Brand Awareness and Brand Loyalty - DLF
Brand Awareness and Brand Loyalty - DLF
INTRODUCTION
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Brand
Brand means it is a name, sign, symbol, color combination or slogan to identify of a specific product, service or business. Definition: A brand is a name, sign, symbol, slogan or anything that is used to identify and distinguish a specific product, service, or business. A legally protected brand name is called a proprietary name. In detail A brand is the identify of a specific product, service, or business.A brand can take many forms, including a name, sign, symbol, color combination or slogan. The word brand began simply as a way to tell one person's cattle from another by means of a hot iron stamp. A legally protected brand name is called a trademark. The word brand has continued to evolve to encompass identity - it affects the personality of a product, company or service. People engaged in branding seek to develop or align the expectations behind the brand experience, creating the impression that a brand associated with a product or service has certain qualities or characteristics that make it special or unique. A brand is therefore one of the most valuable elements in an advertising theme, as it demonstrates what the brand owner is able to offer in the marketplace. The art of creating and maintaining a brand is called brand management. Orientation of the whole organization towards its brand is called brand orientation. It's a new brand world A person wearing Levi Strauss Jeans, Louis Philippe shirt, Reebok shoe, addidas watch, Fast track goggles shows how Branding is playing a vital role in the market today.
Branding means setting the product or service in the mind set of the customer Example: Thunda Muthlab cocacola
Brand awareness
Brand awareness refers to customers' ability to recall and recognize the brand under different conditions and link to the brand name, logo, jingles and so on to certain associations in memory. It helps the customers to understand to which product or service category the particular brand belongs and what products and services are sold under the brand name. It also ensures that customers know which of their needs are satisfied by the brand through its products (Keller). Brand awareness is of critical importance since customers will not consider your brand if they are not aware of it.
Brand Awareness Plan The major components of a plan to develop brand awareness are: Identifying and understanding your target customers
Creating a company name, logo, and slogans Adding value through packaging, location, service, special events, etc. Advertising and after sale follow up and customer relationship management.
Brand loyalty
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Brand loyalty is a term used to describe the tendency that consumers have to stick with the products or services bearing brand names they know and trust. Brand loyalty translates to repeat sales, so its in the best interest of the company that carries the brand to maintain its reputation and recognizability in order to maintain profit. Altering the look and feel of a brand can have disastrous consequences for a company, as it runs the risk of alienating brand-loyal consumers who may not recognize or trust the product or service under different packaging. RETAINING an existing consumer is often more profitable than finding a new consumer. This is known to marketers for the last two decades though one has not seen too many retention strategies in India, until recently. While retaining brand loyal customers, it is important to consider its impact on the bottom line of the company. Customer equity deals with the manner in which customers can add value to the profitability of the company (customer equity also looks at how the company can create value for the customer but this article deals with the other aspect). Loyalty and retention strategies would have to be understood before customer equity strategies are formulated. The following aspects of customer equity may be useful for marketers: What is brand loyalty? Is brand loyalty built on functional or symbolic aspects? Do psychological factors matter to brand loyalty in business-to-business marketing?
OBJECTIVES
A Study on Brand Awareness and Brand Loyality on DLF company
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To Know how DLF company have developed the brand awareness about their products/services.
Giving suggestions how to maintain and improve Brand awareness and building brand loyalty.
The data collection from the respondents is qualitative in nature i.e., views, opinions,
etc., so it is not a convenient data for the study for the study for a longer duration
The present study concentrates only on the existing customers of Hyderabad city
only.
As the time spent is only two months it is not possible to go in-depth study.
There may be some biases due to ignorance on the part of respondents as they are
Due to small sample and biased opinions the results derived may not be
appropriate.
METHODOLOGY
Primary data: Primary data consist of information collected for the specific purpose at hand for the purpose of collecting primary data, survey research was used and all the retail outlets sellers using different brands and their competitors were contacted. Survey research is the approach best suited gathering.
Secondary Data: The secondary data consists of information that already exist somewhere, Having been collected for another purpose .Any researcher begins the research work by first going through the secondary data. Secondary data includes the information available with the company. It may be the finding of research previously done in the field. Secondary data can also be collected from magazines, newspapers, other surveys conducted by known research agencies etc.
RESEARCH METHODOLOGY
The DLF Company have taken suitable plans for Brand awareness program and
RETAINING an existing consumer is often more profitable than finding a new consumer Strategy to make the customers as Brand loyals. The survey was carried in twin cities of Hyderabad and Secunderabad with the sample size of 100. The survey was carried out with the help of a structured questionnaire, which helps in accomplishing the research objectives. The respondents by means of personal interview administer this structured ended questionnaire.
Industry profile
Real estate
Real estate means it is a business where in a person or organization markets and sells his/her land, plots, and flats to the customers
Residential Industrial Agricultural Commercial Parking - Storage Overseas Properties Overseas property For Sale Holiday Rentals Abroad Land & Plots For Sale Overseas
Furnished
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Unfurnished
Company profile
DLF (originally Delhi Land and Finance) is India's biggest real estate developer based in New Delhi, India. The DLF Group was founded by Raghuvendra Singh in 1946. DLF developed residential colonies in Delhi such as Shivaji Park (which was actually its first one), Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash, Kailash Colony and Hauz Khas. In 1957, with the passage of Delhi Development Act, the local government assumed control of real estate development in Delhi and banned private real estate developers.
History:
In the early 40s-50s Raghuvendra Singh procured real estate around Delhi. That money was multiplied over the decades through investments like Punjabi Bagh, Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash 1 & 2, Kailash Colony, Hauz Khas and Panchsheel. In the 1970s and 1980s DLF purchased 3,000 acres (1,214 ha) of land from farmers in Gurgaon for $2000 per acre. But at that time, the Haryana government did not allow private companies to develop the land. Years later, when Rajiv became Prime Minister, he ensured that the Haryana Government change the local law and allow private compaines to develop the land. The Haryana government relented and Gurgaon underwent a private real estate boom which is continuing to this day. In 1985, DLF started developing the 3,000 acres
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(12 km) it had acquired from farmers. In 1999, DLF developed its first A-grade office spaces for rent in Gurgaon The boom includes world-class office buildings, apartments, golf courses, shopping malls, 5-star hotels and a private expressway linking Gurgaon to Delhi Airport.
