their interests and preferences.

Here we take a look at how the new 4Ps have transformed the real estate industry in the digital era and is guiding it out of a seven-year slump.

Process 

Real estate in India has been fast adopting to technology or Proptech in the last few years. The new customer is tech savvy and more in tune with the latest global trends in construction. Thus, the traditional apartment has transformed into an eco-friendly smart home in the mind of the buyer and the developer has to keep pace to deliver. This applies to all functions right from construction to marketing to documentation to client servicing. Digitisation has enhanced space optimization through better design, on-site work efficiency, safety and quality control. Use of robotic process automation, chatbots for FAQs, virtual walkthroughs in marketing increase process efficiency.

Personalization

Buyers today are demanding. They want maximum value for their money. The project may still be at the plinth level but buyers want to see exactly what the finished product will look like along with interiors and the future locality where the project is located. 3D walkthroughs or virtual site visits, digital project renders and detailed drone videos make this possible. Customers may want slight changes to the typical unit plan available. Developers can show them how the modifications will look in full digital detail.

Platforms

Where a project is promoted can make all the difference. Being solely dependent on brokers, hoardings or print media today will limit a seller’s reach. He can go on social media, put up project videos on YouTube, build a website and list his project on property sites like housing.com, 99acres, magicbricks, nobroker.com, etc. In fact, even if he uses traditional channels like hoardings, he can digitally customise by adding location or whatsapp QR codes to the hoarding creative. By being on the right platform, he can ensure that he delivers the right message to the right person at the right time through their preferred medium.

Performance

Digital marketing tools allow the real estate marketer to track and optimize marketing performance in real time. Data available from ad serving platforms, social media ads, website analytics, etc. allow us to know which channel or bid or keyword or creative or ad copy is working and which is not, thus helping us improve lead to walk-in and booking ratio and return on ad spend.

By embracing customer relationship management (CRM) and leveraging technology, real estate marketers can create personalized experiences that resonate with their target audience. The availability of marketing technology platforms and extensive data sets offer immense opportunities to connect with consumers in meaningful ways. The shift towards personalized messaging and tailored experiences is crucial in a world where consumers expect customization and relevance. By understanding the needs and preferences of their audience, real estate marketers can craft compelling campaigns that deliver the right message at the right time.