Mumbai: In the current Indian scenario, the combined effect of demonetization, crackdown on un-taxed incomes, and a series of Bills passed by the government to make real estate more regulated, the consumer is anxiously holding their breath for real estate prices to fall in urban India. It’s made the real estate market sluggish, with people delaying buying decisions to avoid the risk of losing money, in case prices fell.
Rohan Buildersof Pune, were among the first real estate companies in India to introduce a‘Price Protection Policy’ back in 2008. The policy ensures that if the market price of the property bought falls, Rohan refunds the difference to the consumer. They have re-introduced this policy, in the wake of current market conditions.
While this policy is immensely relevant in the current market, it normally gets buried in the fine print of the legal documents and is left to the sales personnel to explain(or ignore).
To put spotlight on Price-Protection, LinTeractiverecently unveiled a digitally-led initiative, Price-Protected Sabziwala (vegetable vendor). At this shop, you get price-protection on vegetables, even on small fluctuations in the market.
The campaign kicked-off with a series of prank videos set in Pune called ‘AajKaBhav’ (the rates today) by the popular comedy group STFU18. In the Series, vegetable vendors in and around Pune were asked if they would return money to consumers if vegetable prices fell. OOH and social media are being deployed to communicate Rohan’s price protection policy.
To push the idea further, an online vegetable store, #PriceProtectedSabziwala (www.priceprotectedsabziwala.in) has been launched, where people can buy vegetables with a price protection guarantee. Physical vegetable stores on the same lines have been setup in retail malls of Pune. The buyers of veggies from these stores are notified via SMS, every time prices fall and they can claim a refund of the difference online. The website goes on to introduce Rohan’s Price Protection Policy invite buyer interest.
A stock exchange-like price ticker for the vegetable market has been created as a mobile utility.
Abhishek Bhatewara, Director Sales, Rohan Builders said: “In the current state of the real estate market in India, the home buyer is anxious that house prices may fall, delaying their buying for a later date. At Rohan Builders, we understand the buyers’ hesitation in committing their hard-earned savings to buy a house right now. LinTeractive has come up with a very simple and effective way to make people relate to this policy – an everyday fluctuation we all live with – the prices of sabzi. We’re trying to trigger in the minds of the consumer that, buying a home with Rohan is something they should consider without fear as their investment is protected from any downturn in the market.”
Within three days of going live, the campaign has generated enormous buzz in Pune. It has reach has crossed 3.5 Million (all organic) and its garnering attention from local media. In fact, RED FM RJs even visited the vegetable vendors and talked about them at length in weekend programming.
Vikas Mehta, Group CMO& President – Marketing Services, MullenLowe Lintas Group said:“To put spotlight in a blind spot (price protection by a real estate company in this case) is always an interesting marketing challenge. These are hard times for the real estate business and I commend Rohan for thinking digital-first. Sumanta and the team at LinTeractivehave done a great job of executing the idea seamlessly in an omni-channel manner. To see measurable impact on the clients’ business in such a short period since the campaign went live with an improved CPL, is truly heart-warming.”
Over a hundred potential customers have already come forward with interest in buying properties from Rohan Developers. More leads continue to pour-in as the campaign progresses.
Sumanta Ganguly –Executive Vice President, LinTeractive said: “Inherent to our approach has always been the effective understanding of consumer journey’s to use the effective touchpoints to enablespecific action. The omni-channel campaign has been created using touch-points including physical and digital experiences (on ground, web and mobile), conversations on social media, video content and OOH. In #PriceProtectedSabziwalawhile awareness was driven through outdoor and radio, use of videos to bring to life the fluctuating prices in vegetable markets helped the idea gain traction and SMS with money back demonstrated Rohan’s brand promise.”