Developments
DLF builds residential, office and retail properties.
Sponsorship
DLF is currently sponsoring Indian Premier League (IPL), a Twenty20 format cricket league in India. DLF Group has paid US $40 million to be the title sponsor of the tournament for 5 years.
DLF Limited
Real estate, Retail, Sports 1946 New Delhi, India [1] Kushal Pal Singh (Chairman) Offices Apartments Shopping Hotels Golf infrastructure courses Malls
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Following the passage of the Delhi Development Act in 1957, the state assumed control of real estate development activities in Delhi, which resulted in restrictions on private real estate colony development. We therefore commenced acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, particularly in the district of Gurgaon in the adjacent state of Haryana. This led to our first landmark real estate development project DLF Qutab Enclave, which has now evolved into DLF City. DLF City is spread over 3,000 acres in Gurgaon and is an integrated township, which includes residential, commercial and retail properties in a modern city infrastructure with schools, hospitals, hotels and shopping malls.It also boasts of the prestigious DLF Golf and Country Club with night golfing facilities.DLF Limited is India's largest real estate company in terms of revenues, earnings, market capitalisation and developable area. It has over 60 years of track record of sustained growth, customer satisfaction, and innovation. The company has 399 msf of planned projects with 56 msf of projects under construction. DLF's primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals. Its exposure across businesses, segments and geographies, mitigates any down-cycles in the market. DLF has also forayed into infrastructure, SEZ and hotel businesses.
Development Business
The development business of DLF includes Homes and Commercial Complexes. The Homes business caters to 3 segments of the residential market - Super Luxury, Luxury and Mid13
Income. The product offering involves a wide range of products including condominiums, duplexes, row houses and apartments of varying sizes. DLF is credited with introducing and pioneering the revolutionary concept of developing commercial complexes in the vicinity of residential areas. DLF has successfully launched commercial complexes and is in the process of marking its presence across various locations in India.
Annuity Business
The annuity business consists of the rental businesses of offices and retail. With over six decades of excellence, DLF is a name synonymous with global standards, new generation workspaces and lifestyles. It has the distinction of developing commercial projects and IT parks that are at par with the best in the world. DLF has become a preferred name with many IT & ITES majors and leading Indian and International corporate giants, including GE, IBM, Microsoft, Canon, Citibank, Vertex, Hewitt, Fidelity Investments, WNS, Bank of America, Cognizant, Infosys, CSC, Symantec and Sapient, among others.DLF pioneered the retail revolution in the country and brought about a paradigm shift in the industry by redefining shopping, recreation and leisure experiences with the launch of City Centre in Gurgaon in 2000. The Retail Malls business is a major thrust area for DLF. Currently, DLF is actively creating new shopping and entertainment spaces all over the country. The company has land resource of 86 msf for office and retail development, with 16 msf of projects under construction. DLF owns and operates the luxurious Aman Resorts across the world and also has an alliance with Hilton Group for development and management of hotels in India. The hotel business is currently undergoing a comprehensive review by the company as regards its future plans, commitment towards resources and the extent of scale and size that the company aspires to achieve in this segment. DLF has a development potential of 11 msf for its hotel business. DLF has a strong management team running independent businesses, though complementing each other in cases of opportunities of mixed land use. DLF's mission is to build a world14
class real estate development company with the highest standards of professionalism, ethics and customer service and to thereby contribute to and benefit from the growth of the Indian economy.
Business The Directors and Employees are hereby prohibited from taking for themselves personally, any opportunities that are discovered through the use of Companys property, information or position, unless the opportunity is disclosed fully in writing to the Corporate Governance Committee and the Corporate Governance Committee authorizes the said Director or the Employee to purse such opportunities.
The Directors and Employees are also prohibited from competing directly with the business of the Company
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Brand awareness
Brand awareness refers to customers' ability to recall and recognize the brand under different conditions and link to the brand name, logo, jingles and so on to certain associations in memory. It helps the customers to understand to which product or service category the particular brand belongs and what products and services are sold under the brand name. It also ensures that customers know which of their needs are satisfied by the brand through its products (Keller). Brand awareness is of critical importance since customers will not consider your brand if they are not aware of it.
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How does purchase decisions depends on Brand awareness? Purchasing Decision Process
Understanding the decision-making process helps you to better understand how to structure your brand awareness process.
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Do they need several hours to mull over the possibility of making the purchase?
To what extent does product type, price, and environment affect the purchasing
decision?
The third stage is where the potential customer evaluates alternatives to your brand or product. The fourth stage involves an assessment of the buying value. Is the product worth the price? Do the values it possesses make it a worthwhile purchase? The fifth and final stage involves an assessment of the purchase decision
Understanding that the stages of a purchasing decision vary both in time and whether the stages really are distinct, one can better assess where they might be able to have an influence on someones decision to purchase.
Brand loyality
Brand loyalty is the repeat purchase made by the consumer out of commitment to the brand. In many cases of loyalty, marketers may do well to check if the repeat purchases are made out of commitment or if they are inertia purchases. A consumer may keep buying a brand of soap or toothpaste because of its availability with regard to a specific stock-keeping unit
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which he can afford . Brand loyalty is indicated when the consumer deliberately chooses a brand from a set of alternative brands. The consumer does not go through a decision process to select a brand when he/she is brand loyal. Though there is a great deal of similarity/overlap between habit and loyalty, the repeat purchase made out of convenience can be classified under habit whereas a purchase made out of commitment is loyalty.
