Written by: Samujjwal Ghosh
About the author: Director, Xanadu Realty│FMCG & RE person│Fitness aficionado│Finds sanctuary in RD Burman & Rafi saab
COVID 19 has been an invisible threat and continues to have economic and epidemiological impact and has impacted businesses across categories at multiple levels. Countries and companies are making cautious and concerted effort to transition toward the next normal, and planning scenarios across multiple horizons. While on one hand there is grim economic news, but one is also observing a watchful streak of optimism that many are starting to feel. People at large are coming to terms with the reality and working around the same . Stay Home. Stay Safe and Work from Home is uttered innumerable times across conversations, social media, broadcast channels etc. We must believe that those who do not own a home yet, are very seriously going to consider the need for a permanent and primary address. Never and perhaps never again, will the need for a safe and sound family abode be more pronounced need . Brands and businesses which are talking to consumers now, must make sure that they are useful to them and simplifying their lives
- Every customer saved now for you is customer earned – Zero customer loss policies must be unleashed.
- Every interaction with consumers must be planed and every interaction needs to focus on cementing the relationship with the customer
- Developers must address customers’ predilections and choices. The customer, financial institution and developer need to work together to ensure that willingness and ability to buy a home is bridged with agility and responsiveness
- Very high level of engagement to larger teams is required. Teams with stronger management will have better results
- The importance of high-quality management cannot be stressed enough. Through comprehensive networking and communication, management teams can emerge triumphant or relatively less affected through any crisis.
- Focus on Innovation –The lockdown period can also act as a blessing in disguise, as it provides ample time for the real estate sector to innovate as per the changing landscape disruptions. Put together task force teams to drive the innovation agenda; such times will give us the time to think and create
- For existing product, developmental, marketing and product teams should identify opportunities for value engineering, identify time critical features and reduce delays as much as possible
- Rethink on New projects product development adopting current crisis – gate management, security management, space for personal gym/ office inside the house, etc.
Marketing, Brand & Communication
- Sales will be digitally enabled rather than digital
- Relationship based, consultative and simulative marketing will induce belief in consumers
- Communication – People will want to know HOW are you going to do it as much as WHAT you are going to do
- Formula for Go-To-Market in next 2 months: Whatever you were planning now plan for 1/4th of the delivery with 4 times the effort
Pricing & Payment Schedules
- Question out for yourself – If you reduce prices – will it help move volumes and will you be profitable – If answer is No – Do not waste time thinking on price reduction.
- Plan pricing scenarios – take conscious calls on existing customers and new customers.
- Philosophy – If there is a rupee you want to give to the customer, give it up front and sell at MRP. Negotiations and differential pricing should be things of past.
Creating a blueprint for gross level crisis-management is important. While at the same time being flexible with people and teams, staying calm and infusing a positive mood is the key to surviving and thriving in dire straits. The sensible thing is to keep moving and create continuous displacement across all spheres of business. While it may sound clichéd, this shall also pass, but truly we must overcome this situation and not stand waiting and observing on the sidelines.