We anticipate significant shifts at the intersection of real estate & tech: Saurabh Garg

In conversation with Adgully, Saurabh Garg, Co-founder & Chief Business Officer, NoBroker.com, speaks about NoBroker’s marketing strategy that brought about a radical disruption in the digital space of the real estate market, target audience segmentation, measuring the effectiveness of marketing strategies, real estate trends, and much more.

Could you elaborate on NoBroker’s marketing strategy that brought about a radical disruption in the digital space of the real estate market? What were the key elements that set you apart from traditional approaches?

NoBroker has a strong USP - that of removing brokerage real estate transactions. It solves a real customer pain point beyond property discovery. While all the other platforms work with brokers, NoBroker is the only platform that connects owners, sellers with tenants and buyers directly without any broker or middleman. Our focus has been to communicate this unique proposition in all our campaigns.

We also realised that the real estate journey is broken in various places apart from the core real estate transaction. That’s why we became a one-stop-shop for all real estate needs and partner our customers every step of the way in their real estate journey. And our communication has now evolved to bring the one-stop shop element now.

The quality of service plays a crucial role in earning trust of millions of users. We have embraced digital innovation with features like online property visits and virtual tours, providing data-driven insights and transparent pricing to empower informed decision-making. This holistic strategy has been instrumental in reshaping the real estate landscape and providing a more efficient and user-centric experience.

Target audience segmentation is crucial for marketing success. Could you share insights into how NoBroker identified and effectively targeted specific customer segments in the real estate industry?

We are a two-sided marketplace with tenants/ buyers on one side and owners/ sellers on the other. And we use analytics and data science to effectively target these two different set of customers at the right place and right time where they would require our services. By harnessing data-driven insights, we are able tailor our marketing efforts to address the unique needs and preferences of different customer groups, thereby enhancing our ability to provide personalised solutions and effectively reach a diverse audience.

NoBroker seems to have utilised multiple marketing channels effectively. Could you provide examples of how you leveraged these channels to reach and engage with a wider audience?

Again, the segmentation of customers into supply side and demand side helped us to identify the best media for these different segments. We have carefully identified the ideal combination of marketing channels that best suit the customer profiles to derive the highest return on investment (ROI). We have tailored our approach to effectively target the right audience at the right stage in their journey. This strategic layering allows us to optimise our marketing efforts, ensuring that we engage with a wider audience and continue to deliver value to our customers without spamming them.

Communication campaigns play a vital role in building a robust prop-tech platform. Could you discuss a particularly successful communication campaign that significantly contributed to NoBroker’s growth and reputation?

Our communication campaigns are designed with a deep understanding of our customers’ pain points and needs. While there were many prop-tech platforms which addressed the problem of property discovery, there was one unattended pain point of customers - hefty amounts of brokerage. NoBroker is the first prop-tech platform to identify and address this by introducing a cutting-edge algorithm into its software that eradicates brokerage, by connecting genuine property seekers with owners.

In our last campaign, we recognised that potential owners often face the dual challenge of wanting to save money in renting out the house, while also seeking convenience in their transactions. The campaign was structured in a way that peeled the onion layer by layer, gradually revealing how NoBroker could provide both cost savings and convenience to property owners. It effectively resonated with the needs of the customers - saving money while enjoying convenience with the help of relationship managers who help you with most of the groundwork.

Flexibility in implementing marketing strategies is important, especially in a dynamic industry. How has NoBroker managed to remain adaptable and adjust its marketing strategies to the changing demands of the real estate market?

A robust data analytics practice helps us stay abreast of trends and anticipate shifts in customer behaviour. This data-driven approach allows us to make informed decisions and tailor our marketing strategies and offerings to align with changing customer demands in a timely manner.

Additionally, our in-house execution capabilities have played a pivotal role. Through our strategic partnerships with Google and Meta, we are able to execute innovative industry first Beta programmes. These collaborations enable us to leverage cutting-edge technology and reach our audience and experiment with new marketing approaches as the industry evolves.

Could you share some challenges you encountered while disrupting the real estate market through innovative marketing? How did you overcome these challenges and turn them into opportunities?

One of the key challenges was securing funding. Unlike many other industries where the “East copies West” model can often be applied, we did not have a successful model example to show to investors and get funding. The real estate market in India operates differently and requires a unique approach. We didn’t create a problem. The problem existed and we addressed it.

