Paul Writer launches New Age Marketing ,
Video interview series of CXO’s highlighting best practices
Executive Vice President – Sales and Marketing
How do you evolve beyond tactical metrics into assessing business impact – Marketing Operations.
The real estate business per say is fairly non-complicated and precise. With any marketing and sales program it becomes difficult to diagnose what’s worked and what’s not but for us it is easy to identify what was the source of business, where did this source come from, what cost and how effective has the source been in terms of opportunity. For us, our metrics are well-defined as we know the number of walk-ins that came in, what was the cost to access that walk-in, did the walk-in convert into a lead and did that lead finally convert into a sale. We put up an advertisement on Hindustan Times/Times of India/ Mint and we get 500 leads and out of them you are able to convert 50 leads. This gives us a clear picture to identify in terms of numbers; hence we can work out the ROI and define the route to success. Similarly consumer diagnostics and studies help us define and understand what’s working on our product and typology front, whether a 2 BHK of a particular size is better than a 2 BHK of another size. Also, the specifications that we use say whether the tiles that we use are imported marble vs. artificial marble. All the above elements are used to eventually put standards for ourselves in our product development and product specification management as well. It’s not just about financial ratios and metrics or about evaluating marketing and sales performance but it’s also about setting benchmarks for competence, compatibility and quality across the value chain of Godrej Properties.
“We put up an advertisement on Hindustan Times/Times of India/ Mint and we get 500 leads and out of them you are able to convert 50 leads. This gives us a clear picture to identify in terms of numbers; hence we can work out the ROI and define the route to success. ”