How Oberoi Realty is wooing ultra-luxury consumers with human-centered approach
In conversation with Adgully, Sarina Menezes, Head and Vice President - Brand Marketing and Corporate Communication, Oberoi Realty, discusses about the trends in the ultra-luxury real estate market as well as the marketing strategies and campaigns that Oberoi Realty has undertaken. She also speaks about how the ultra-luxury consumer looks forward to innovative experiences, having travelled widely and being exposed to the best that the world offers. She says, “Our penchant for Product Innovation through thoughtful designs and the ability to transform spaces and places is what makes us stand out as our unique selling proposition.”
What are the trends in the ultra-luxury real estate sector and what does the future look like?
The ultra-luxury consumer desires innovative experiences. They are well traveled and exposed to the best the world has to offer which leads to the fact that their aspirational experiences are driven by a desire to own branded luxury accessories like watches, jewellery, handbags, and high-end luxury clothing to larger investments like cars, real estate, and fine dining experiences. Beyond possessions, they value a community of like-minded individuals who appreciate the finer things in life. Belonging to such a circle, spending quality time with those who share similar views, and prioritizing comfort, safety, and sophistication define their quest for an enriched life.
When it comes to real estate - be it commercial offices or homes, affluent buyers seek high-end luxury projects and A+ grade offices, that offer modern amenities and exquisite designs. The shift and demand are quickly moving in the direction of a contemporary and sophisticated lifestyle that can provide a luxurious living experience. It incorporates a comprehensive approach to a complete lifestyle shift – be it in terms of fitness, hospitality services, safety, and the desire to live in an exclusive like-minded community.
The foresight to conceptualize real estate projects like these requires a commitment to innovation, and constantly seeking the new. The emphasis on high-end club amenities and a focus on a healthy lifestyle aligned with the evolving preferences of the ultra-luxury consumer.
What is the marketing strategy at Oberoi Realty and its marketing mix? How has its TG evolved over the years?
The marketing strategy at Oberoi Realty has always been to draw the customer in which means through a Pull Strategy. And we have been at the forefront of this as we pioneered Experience Centres. The focus has always been on engaging the customer into the vision of what we want to create in terms of spaces for him to live, work, and play through a holistic brand experience at our Customer Experience Centres.
The entire marketing mix of Product, Price, Place, and Promotion plays out in real estate marketing strategy. We understand the evolving tastes and demands of our customers, whether they are seeking homes, offices, or shopping experiences. This is why, Human centricity is at the heart of the relationship we build with our customers.
Customers at our experience center in Forestville in Thane can immerse themselves in the biophilia design philosophy that underpins the entire project. This human-centered approach connects customers with nature through elements like light, air, and water, creating a sensory experience that resonates from the moment they enter.
How has consumer behavior evolved towards this industry in this digital age and how does Oberoi Realty adjust itself to the transitioning consumer preferences, altering its marketing strategies correspondingly?
Product innovation goes a long way in bolstering marketing strategies. The pandemic was an eye-opener when our homes became spaces for work, study, exercise, and play and the need for larger homes and living space emerged, which led us to design and plan larger homes with a multi-purpose room that met these needs.
We also introduced the En-Suite Studio Apartments that provide privacy (for any age group) yet the need to live together with the extended family. Available only if you purchase a 3-bedroom apartment, this product is one of our desirable configurations and has been received well by our target market.
At Oberoi Realty, the Customer Experience Centres are a highlight of Hi-Touch where the customer experiences a beautifully designed ready Show Apartment, allowing customers to understand space and what their future home will feel and look like.
The dynamic market in India, the evolving customer and his needs, and the sheer aspirational desire to own luxury homes make it imperative for brands to present their products in the most appealing manner that resonates with the customer and stands true to its promise as part of the brand marketing and communication strategy. Add to it the digital communication channels and it makes the efforts cost-effective and far-reaching – a combination of a push and pull marketing strategy.
What is the USP of Oberoi Realty? How does it differentiate itself in the luxury real estate space and what are the strategies to stand out in this sector?
Our penchant for Product Innovation through thoughtful designs and the ability to transform spaces and places is what makes us stand out as our unique selling proposition. Our Architecture and Design philosophy supports us to transform locations into destinations. We are committed to creating spaces that enhance the quality of life by applying contemporary architecture, human-centered design, planned landscaping, and impeccable quality.
By placing customers and their evolving needs at the center of our developments, we constantly engage in product development, be it in terms of space, design, and utility. We also believe in observing global trends and practices to adapt them to our developments. Our Integrated Developments and Mixed-Use developments at Oberoi Garden City in Goregaon and Sky City in Borivali are a testament to this.