To overcome this challenge, we focused on understanding the Indian customer base, which is known to be highly value conscious. We recognised that the key to success was not just about introducing a novel concept, but addressing a genuine problem that existed within the market - pain of paying hefty brokerage amounts. We built a platform to connect property owners with property seekers directly, without involving any brokerage.

Word of mouth played a pivotal role in turning this challenge into an opportunity. As satisfied customers began to see the benefits of our platform, they naturally became advocates and referred friends and family to us. This organic growth helped in building trust and credibility within the market.

Our marketing strategy centers around the concept of “Click and Earn”. In order to get listings effectively, we reached out to delivery guys and offered them cash backs if they shared a “To-Let” listing, which we could post on the platform. Instead of hiring and commissioning an entire team to get listings, we could cost-efficiently get listings on the platforms and delivery guys were super motivated to share for cash backs.

Personalisation is becoming increasingly important in marketing. How has NoBroker tailored its marketing approaches to resonate with individual customer preferences and needs?

Personalisation has played a huge role in our scaling up. When a tenant finds a home on our NoBroker platform, we know when exactly they would need supportive services like Packers and Movers, Home Cleaning, Home Painting, etc. We have seen marketing communications having better reception when sent at the right time to the customers.

Additionally, we effectively cluster and cohort our customers based on their distinct preferences, whether they are value-conscious seekers or individuals looking for convenient solutions. This segmentation enables us to craft highly targeted marketing strategies that align with the specific needs and desires of each group, ensuring that our marketing efforts are finely tuned to individual preferences.

The real estate industry often involves longer decision cycles. How does NoBroker maintain a consistent brand presence and keep potential customers engaged throughout their decision-making process?

Buying a house is a time consuming decision. It involves extensive research and multiple stakeholders. We understand and appreciate the time and effort that a customer takes in this and have adopted a comprehensive approach to maintain a consistent brand presence and engage regularly with potential customers in their decision-making journey. Our online platform, comprising a user-friendly website and mobile app, serves as a valuable resource where customers can independently explore property listings and gather the information they need at their own pace.

We maintain a multi-channel marketing strategy, encompassing Above the Line (ATL), Below the Line (BTL), and digital advertising, ensuring that our brand remains visible and relevant across various customer segments.

Real estate is not just about buying and selling, it is also about all the related needs such as packers and movers, home, cleaning, painting, interiors, etc. We ensured that we become the point of contact for all these and when customers think real estate and related needs, the one name that comes to mind is NoBroker.

In a competitive market, measuring the effectiveness of marketing strategies is crucial. What metrics or KPIs does NoBroker prioritise to gauge the success of its marketing initiatives?

The result of measuring the effectiveness lies in the pudding. We have a strong correlation between marketing and key business metrics. This includes tracking conversion rates, customer acquisition costs (CAC), return on investment (ROI), lead generation quality and quantity, website and app analytics, customer retention, social media engagement, customer feedback, market share, and brand awareness. By consistently analysing these metrics, we ensure our marketing strategies are not only creative, but also strategically effective in driving business growth and maintaining our competitive edge.

We also track our TOM Brand Recall and the movement of customers across the entire journey from renting to other services and then moving to buying and taking buyers services after that.

Looking ahead, what trends do you foresee in the intersection of real estate and technology, and how does NoBroker plan to adapt its marketing strategies to stay at the forefront of these changes?

Looking ahead, we anticipate significant shifts at the intersection of real estate and technology. We have already experimented with metaverse and active use of AI. Recently, we have introduced a metro-based property search option in our platform, which will offer individuals more flexibility to explore homes along the metro line stretch from their preferred living location to workplace. Even if these homes are farther from the office in terms of distance, the reduced or equal travel time makes them an attractive option. This also helps spread demand evenly and rationalise rents.

We recently launched Callzen.AI, an enterprise ready B2B product that empowered businesses with conversational insights and can analyse millions of calls within minutes, uncovering valuable data-driven insights to improve customer service and drive business growth.

As we move forward, we plan to further integrate innovative technologies to offer immersive property experiences and explore AI-driven solutions for improved personalisation and automation in our services.

At some point of time, the customer should be able to rent or buy a real estate without physically visiting the place. That is the role that data and technology can play.