RISKS AND REWARDS OF CHAT GPT AND AI
AI is fast catching up in the real-estate space where it can commoditize and enhance human creativity and augment the consumer behaviour. These tools are providing valuable insights that help real estate professionals and marketers to create more effective messaging and channels to reach specific target audiences. According to Sunil Mishra- MD & CEO TRESPECT India & Chief Strategy Officer - ANAROCK Group marketing has gone through some inter-generational changes. “The earlier 20th century saw some of the face-oriented marketing. The second half of the 20th century we started graduating towards brand oriented marketing with Philip Kotler, Ries & Trout and Ogilvy nudging towards brand and moving towards sales through branding.. The Website started emerging towards the end of this era along with emergence of digital advertising & performance marketing. Content marketing to that era was bringing traffic to your website through social media posts, blogs etc. Marketing shifted from brand to lead generation. Year 2021 onwards with generative AI and ML, content marketing got an unprecedented shot in the arm and once again the marketing cycle shifted to brand building. In the last couple of years we have seen software like DALL-E and VALL-E, GitHub’s Copilot, Amazon’s Code Whisperer and large language models which includes ChatGPT, ChatSonic, Bard and Ernie.” Nitin Nagpal, Director – Sales & Marketing, Pre Sales & Sourcing. Dosti Realty was of the view that businesses have reached a stage where digital marketing has become very important. “With people now reading news on mobiles, it’s very important for real estate developers to use content marketing be it blogs, social media, video marketing, influencer marketing, SEOs for branding and to generate leads. These days’ video marketing and influencer marketing is working very well. Digital marketing spends have increased and content marketing is increasing day by day. It can go to 30 percent of the entire marketing cost and sometime also 45% because the leads which we get is much higher than what we get on the other platforms. The best part of digital marketing or content marketing is how fast you can reach the client and revert back, within few seconds and not few minutes.” Rakesh Setia- President & Chief Sales & Marketing Officer, Rustomjee reflected back on the times when the availability of data on mobiles began. “From 2007-08 onwards we started talking about GPRS then 3G, 4G and now 5G. Around 2013-14 WhatsApp started making a lot of in-roads. That time we realised that videos are going to become the king and are going to drive the data consumption and what we saw in 2014-15, when 3G got launched and in 2017 when 4G got launched, the average consumption per subscriber went up like anything. With the penetration of technology, digital marketing is bound to have a huge amount of growth with the consumers. Now people are aware of what they are looking for and brands have got more understanding about the consumers. The competition has totally intensified and it has reached across the product boundaries and it is not that the real-estate seller has got competition from real-estate. Customer has got certain disposable income and customer may at times choose to buy luxury car in place of buying a home. I think choices are intensifying for the consumers. Content is the king and video-marketing and targeting the consumers on the basis of profile, demographics, social graphics and other parameters are extremely important. Content marketing definitely plays an important role and medium or a channel of communication is going to influence, what kind of communication approach we use with consumers.” Ritika Shah, AVP- Corporate Communication, Hiranandani Group spoke about use of drones for marketing, “Real estate is all about land and the property, and therefore the use of drones and AR/VR has increased, especially during Covid times to showcase the property and location. We are using content marketing for customer retention, customer engagement, and to enhance the constant nurturing Content is very micro market driven and lot of regional and localized content comes into the play. So we have diversified the content bucket. A lot of search engines and AI tools are really helping us to go one step ahead and reaching out to different stages of customer’s journey, from awareness stage, interest stage to action stage. We can customise right kind of communication through data analytics and decoding the trends, turning the data into infographics and video content. It is the collaboration of all the content and the mediums of communication and holistic way of approaching the customers across the geographies.” Samrat Tiwari, Founder, Webzaa shared, “Real estate buying for me is 6-8 months TAT and if I am able to generate very good lead the first day. This depends on the cycle of communication over three to six months and inventory. After all home buying is not an impulsive buy. Marketers need to have a very good content strategy, starting from the product, what it has to offer, location advantages, testimonials etc. Content marketing is important for real-estate and it is going to be there. How we are going to use it completely depends on the perspective of the marketer, of the brand and obviously on the product as well. Use tactical content strategy to engage with the customer more.” Sukanya Dasgupta- Senior Director & Head, Marketing & Communications, Colliers concurred that content rules and it’s the king of any campaign. “The world has moved from a fact-based approach to storytelling and narrative approach. Story telling in marketing is the single biggest draw and it will continue to remain the most effective tool to drive consumer. Today, the b2b content in the social media channels or any platform is no different from b2c content, it is all about driving engagement. Emphasis is given to content strategy and the content required to keep the audience engaged especially the organic content from thought leadership articles to case studies, research, insights and branding campaign. Distribution today is the easiest part. There are so many tech tools that help us amplify our content for clients. The most important aspect is ensuring that the content is searchable & easily consumed by our audience, therefore simpler, the better. This is where SEO and paid amplification play a very important role.” ChatGPT is a chatbot, developed by OpenAI that understands human language prompts, and can continuously produce human-like dialogue and content. Generative artificial intelligence (“generative AI”) is a type of artificial intelligence (“AI”) technology that can produce various types of novel content, including text, images, and audio. The advantages of using AI and Chat GPT is that it can provide personalised property recommendations based on the customer's preferences. They also improve the customer's real estate search experience through predictive real estate market analytics. One of the main risks associated with AI is the potential for data privacy and security breaches and infringement of intellectual property rights. Generative AI is only as good and accurate as the information on which it was trained.
Tags : risks rewards Chat GPT AI artificial intelligence real estate market customer experience technology Sunil Mishra- MD & CEO TRESPECT India & Chief Strategy Officer - ANAROCK Group Nitin Nagpal Director – Sales & Marketing Pre Sales & Sourcing. Dosti Realty P. Rajendran Chief Sales & Marketing Officer Shapoorji Pallonji Real Estate Rakesh Setia- President & Chief Sales & Marketing Officer Rustomjee Ritika Shah AVP- Corporate Communication Hiranandani Group Samrat Tiwari Founder Webzaa Sukanya Dasgupta- Senior Director & Head Marketing & Communications Colliers