How has Oberoi Realty played an instrumental role in the promotion of the 'Urbanization' concept in India?
As India's leading real estate brand, Oberoi Realty is committed to enhancing the quality of life and promoting urban sustainability. In line with this vision, it embraces the principles of New Urbanism to create integrated developments that address these challenges and provide convenient solutions for a high-quality lifestyle. New Urbanism is a movement that has gained popularity worldwide over the past few decades. It focuses on designing walkable and diverse neighborhoods that are environmentally friendly. This concept encompasses bearing positive consequences, real estate planning, development, and collaborative efforts to create vibrant communities.
As a testament to our commitment to New Urbanism, Oberoi Realty has developed projects that embody these principles. Our flagship project - Oberoi Garden City (OGC) in Goregaon, Mumbai includes prime residential towers like Esquire, Exquisite, and the upcoming Elysian, International Business Park - India's first mixed-use building with A + grade officers in Commerz, Commerz II and the upcoming Commerz III. Moreover, residents of OGC have access to world-class hospitality at The Westin Mumbai Garden City, exceptional retail experiences at Oberoi Mall, and the world-class Oberoi International School, all located within the vicinity.
Sky City in Borivali our Integrated Living project promises a lifestyle upgrade with the Sky City Mall, Sky City Club, and Mumbai Marriott Hotel Sky City, a 5-star hotel – all nestled within 25 acres. With our vision set on creating similar integrated developments in Mumbai and other geographies, Oberoi Realty is at the forefront of exemplifying New Urbanism in the Indian context. By prioritizing the principles of New Urbanism, we aim to transform the lives of our residents, and the neighborhood and contribute to the sustainable development of thriving communities.
How does one ensure that the brand is pertinent and enticing to the changing market dynamics?
While CMOs are pounded by performance metrics and measures, the essence of marketing has remained unchanged. It is still all about the needs and wants of your consumers and customers. What has changed again is context. This is where brands and marketers need to get real to stay relevant, adapt to rapidly changing consumer behaviors influenced by global events, affluence, and propensity to spend, and leverage technology to connect authentically by addressing societal and environmental concerns.
As the luxury and ultra-luxury market continues to evolve, brands like Oberoi Realty stand at the forefront of innovation, anticipating and meeting the ever-changing needs of a discerning clientele. By creating spaces that seamlessly blend comfort with functionality, Oberoi Realty sets a precedent for the transformation of locations and lifestyles, reinforcing the idea that luxury is not just a product, but a holistic experience tailored to the aspirations of the ultra-luxury consumer.
What are the ways the brand actively engages with the customers to build long-lasting relationships?
We are privileged to have a loyal customer base who have experienced what it is to live, work, and play in an Oberoi Realty project. Some have transitioned to larger homes within Oberoi Realty, while others have been our shining brand ambassadors, for which we are grateful.
The long-lasting relationships have been built with the customer and our Relationship Managers through the lifecycle of the project and until the home is finally handed over to the residents. Our Experience Centres are places where customers can visit, engage, and interact with the people who are involved in designing, planning, and building their future homes.
As a brand, we believe in the long-term potential of Brand Marketing, alongside efforts toward demand generation. Digital marketing is an effective way to communicate and reach out to customers in an economical, far-reaching, quicker, and efficient manner.
What is the all-encompassing strategy behind the association with Marriott?
Oberoi Realty's partnership with Marriott is a longstanding one which started with The Westin Mumbai Garden City in Goregaon; followed by The Ritz-Carlton, Mumbai in Worli. Marriott International and Oberoi Realty share a common vision as a contemporary brand that extends outstanding hospitality and excellence in service. This has also led us to partner with Marriott International for two more hotels - The JW Marriott Hotel Thane Garden City in Thane and Mumbai Marriott Hotel Sky City in Borivali.
How was the year 2023 for Oberoi Realty and what are the growth projections for 2024? What are the marketing activities and campaigns undertaken by Oberoi Realty this year?
2023 was a year when we handed over 1000 homes to our customers in Eternia & Enigma in Mulund. Again another 150 homes at Maxima in Andheri and the ongoing nearly 1000 homes at Sky City Borivali. We also made our foray into Thane with the launch of Forestville by Oberoi Realty on Kolshet Road which has been very well received and established us as a luxurious aspirational brand in Thane.
We also announced our agreement with Marriott International for the J W Marriott Hotel Thane Garden City and the Mumbai Marriott Hotel Sky City. Both hotels will transform the geography of Thane and Borivali with affluence and an elevated lifestyle choice.
We are delighted and look forward to the launch of Sky City Mall this year and with the acquisition of 14 acres in NCR we look forward to our next stop in New Delhi.