When a consumer develops loyalty towards a brand he/she develops a favorable attitude towards the brand resulting in commitment. Brand loyalty offers a number of advantages to the marketer. Brand loyal consumers start building a relationship with the brand. They may become advocates of the brand by their positive word of mouth. Brand loyal consumers may become passionate about the brand and form clubs which results in further strengthening the brand. Drawing upon several theories and models associated with consumer loyalty and learning processes, consumers may initially become loyal to a particular brand because of its functional benefits. Loyalty across toothpastes, cars, banking services and books clearly show that a brand has to score on functional aspects whenever consumers use `search-oriented' products. For instance, a consumer may go through the ingredients of Colgate Total and derive inferences about the benefits and try the brand. Loyalty on such search-oriented products gets initiated when the consumer experiences the benefits of functional attributes. A second dimension, however, is whether the customer is committed to the brand. Philip Kotler, again, defines four patterns of behavior: 1. 2. 3.
4.
Hard-core Loyals - who buy the brand all the time. Split Loyals - loyal to two or three brands. Shifting Loyals - moving from one brand to another. Switchers - with no loyalty (constantly looking bargain, looking for something
different).
It has been suggested that loyalty includes some degree of pre-dispositional commitment toward a brand. Brand loyalty is viewed as multidimensional construct. It is determined by several distinct psychological processes and it entails multivariate measurements. Customers' perceived value, brand trust, customers' satisfaction, repeat purchase behavior, and commitment are found to be the key influencing factors of brand loyalty. Commitment and repeated purchase behavior are considered as necessary conditions for brand loyalty followed by perceived value, satisfaction, and brand trust. Fred Reichheld, one of the most influential writers on brand loyalty, claimed that enhancing customer loyalty could have dramatic effects on profitability. Among the benefits from brand loyalty specifically, longer tenure or staying as a customer for longer was said to be lower sensitivity to price.
Brand promise
The marketer and owner of the brand has a vision of what the brand must be and do for the consumers. Brand promise is what a particular brand stands for (and has stood for in the past). It has its roots from the identity that it gains over a period of time. Usually, brand promise is an attribute common to 'Parent' brands. Herein, the brand may broadly stand for Quality, Performance, Trust, or False promises. However, the extensions, or the brands under the parent brand umbrella, may stand individually for a particular trait which it has delivered over the years, for example, 'the best sparkling teeth', or 'the trusted bank to bank with for centuries'
Global brand
A global brand is one which is perceived to reflect the same set of values around the world. Global brands transcend their origins and create strong enduring relationships with consumers across countries and cultures. They are brands sold in international markets.Examples:ofglobalbrandsinclude Facebook, Apple, CocaCola, McDonalds, Mastercard, Gap and Sony.These brands are used to sell the same product across multiple markets and could be considered successful to the extent that the associated products are easily recognizable by the diverse set of consumers.
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Economies of scale (production and distribution) Lower marketing costs Laying the groundwork for future extensions worldwide Quicker identification and integration of innovations (discovered worldwide) Preempting international competitors from entering domestic markets or locking you
Increasing international media reach (especially with the explosion of the Internet) is Increases in international business and tourism are also enablers Maintaining consistent brand imagery
an enabler
REAL ESTATE
Different areas in Real estate:
1. Houses & flats for sale 2. Houses & flats for rent 3. Holidays rentals in India
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4. PG- Rom mates hostels (paying guest, hostels) 5. Land &plots for sale(Residential, industrial ,agricultural, commercial) 6. Parking storage 7. Overseas property for sale 8. Holiday Rentals Abroad 9. Land & plots for sale over seas 10. Office & shops / office space 11. Shops for sale + Rent.
A good web site has the potential to sell products and promote your company's image. Find out how to make the most of the Internet by creating a web site that builds brand awareness. To some, branding might not feel like a tangible aspect of running a business. It cant be seen like a product on the shelf, or counted like a cash drawer at the end of the night. But, branding is the reason people pay three times more for a product at one store over another. Good branding is the product of a clear vision, and nobody knows more about vision than small business owners. But, with limited resources, creating a brand identity can be tricky. Fortunately, building brand awareness on the Internet doesnt need to take a lot of money or resources. Here are seven strategies to build your business brand: Define the vision. Before moving ahead with the web site, create a brand positioning statement. This isnt just, What kind of web site do we want to be? This is Who are we? says Harley Manning, vice president at Forrester Research in Cambridge, Mass., a technology and market research firm that advises on the effects technology has on consumers and businesses. Good brand statements typically include the companys mission, vision and values. Its succinct. Its typically something that will fit on a page easily, he says.
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Build a brand worth believing in. Do you so believe in what youre creating that you would trademark it? says Andrea Fitch, president and CEO of RedCarpet Creations, Inc., and national president of the Society for Marketing Professional Services, both based out of Alexandria, Va. Really consider what kind of brand could represent the business through the next decade. Dont have a logo that in five years youre going to be tired of and discard for another, she says. Remember, the web site is the brand. A web site is not just a communication medium, Manning says. It is actually a channel that must deliver on the promise. Essentially, a web site should embody the promise that it makes to customers. If, for instance, a business claims to be innovative, the web site should look fresh and modern. Create a cohesive experience between all mediums. Before she launched her companys new web site, Fitch made sure it would be an event that her potential clients would never forget. RedCarpet Creations mailed 4,000 silver tubes containing scrolls that looked like rolled-up carpet. Inside the scrolls was an announcement about the web sites launch. Once online, the web site was an extension of the invitations because it followed through on the themes of red carpet imagery and references to visitors being treated like a VIP. Customers should easily be able to recognize the companys brand, whether it is print, online or some other form of media, Manning says. Dont sacrifice creativity. Once the brands guidelines are established, creative choices must bring those attributes to life, Manning says. Dont let the companys brand become so dominating that there is no room for new thoughts and ideas. Brand should be the jumpingoff point for interesting ideas, not the place where every new idea dead-ends. Fitch stresses that a sense of fun and whimsy will only enhance the likelihood that people will take an interest in the web site. Dont communicate brand at the expense of delivering. While a web site can be a significant tool for building brand awareness, clarity and functionality are paramount. Just be careful not to let the communication about your brand get in the way of delivering your message, Manning says. People should be able to understand how to navigate the site without knowing a thing about the companys catch phrases. You cant frustrate and annoy people into liking your brand, he says.
