Survival techniques: How to sell condos when there is an oversupply
Highlights:
- The demand for property in Thailand, especially condominiums in Bangkok, has been slowing down over the past couple of years.
- Online marketing is a must strategy to be added to your plan because it saves your budget.
- Analytics give you customer insight so we come up with a clear customer journey and understand the real demand.
- The property industry in Thailand faces a sluggish and challenging period right now, but only flexible and adaptable businesses will pass through this tough time and bounce back to the good days.
Although most developers would not admit to it, you have perhaps noticed that the demand for property in Thailand, especially condominiums in Bangkok, has been slowing down over the past couple of years, in contrast to supply which continues rocketing up by the minute.
The situation in the property market is not rosy as numerous units have been left unoccupied this year and many developers are trying to tackle this problem by launching new strategies such as overseas exhibitions, aimed at foreign targets, or converting unoccupied condominiums into serviced apartments instead.
But actually, these 2 solutions may not be worth your investment due to the extremely high cost of execution. Thus, here we suggest an easier and more creative solution that adopts advanced digital technology to boost desired sales for the lowest budget. Online marketing is a must strategy to be added to your plan due to the following reasons:
Online marketing saves your budget.
Yes… It might make sense to reach overseas prospects, since experts say the local market has been saturated. However, instead of wasting your money on overseas exhibitions, why don’t you just launch an online campaign to foreign targets in specific countries instead? More precise and cheaper, right?
Analytics give you customer insight.
In the same area, two condos with identical offers may experience different sales. Why? The secret behind this is tracking technology which our digital marketing team at Heroleads utilise to analyse our clients’ prospects. With all the data from our analytics, we come up with a clear customer journey and understand the real demand.
For instance, one of our clients aims for high-end prospects, aged between 35-44 years, able to afford a 4 million baht unit, and needs us to launch a campaign to these targets. However, after trialing the campaign, our analytics team noticed that users search for their condos with different keywords.
While Call tracking, the conversation record between salespersons and prospects, showed that majority of clients are 29 years old, foreigners who demand 10 million baht units and require 2 units on average.
We concluded that the client possibly has a distorted understanding about their targets so our optimiser team brought up the data to broaden their focus to these targets. As a result, our campaign appears on the customer’s radar before competitors’ do.
The property industry in Thailand faces a sluggish and challenging period right now, but only flexible and adaptable businesses will pass through this tough time and bounce back to the good days. Keep in mind, crises are also great opportunities.
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