by Akhilesh K Prasad,
Real estate projects these days often come with celebrity endorsements. From film stars such as Shah Rukh Khan and Deepika Padukone to cricketers such as Sachin Tendulkar and Mahendra Singh Dhoni, many have endorsed real estate projects. But how effective is such an endorsement? And how much of importance should a home buyer give to it? To answer these critical questions we must first understand the difference between brand endorsement and brand engagement.
The difference between brand endorsement and brand engagement
The basic purpose of a brand endorsement is to make the brand identifiable. Every celebrity has a certain image. In the mind of the consumer, the image of the celebrity transcends onto the brand he or she endorses. Moreover, it is easier to create awareness about the existence of the product in the market if a celebrity endorses it. The brand recall value is also higher and it consequently helps in boosting sales. Thus, it is considered an effective tool to propagate the brand and reach out to the target audience.
There are, however, other engagement activities carried out by developers such as advertising and marketing, which help developers understand the demands and the needs of potential buyers, their budget and the amenities they prefer in their property.
In short, brand endorsement and brand engagement are two sides of the same coin that work in tandem to drive a product in the market. This begs the question; what should home buyer’s focus on before making the final call?
While celebrity endorsements are more likely to have made the buyer aware of the project, it should not be the sole reason for making a purchase. In any case, celebrity endorsements are more likely to work for the luxury segment, in comparison with affordable housing. Buyers should consider both brand endorsement and brand engagement while evaluating a project. Apart from these, due diligence must also be accorded. The brand image, budget, possession date and other legal formalities should be taken into consideration. Buyers should also check the RERA registration number to avail of more information and to ensure that the project is RERA certified.