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Listen to the customers: They determine a brands true value. Pay attention to customer feedback about the site because, ultimately, its the customers opinion that counts. When it comes to building a brand, a company can incorporate everything from signature colors to catch phrases, but at the end of the day, its the consumer who decides what a brand is really worth. Its not what you say [about] yourself, its what others say of you, Fitch says.
Fundamental factors
These factors includes
Demand
Demand refers to peoples willingness and ability to buy or rent a given property. In part demand stems from a market areas base. In most real estate markets, the source of buying power comes from jobs. Property values follow an upward path when employment is increasing. The real estate market in India has seen remarkable changes in the past few years. The rapid expansions of information technology, especially BPOs, spurt in the middle class income and 8% growth in GDP are the potential key factors for the growth. India is the 4th largest economy in the world, and has the 2nd highest GDP among the developing countries based on purchasing power parity. IT and IT enable services sector in India is still in its growing stage due to increasing demand for business processing units in India and is estimated to grow by 107% to $583 million in revenue. This could lead to a space requirement of 20-25 million sq. International Research Journal of Finance and Economics - Issue 24 (2009) 245
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ft. per annum, according to a Merrill Lynch report. Taking this factor into consideration, the Total value of real estate created by the IT and ITES sector in the next three years will be Rs.132000.
Supply Analysis
Supply analysis means sizing up the competition. Nobody wants to pay more for a property than the price they can pay for competing property. An integral part of value analysis requires identifying sources of potential competition and then inventorying them by price and features. An analysis of supply should not limit potential competitors to geographically and physically similar properties.
The Property
In real estate the property itself is also a key ingredient. The price that people will pay is governed by their needs and the relative prices of the properties available to meet those needs. To try to develop a propertys competitive edge, an investor should consider five things: 1. Restrictions on use 2. Location 3. Site characteristics 4. Improvements 5. Property management
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Since the appearance of its initial slogan -- 'Just do it' -- Nike has cultivated the universal values associated with sports and the Olympic movement: surpassing oneself, determination, competition, accomplishment. This is where the brand's ethic, its vision of the world, and what it believes are situated. What is the identity of a brand? Our first answer might be that it is what the brand 'says' to consumers -- making a distinction between what it says and how they understand it. The notion of identity is still too little used by managers, and that's a shame, because to our way of thinking it offers some very useful and concrete glimpses into the essence of the brand phenomenon itself. It constitutes the foundation and the federating element of all the activities we have designated as being manifestations of the brand. We sometimes have a tendency to confine brand identity to the intuitive, affective sphere, which the company's concrete and methodical processes cannot influence. Yet tools for analysis do exist, originating in the field of semiology, with which this area can be at least partially rationalized and provide very concrete lessons about managing a brand. . . Brand ethics and aesthetics Of all the tools available today, semiology is, in our opinion and based on our experience, the discipline best suited to aiding a manager in defining, prolonging and defending the identity of a luxury brand. From our perspective as non-specialists but convinced users, we would like to take a moment to discuss this discipline.
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First of all, what is semiology? Imagine two 'No Smoking' signs, one of which gets its message across better than the other. Is it possible to describe exactly what makes one more effective than the other, without the discussion becoming simply a matter of subjective tastes?
And is it possible to describe it in general terms, to aid us in, say, designing another type of sign (for example, a "No Parking" sign)? In broad terms, that is the project of semiology. Its aim (according to Greimas) is to describe, as objectively as possible, the process of production of meaning, and generally of all the practices of signification that make up cultures. But it can be extended, Jean-Marie Floch adds, to a certain disposition of the mind, curious about anything that has (or could have) meaning. If we accept the validity of applying semiotics to the study of brand identities, we are making the following basic premise: brands are systems that produce meaning... The hinge The first of these semiotic tools is the "hinge," a simple framework developed by Jean-Marie Floch to bring out the different levels of analysis or definition of a brand universe . . . . . .The use of the hinge is relatively simple. It aims at characterizing the brand's identity through its expression and its content -- that is, at giving a formal definition of its aesthetic and of its ethic. The aesthetic study is fairly easy to put into practice, especially if the brand in question is a very "typed" one, where the colors, shapes and materials are resolutely baroque or classical. In this domain, the contribution of Jean-Marie Floch, who updated the work of Heinrich Wolfflin, has been essential.
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Note that generally, the Northern European brands -- Jil Sander, Ikea, Helmut Lang, BMW and North American brands-Calvin Klein, Donna Karan, Coach -- have an aesthetic of the classical type, characterised pictorially by: Clearly defined lines and contours, emphasizing individually recognizable elements Space divided into easily identifiable zones, each with its own autonomy Closed shapes, visible in their entirety: planes Impressions of stability: symmetries Saturated colours.
