Creating real estate sales growth online during a time of economic crisis
An esteemed venture of Sanken Group, Capitol TwinPeaks is a new age luxury condominium located on the Beira lakefront in the bustling metropolitan city of Colombo 02. Situated adjacent to prestigious shopping malls, hospitals, and schools with scenic views of the cityscape, Beira Lake, and Lotus Tower as well as the waters of the Indian Ocean, it is a colossal 50-story high interlocking pair of twin skyscrapers for those who seek to experience modern architectural spaces and comfort-laden luxury living.
However, in 2019, the vastly fluctuating socio-political and economic landscape of Sri Lanka served Capitol Twin Peaks with a new set of challenges, creating the need to forge new pathways to achieve growth on web-based platforms. Thus, Sprig Agency was consulted with addressing the problem of translating their sales strategy from a traditional in-person sales model to creating growth in online sales of luxury apartments.
The world was taken by storm by the onslaught of waves of the COVID-19 pandemic that resulted in shifting the fabric of the global economy. Sri Lanka was one among many that received one of the fiercest blows, bringing our economy to its knees. This was a considerable challenge for the real estate industry that impacted consumption habits with the shift in our lifestyle to a culture of working and studying from home.
Particularly in Sri Lanka, with lengthy periods of lockdowns, it was essential for businesses to find new pathways for generating sales. As the world began to shift online, it was crucial for us to do the same.
Our team began by revisiting Capitol TwinPeak’s growth model and trajectories and identifying the shift in value propositions with the current economic landscape. Across intensive data-driven A/B testing mechanisms, we conducted experimental advertisements on many platforms and identified a positive development in consumer investment habits where property was perceived as a lucrative investment as a means to preserve the value of their hard-earned money within an increasingly ambivalent economy.
In 2020 we began running a variety of ads on many web platforms such as Google, LinkedIn, Facebook and Instagram targeting new value propositions. These ads were oriented towards the optimization of Search Engine Marketing, Social Media Marketing and Ecommerce Marketing, to generate a steady flow of Leads for potential online sales. After many endeavouring rounds of Lead Generation ads, we were able to produce an average of 100+ high-quality Leads per month, while several luxury apartments valued at over USD 25,000 were sold monthly.
In this ever-shifting and unstable Sri Lankan economy, Sprig Agency’s growth marketing solutions were key to Capitol TwinPeak’s current market presence. Our growth strategies were able to sustain their sales at a considerable monthly average and were successful in producing 100+ Leads consistently every month.
Despite the shortcomings of the current times, our experience of working with Capitol TwinPeaks was an inspiring encounter that challenged us to be creative and continually think outside the box to achieve effective deliverables.