Summary
#OurCityOurHome Magicbricks ventured into the Bangalore market, simplifying the home-searching process amidst an influx of people post-pandemic. Using an engaging long-format narrative, we educated residents on the modern method of property transactions while fostering an emotional connection with the audience. The localized content resonated strongly with viewers, garnering 4.3Mn views and 80% view through rate. The campaign helped secure TOMA leadership in the market and 27% uplift in brand preference along with 34% revenue increase.
Challenge
Following the pandemic, the residential real estate sector displayed robust signs of recovery and resilience in 2022. Across various cities, both supply and demand bounced back, reaching pre-Covid levels. Notably, Bangalore stood out as a key market experiencing this resurgence, supported by both Magicbricks and external research reports. Backed by Research data insights Bangalore claimed the top spot as India's most searched city for properties in 2022, underscoring the city's prominence in the post-pandemic real estate landscape. With the entrance of multiple challenger brands, it became imperative to solidify Magicbrick's position in the market and foster a transformative shift in user behaviour in the home search journey. With an influx of individuals from various states into the city, we identified an opportune moment to address the escalating demand and streamline the home search process, providing a faster and more efficient experience to the dynamic pace of the city.
Objective
In an industry-first initiative, the #OurCityOurHome campaign aimed to revolutionize real estate transactions, enhance our brand prominence in the market and establish a profound emotional connection with consumers, thus cementing Magicbrick's position as the ultimate partner for customers seeking their dream homes. The key objectives set for the campaign were: • Increase Sales by 20% • Increase TOM (Top of Mind) by 20% • Increase Brand Preference by 15%
Strategy
In recognizing Bangalore's evolution into a globally renowned IT hub, seamlessly blending its historical charm as the Garden City with the vigour of the Silicon Valley of India, our vision aimed to position it as an aspirational residential epicentre. Emphasizing the city's multifaceted nuances became imperative, catering to the diverse preferences of individuals relocating from various parts of the country. The bespoke campaign, #OurCityOurHome aimed to spotlight Magicbricks' intrinsic understanding of Bangalore's profound transformation and catalyze a mindset change in the city's real estate dynamics. A pivotal element of the campaign was the evocative long-format digital film, serving as its cornerstone. This visually captivating journey through Bengaluru encapsulated its evolution, diverse cultures, and vibrant lifestyles. The film was meticulously designed to evoke a profound sense of belonging and familiarity among potential buyers, forging an emotional connection to the city and its real estate prospects. This digital film, employing a storytelling approach, became the focal point of our omni-channel campaign. Educating the city residents while igniting aspirational sentiments were fundamental elements of our strategy, which were brought to life through this compelling video narrative. The nuanced storyline positioned Magicbricks as the ideal home search partner for customers and elevated transactional engagement with our valued trade partners.
Data
Magicbricks research reveals that post-pandemic, Bengaluru witnessed a significant return of the workforce to office spaces, accompanied by an influx of individuals from various states drawn to the city's stellar reputation as an IT hub. This trend reflected in the substantial 33% surge in property demand year over year. • In terms of budget, properties priced INR 50-75 lakh saw maximum demand in the city (22%), followed by INR 75 lakh to 1 Crore (19%). 75% of home buyers searched for multistorey apartments in 2022. Independent houses and villas were sought by about 22% of home seekers. A trend indicating the rise of the aspiring middle-class population in the city. • About 62% of home buyers looked for larger homes in the city (3 BHK and above), while 35% were looking to purchase 2 BHK units. According to the Anarock report, there has been exponential growth in the number of new project launches, with sold units increasing by 11% and 10% in Q3 compared to Q2 2022. Therefore, our endeavour was to simplify the home-searching process in a bustling cosmopolitan environment where time was of the essence. The campaign was designed to instil confidence in this fresh and modern method of home search.
Solution
Harnessing the power of audio-visual storytelling, our evocative long-format visual narrative unfolded as a captivating journey through Bangalore's real estate landscape. This allowed us to not just convey the city's unique charm, vibrant lifestyle, and diverse cosmopolitan culture but allowed viewers to immerse themselves in the authentic experience. Seamless transitions and reflective aerial shots vividly brought the city to life on screen, highlighting its dynamic evolution and promising growth prospects. Acknowledging Bangalore's distinctiveness as a cosmopolitan hub, our strategy involved crafting a bespoke narrative tailored to this vibrant cultural melting pot. Delving meticulously into granular insights, we captured the rich tapestry of the city's customs, languages, and flavours. The film captured the essence of Bangalore's lifestyle through the lens of local enthusiasts, thus creating a comprehensive portrayal of its diverse cultural mosaic. The film was a heartfelt tribute to the city's cosmopolitan spirit, highlighting the growth potential of this dynamic and evolving city. It underscored Magicbricks' evolution with the city's changing needs. The bespoke digital film showcased our deep understanding of the city's heartbeat and positioned Magicbricks as the ideal home search partner in the city that thrives on its unique blend of tradition and progress.
Results
The campaign made a remarkable impact and delivered outstanding results across key performance indicators (KPIs). The 110-second long format video saw an impressive 80% view-through rate, garnering over 1.9 million views and 5.2 million impressions on YouTube, and contributed significantly to the accomplishment of our key objectives. (Source: YouTube & Google Dashboard) • Achieved an astonishing 35% surge in Top-of-mind (TOM) recall for Magicbricks in Q2 2023 compared to Q1 2023, while also becoming the leading brand in TOMA across the category. (Source: Nielsen- Brand health study report – Q2 2023) • A substantial 27% increase in first preference brand that comes to customers' minds when searching for properties through the online portal in Q2 2023 as compared to Q1 2023. (Source: Nielsen- Brand health study report – Q2 2023) • Resulted in a staggering 34% surge in sales in the Bangalore market. (Source: Internal Sales report) Influencers, both macro and micro, played a crucial role, garnering 2.4 million views and 125K+ engagement on the video. (Source: Social Media platform) This success solidified Magicbricks as the trusted partner for home seekers, reflected in an 18% surge in website traffic solely from Bangalore. (Source: Google Analytics Dashboard) The video achieved widespread recognition, carried as a status by almost 20% of our active developer network, as reported by the sales team. Moreover, the campaign gained prominent coverage in 20+ national marketing publications, including E4M, Mint, Financial Express, and Adgully, generating a PR value of Rs 9.6 million.