On the other hand, Mediterranean brands -- Loewe, Ferragamo, Dolce & Gabbana, Rubelli, Majorica, Lamborghini, Versace, Roberto Cavalli -- have a tendency toward the baroque, characterized pictorially by: lines delineated by shadow effects: curves and criss-crosses open forms, which can appear accidental each part losing its autonomy and taking on meaning only in association with the rest of the work movement treated in depth: volumes chiaroscuro and deep colors. The study conducted on Loewe in 1996 by one of the authors, who was its president at the time, in collaboration with Creative Business and Jean-Marie Floch, led to the development and the communication of the concept of a "minimalist baroque" aesthetic. These apparently contradictory terms met with much success with the press. In the late 1990s, this Spanish fashion brand -- a century-and-a-half old and often referred to by the French as the 'Iberian Hermes' -- had good name recognition, associated with quality and a strong presence in Spain and Japan but was still weak in the other markets. Struggling to achieve international status, and also suffering from the absence of a charismatic founder in its history unlike Chanel, for example -- Loewe had the appearance
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of a slightly 'tired' brand. The characterisation of the brand's aesthetic effectively transmitted the message of a brand that was faithful to its roots (the baroque) and with a strong desire for modernity (minimalism, which at the time was still in vogue). That message was coherent with the recruiting of designer Narciso Rodriguez, who was himself a blend of modernity and respect for tradition.
The study of the brand ethic, on the other hand, is considerably more difficult, above all for brands that were not founded by a creator with a strong personality, or that have squandered their heritage. Certain brands are so clearly positioned that the task is easier. Take Nike, for example. Since the appearance of its initial slogan -- 'Just do it' -- Nike has cultivated the universal values associated with sports and the Olympic movement: surpassing oneself, determination, competition, accomplishment. Nike, remember, is the goddess of victory. This is where the brand's ethic, its vision of the world, and what it believes are situated; "what it stands for," to use Jean-Marie Floch's expression. The launch of the controversial Mecca-Cola in France in November 2002 is a very significant example of a brand that directly communicates the values underlying the ethic of its brand identity. Its bottles and the opening page of its website say: "No more drinking stupid, drink with commitment!" and per cent of our net profits, for Palestinian Childhood. 10 per cent for [local] charity-an NGO." This is clear to everyone, without the need for a semiotician to
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translate. Another recently successful brand is Camper. The Spanish shoe manufacturer expresses very clearly which brand ethic it wants to promote through its slogan 'Walk don't run': a whole philosophy of life. In certain cases, setting about finding the permanent values the brand has expressed since its inception is a frustrating process. It sometimes leads -- as was the case with Loewe -- to a recognition of the non-existence of a brand ethic. Such a situation has an advantage in that it leaves open a very broad field for the choice of values, but it also shows that the brand has had no obvious permanent values over time, and, therefore, has been perceived in a very imprecise way. Using a semiologist who is experienced in the study of the corpus of brands is an absolute necessity in this type of research. The role of the semiologist consists not only in finding possible meanings beyond the signs, but also in determining precisely the objective procedures to be used in constructing that meaning. By describing in detail the nature of a brand's identity and the means of its expression, the semiologist will help the manager perpetuate that identity and prolong its life.
K.P Singh, the Chairman of Indias largest real estate company DLF Ltd. sheds light on factors affecting the pace of Indian real estate. According to him, its stringent monetary policies and subsequent high mortgage rates.
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Prices of residential property in India would only begin to fall in a fast flourishing economy with an increase in supply, says Mr. Singh. He also adds that property prices will take a slip only if pushed by increased supply and not mere monetary policies. The Reserve Bank of India (RBI) raised interest rates five times since March 2006. The authority has also lifted banks reserve requirements to curb rising inflation and credit growth. This created a need for commercial banks to raise lending rates including those on home loans by more than 200 basis points. Another factor affecting Indian property market is increasing interest rates on home loans. However, growth in home loans may slow to 17-20 per cent in the current fiscal, as per the data showcased by the Associated Chambers of Commerce and Industry. Mortgage loans have risen by 26.6 per cent in the last financial year. And it was lower than 29.1 per cent in 2005-06. And, the sale of residential property in India has seen a sharp downslide by over 70 per cent in May-June 2007.
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This led to our first landmark real estate development project DLF Qutab Enclave, which has now evolved into DLF City. DLF City is spread over 3,000 acres in Gurgaon and is an integrated township, which includes residential, commercial and retail properties in a modern city infrastructure with schools, hospitals, hotels and shopping malls. It also boasts of the prestigious DLF Golf and Country Club with night golfing facilities. DLF Limited is India's largest real estate company in terms of revenues, earnings, market capitalization and developable area. It has over 60 years of track record of sustained growth, customer satisfaction, and innovation. DLF's primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals. Its exposure across businesses, segments and geographies, mitigates any down-cycles in the market.
markets? (Advantage)?
What are the values and expectations of those who have power in and
Today branding is the apple that didn't fall far from the tree. Today the dictionary lists branding as the promotion of a particular product or company by means of advertising and distinctive design. What it doesn't mention, is branding is the basis of a identity and recognition of not just a product, company, or business, but of an idea, promise, entity persona, or image. This additional part gives what is being promoted (sell-ability) within a competitive market in which consumers have a choice amongst various products or service providers that fill the same need. Your product or service's sell-ability is vital to survive when what you offer is supplied by various sources (competitors). Particularly in today's market, consumers tend to view a brand's image as an integral part of the product or service they are purchasing. They are not only buying the actual product or service, but the status, prestige and perceived benefits associated with the organization that is doing the selling - intangible qualities that differentiate the item of choice from all other
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similar offerings in the marketplace. Consider this: the majority of foods we purchase have brand images associated with particular items that make consumers perceive the products in a more favorable light (e.g., Lean Cuisine). Similarly, this applies to the vehicles we drive (Mercedes Benz), our credit cards (American Express), the clothes we wear (Tommy Hilfiger) and even the statement we can make with a particular brand of pen (Mont Blanc). If branding has worked so well for these products and services, why not use a similar brand strategy for associations?
