FUTURE OF ONLINE MARKETING IN REAL ESTATENational Conference on “Innovative Marketing Strategies for Sustainable Growth”Mr.Bibek Singh Sandhu*1, Ms Tamanna*2Manager –Sales and marketingDhillon Group.Assistant ProfessorSMS Deptt.,Baddi University Of Emerging Sciences & Technology.[email protected][email protected]9888394581
FUTURE OF ONLINE MARKETING IN REAL ESTATEAbstractWith the increase of internet penetration and easy access of information on the net more andmore home buyers are now using internet to help them make purchase decision. Nonethelessto say internet presents tremendous opportunity to real estate developers to reach much wideraudience and market their projects.As per the data provided by Google survey more than half of real estate purchases in Indiaare now influenced by internet. Most developers have realized the scope of online marketingand are fast venturing into this mode to promote their projects. The main purpose of thisstudy is to find the future scope of online marketing in developing countries like India. Asample size of 100 has been taken and appropriate statistical techniques have been applied todrive the result. A structured questionnaire was provided to recent home buyers to see howmuch their purchase decision was affected by online marketing.Keywords: Online marketing, real estate, internet.IntroductionIn India internet penetration is increasing at a very fast pace, mobile internet penetrationalone is expected to reach 213 million by June 2015 that will be a 23% increase within 6months. As per TRAI (Telecom Regulatory Authority of India) there are 935 million mobileconnections as on 31 October 2014, so we can well imagine the huge potential for the growthof this market. Figure 1 explains the growth graph of internet penetration in IndiaFig 1
India is now the third largest internet user in the world but the internet penetration is just 13%of the total population. Thus there is tremendous scope for marketing and reaching wideraudience through this media.Most real estate businesses have realized the scope of online marketing in developingcountries like India and are fast venturing into this mode of marketing also for their projects.Advantages of using internet as a marketing media are:Cost-effectiveVast ReachMinimizing RiskMaximizing efficiencyCost-effective:Online marketing is the most cost effective mode of marketing as there is no requirement toset up physical infrastructure for this kind of marketing we are able to reach maximum targetaudience at minimal cost.Vast Reach:With the help of internet we can reach more people than traditional advertising media at afraction of the cost. If we want to promote a real estate project in the national andinternational market then also internet is one of the most suitable method.