In the United States alone, there are literally thousands of associations; some with just a few members and some with membership ranging in the millions. Some are open to the general public allowing anyone with similar interests to join, while others are exclusive to select individuals. And, as with most organizations, associations face competition in the marketplace. For example, as a lawyer, should you join an association, and if you do, should you join the American Bar Association, the National Lawyers Association or your state's Bar Association? What differentiates one from the other? Or do they basically offer the same services? Members usually pay dues and purchase products or services offered by their association. If they are satisfied with the products and services offered, they will often tell others, performing the best-known form of advertising word of mouth. So, creating a brand identity that sets an association apart from others offering similar services is a key factor in retaining and expanding one's share of the market.
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Rockbridge is a proven leader in developing research solutions for brand equity and awareness and brand image issues that companies often face. The first step in creating a positive brand image is finding out specifically how members currently perceive the association.
Are members satisfied with the products and services offered by their association? Do they meet, exceed or fall below members' expectations? Do members think that they can get the same or better service elsewhere? Exactly what does their association provide that members feel they would not get from another association? What is unique about this association? How important is it to belong to this particular association? Does the association have a strong, clear image? What is it? Is the association following through on its mission statement?
An association, like any other organization, exists to fill a particular need within society and to accomplish particular goals or objectives. The association must be sure what its mission is in order to succeed. The leaders of the association must ask themselves: "What is our business? Who are our primary customers? What does the association mean to the industry or the profession? What do our customers want and value? Are we accomplishing our goals?" Any successful organization must continuously ask these questions and answer them truthfully so that it is kept on a clear path to fulfilling its objectives. A market-oriented mission statement is helpful in defining an organization in terms of satisfying its customers. Once an association knows how it is perceived in its members' eyes, it then has a basis for internal evaluations (how can it improve services to better serve the members) and external evaluations (how is it performing in comparison to the competition). The answers to these questions can help associations discover their brand image with members and then implement plans or programs to create, enhance or, in certain situations, change or reposition the current image. Using the right mix of qualitative and quantitative research techniques, Rockbridge can design a creative approach for obtaining members' perceptions, after which the data will be analyzed and interpreted. Rockbridge will then offer innovative, strategic recommendations,
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and work alongside the client to create a brand image or brand repositioning strategy that will add value and a competitive edge to the organization. In a marketplace cluttered by clones and homogeneous products and services, it is important to create a brand image that differentiates itself from competitors and suggests integrity, dependability, and high quality with an emphasis on excellent service. This is the key to ensuring customer satisfaction and loyalty, which in turn translates into a larger market share for the company concerned
continuous successes and growing satisfaction will make brand value grow exponentially; one single failure could be detrimental to the build-up of brand value and can hinder the whole process. One key advice here is to be brand focused and transparent; if the focus on the brand will help building the value and spreading it across projects and markets, transparency will buy the company some forgiveness if anything went out of control in any project or operation
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The Value Transfer process is a two way alley. First, the project takes all what it can in terms of good will and expectations from the Master Brand. But once the project is developed and sold and experienced by new people; the customers satisfaction and Project Brand value will pay back and add value to the Master Brand in a snow bowling effect. This phenomenon will keep developing as long as the brand is keeping its promises and delivering value every time and in every project or development. This will lead us to another important observation about real estate branding the need for a Strong and Attractive Master Brand Businesses that are planning to be the real estate development for a long period of time should always build a strong master brand and not only projects.
The master brand is where the value resides and travels once projects are finished and sold out. The gain in equity and value every time we have a successful project will feed the image of the project and the image of the master brand simultaneously. However, the equity of the project itself stays in the project and contributes to its value on secondary markets, while the value that goes to the master brand could be transferred and injected in new projects. Since the brand value is cumulated by the success of its projects and decreased by project failures and customers dissatisfaction; it is better on the long run to only concentrate on well planned and executed projects to optimize the chances of success and avoid the negative experiences that can drain the brand value. Moreover, a brand that manages to transfer value from one project to another is a brand that can make substantial savings on marketing investments.
villas, houses, offices, malls and recreational centers but communities and lifestyle in general, the shift in thinking and in business will start happening. An idea like community concept will give a bigger role to the relationship between the brand and customers. This will project the brand role and relationship through time and make the creation and transfer of value a lifetime process. Real estate companies that are selling houses and apartments are selling bricks and mortar, while those who are marketing lifestyle are actually building connection and value. On the other hand, too much branding will go back to square zero and give a similar effect to commoditized sectors and markets. Developers should avoid going to the extreme where every single building or precinct is branded.
Too much branding is like no branding As people and customers will not remember all these individual brands and will not be able to have meaningful relationships or even perceptions about a growing number of projects and developments. Then, where to draw the line? Besides the Master Brand that is the centrepiece of corporate strategy that we believe it is a necessity to have in real estate business; we recommend serious branding effort for three additional types of developments: Destinations, Communities and Icons. Everything else should be part of a bigger brand that could be one of the above mentioned categories; otherwise, it will be very difficult to make it stand alone as a distinguished and different brand. Moreover, marketing investments behind these small projects will not have real branding effects besides supporting sales at a specific time.
The 5 Rules 1 Always build a master brand not only project brands.
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2 Make sure that all projects are successful in their own areas and for their specific target groups so the master brand value will keep growing. 3 Treat your portfolio of projects as a necklace good value and good fit with a common thread that assure the exchange of value and image perception. 4 Avoid over-branding by keeping branding efforts to key developments which have the potential to become lifetime brands i.e. Destinations, Communities and Icons Smaller developments would fall under these 3 groups, possibly as a sub-brand. 5 Start building your brand during the time of abundance and favorable market conditions; it will come very handy if the recession arrives to your market In worst case scenario, it is a good ticket to cut through the competitive clutter.
All these claims and unique propositions will help real estate projects and companies and eventually appeal to customers with different needs and mindsets. But behind all these propositions we can find one Core Promise that real estate brands should be offering, it is the promise of a better life If you want to build a brand in real estate, never break that promise
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DLF Brands, part of real estate company DLF, is venturing into the home furnishing segment. It aims to launch 30 home solution stores under the brand name Pure Home+Living in the next three years at an investment of Rs 200 crore. Pure Home+Living is the first in-house brand of DLF Brands. So far, most of the companys retail operations have been either through franchisee or joint ventures. The brand is targeting customers coming from the middle and the premium class. What makes us different is that we are a vertically-integrated entity involved in designing, manufacturing and retailing. Keeping prices of our products reasonably low is not our starting strategy. Our strategy will always be volume over margin, said Timmy Sarna, vicechairman, DLF Brands. The brand has facilities in Moradabad, Ferozabad and Jaipur. The first Pure Home+Living store has been opened at DLF Place Mall in Delhi. It covers an area of 20,000 sq ft. The company plans to set up another five to six stores in Delhi and Mumbai each and three in Bangalore. The company has already finalised 11 locations in these cities, of which two are DLF malls and nine non-DLF malls, including Infinity Mall, Market City Mall and Phoenix Mall. The brand plans to enter cities like Hyderabad, Chennai and Pune among others. It also plans to tap international markets like West Asia, South Asia and Europe. Not just Pure Home+Living, DLF Brands has plans for other brands as well. The company has partnerships and joint ventures with various global luxury brands, including Mothercare, Boggi Milano, Sunglass Hut and Ferragamo. We plan to launch 70 stores across India this year, against 60 stores launched last year, said Sarna. A Multiple Listing Service (MLS, also Multiple Listing System or Multiple Listings Service) is a suite of services that enables brokers to establish contractual offers of compensation, facilitates cooperation with other broker participants, accumulates and disseminates information to enable appraisals, and is a facility for the orderly correlation and dissemination of listing information to better serve broker's clients, customers and the public. A multiple listing service's database and software is used by real estate brokers in real estate (or aircraft broker in other industries for example), representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to cooperate with a seller's broker in finding a buyer for the property or asset.
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Use Social Networking Successful agents use popular social networking sites to attract new clients and keep up with existing ones. According to the National Association of Realtors, over 50 percent of the agents in the U.S. use social media. By posting new information regularly, agents can keep their contacts updated on industry news and changes in the marketplace. Agents can also create their own personal websites to help build their businesses.
Build Your Personal Network Agents can build personal networks in a variety of ways. Attend meetings at your local chamber of commerce. Speak at community events. Get involved in programs at your child's school. Become the real estate expert in your town. Connect with other realtors to share ideas. Tell everyone you are a real estate agent. Just by sharing that piece of
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information, you can help build your business and promote your personal brand. Participating in various events and becoming a high-profile personality in the community can also help you gain credibility in the industry. Sponsor Local Events If you concentrate your marketing efforts on a particular geographic area, you can make an impact in that community by sponsoring events there. If you support a local fundraiser or charity event, your name and company information can appear on marketing materials, such as signage, brochures and banners. This is an effective method of advertising that also shows your desire to give back to your community. Keep in Touch A successful real estate agent keeps in touch with clients long after the sales transaction is complete. By following up with clients after they've bought or sold a home, you may be able to attract more potential customers through referrals. Keep in contact through emails, newsletters or phone calls. Let your clients know you're available to help them, their families and their friends with their real estate needs. You can also add value by creating a referral network within your client base. Review your client list to see where their skills can help other clients. By putting your clients in touch with each other, you help promote your own business.
Advertising Strategies
Invest a minimum of 20 minutes into just one of these 5 proven, absurdly low-cost real estate marketing and advertising strategies for good profits; invest in all of them for grand profits. The Art of Persuasion - 10 essential tricks every real estate agent should know.Make Your Homes Magazines Produce Profit - This may shock you, but homes magazines produce profit. Find out how to harness the power of the single most potent source for lead generation and you could be at the head of a landslide of leads.Have Highly Qualified Prospects Calling You - How a simple classified ad formula can have you closing multiple transactions every single month...and all it takes is 30-45 days to get the train rolling.
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Slash Marketing Costs By 30%-50% Instantly - Learn how to easily track every single response from every single ad with pinpoint accuracyso you can eliminate those sources that lose money and maximize those sources that make money.Get More Inbound Leads While Cutting Costs - Inbound leads skyrocket to 300% over last year, ad expense drops a staggering 30% to 50%. (This technology will be deadly to your competition.) This auto-updating feature has far more potential. Yes. Its great on the buyer side. It incubates leads, matures prospects and helps you serve clients at a much higher level. But the implications are much farther reaching.Consider the idea of putting your sellers into the system too. When you take a listing prepare your seller with the idea that every time a new listing in the area comes on the market youre going to send them an email with that info. This way they can be completely aware of their competition. Your sellers will continually be seeing all the properties that represent competition. In a recent marketing workshop I attended, I discovered that most business owners rely on just two or three marketing strategies to attract new business. However, there is a multitude of ways to drive new business to your door. Here are a few:
Net working Networking is perhaps the most commonly used approach by small business owners. However, it is often poorly executed. Many people attend a networking function and take the wrong approach by trying to meet as many people as they can. They bounce from person to person, handing out business cards like it is an Olympic event and they are vying for the gold medal. They fail to realize that the most effective way to network is to cultivate relationships and give referrals to other members first. Referrals
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This marketing strategy places a close second in preferred methods of generating new business leads. The key here is to ensure that you take a proactive approach rather than a passive one. Instead of assuming that a satisfied client will refer someone to you, ask for that referral. Tell people who your ideal client is and ask for their help in finding these types of clients. The real estate agent who represented the seller when we bought our house sends us a card every year and reminds us that she loves referrals. It is not pushy, does not sound like shes begging, and Im confident it helps generate new leads. Writing This often under-utilized marketing strategy is an excellent way to become recognized as an industry expert. Every industry has trade magazines and most are hungry for good content. The Internet is also filled with websites and e-zines looking for material to send to their subscribers and customers. I now write at least one article every month and send it to more than two hundred publications. This marketing strategy alone has helped drive more traffic to my website more than anything else. It is sometimes challenging to come up with ideas and to write an 800 word article but the investment of time and effort is definitely worth it. Newsletters This is another powerful marketing strategy to keep your name in front of your customers and prospects. Provide key insight into business challenges and offer solutions to them. In other words, help your prospects and customers solve problems. Some newsletters are nothing more than advertising so be sure to provide valuable information to your customer. Although it is less expensive to send a newsletter electronically, you can issue it in paper format. A local real estate agent regularly sends out a one-page update of the housing market in our neighborhood Cold calling Without a doubt, this is usually the most challenging way to market a business - I know very few people who actually enjoy cold calling. However, it can be a good way to uncover qualified prospects in a relatively short period of time. Be sure to start your conversation with a good opening to capture the other person's attend
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Give free information At the marketing workshop I attended, the facilitator suggested giving information to interested prospects. Using this marketing strategy on my website, I have quadrupled the number of subscribers to my newsletter in the last year. You do not need to give away all the information relevant to your product or service. Instead, offer information that will help your target market with their problems. For example, when people sign up to my e-zine, they receive a report that outlines 100 tips they can use to increase their sales. Offer a guarantee A concern many people have when changing suppliers is the risk associated with the change. They may not be completely satisfied with their existing supplier but the risk of choosing a supplier who may be worse can prevent them from changing. Eliminate this concern and offer a guarantee.
Advertising This can be a great marketing strategy if you know how to create a good ad. The best marketers know that great sales copy is what makes the difference; I have experienced this first-hand. When I began selling my book on my website, I generated mediocre results for the first two years. I eventually changed the copy on my site and sales have soared every since. Glance through the ads in your trade magazine and you will quickly notice that most ads focus on the company's product features instead of on the customer's problem. Create a great ad by concentrating on the problem you can solve. There are many other ways to market your business and generate new business leads. However, the marketing strategies I mention in this article are effective low- or no-cost options. Use them consistently and watch your sales grow.
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78 22 0
INTERPRETATION: THE ABOVE CHART INDICATES THAT DLF IS WELL KNOWN TO MAJORITY OF PEOPLE. THIS IS GOOD BRAND NAME IN TODAYS COMPETITIVE MARKET.
2. How do you come to know about DLF? NEWS PAPERS TELEVISION HORDINGS WORD OF MOUTH 40 20 8 32
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INTERPRETATION: IN THE ABOVE GRAPH IT IS CLEAR THAT NEWS PAPERS AND WORD-OF-MOUTH ADVERTISING PLAYS A VITAL ROLE IN DLF AWARENESS.
3. Do you feel that DLF is efficient in building brand image in real estate sector?
60 10 30
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INTERPRETATION: THE ABOVE CHART SAYS THAT MAJORITY OF CUSTOMERS SAYS THAT DLF IS EFFICIENT IN BUILDING BRAND IMAGE IN REAL ESTATE.
4. Do you really think that DLF is performing perfect brand awareness by promoting DLF
IPL cricket matches?
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45 30 10 15
INTERPRETATION: THE ABOVE CHART CLEARLY INDICATES THAT DLF IS GOOD IN PERFORMING A PERFECT BRAND AWARENESS BY PROMOTING DLF IPL CRICKET MATCHES.
5.
Do you feel that DLF Brand name is influencing the buying behavior? STRONLY AGREE AGREE 35 40
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10 15
INTERPRETATION: THE ABOVE CHART EXPLICITLY SAYS US THAT DLF BRAND NAME IS INFLUENCING THE BUYING BEHAVIOR OF CUSTOMERS. MAJORITY OF CUSTOMERS AGREE TO THIS STATEMENT.
6. Retaining an existing customer is more profitable than finding a new customer. Do you
feel that DLF is following this strategy?
53 20 27
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INTERPRETATION: THE CHART TELLS US THAT DLF IS STRONGLY FOLLOWING THE STRATEGY OF . RETAINING AN EXISTING CUSTOMER IS MORE PROFITABLE THAN FINDING A NEW CUSTOMER.
80 10 0 10
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INTERPRETATION: THE ABOVE CHART CLEARLY INDICATES THAT BRAND LOYALITY REFERS TO SOCIAL STATUS. MAJORITY OF CUSTOMER STRONGLY AGREE.
65 20 5 10
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INTERPRETATION: DLF CREATES A VALUE ALONG WITH SECURITY AND SOCIAL STATUS. THIS IS STRONGLY AGRRED BY MAJORITY OF CUSTOMERS
50 40 10
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INTERPRETATION: IN THE ABOVE CHART, 50% AGREES, 40% DONT AGREE AND 10% CANT SAY THAT DLF IS ATTRACTING NEW CUSTOMERS TO PURCHASE THE PROPERY.
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60 30 10
INTERPRETATION: DLF CREATES A BRAND LOYALTY TO CUSTOMERS. THERE IS NO DOUBT TO SAY IT. 60% CUSTOMERS STRONGLY AGREE.
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FINDINGS
The brand image of DLF is satisfactory. It will be a cause of concern to the company.
So the company should undertake should to undertake brand-building measures for its future benefit. There is need of more distribution channel so as to capture of market.
Business development deportment is also doing well but there is no up gradation of strategies.
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SUGGESTIONS
Financial benefits to the customers are too provided in order to retain it.
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CONCLUSION
DLF has its unique brand name in real estate sector. DLF is well known by all groups of people. Word-of-mouth plays a vital role in any branding of company. DLF build such a word-of-mouth advertising which is unbeatable DLF stands as a bench mark in a real estate sector
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BIBLIOGRAPHY
List of books 1. Philp kotler, marketing management, prentice hall of India, New Delhi.
2. W. j Stanton, fundamentals of marketing mc graw-hill, New yark.1994
1. Business line.
2. The Hindu. 3. Economic times of India. WEBSITES
www.dlf.in
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