Magicbricks is a data-driven marketing powerhouse: Prasun Kumar

The real estate market in India is estimated to reach a value of $45.32 trillion within the year 2024 and residential real estate is occupying the biggest share with a market volume of $39.18 trillion in 2024 as per Statista. One of the factors contributing to the rising demand in the real estate industry in India is the accelerating urban population and investment opportunities with foreign investors infusing nearly $3.1 billion into the Indian real estate sector per year, recording a 37% YoY growth in 2024 first half.

Magicbricks is a division of Times Internet Limited. It is a website acting as a common platform for sellers and buyers to find properties that match their interests and preferences with filter options according to price, budget, type, locality, and others for buying, selling, and renting properties.

In conversation with Adgully, Prasun Kumar, Chief Marketing Officer, Magicbricks, sheds light on the long-term brand vision and mission of Magicbricks, its brand positioning, user base, the key challenges on the journey of Magicbricks so far and the strategies it has deployed to overcome them. He also discusses how Magicbricks is leveraging data-driven marketing and improving user experience, the strategies it is employing for user retention, and the maintenance of brand loyalty, with a focus on its marketing/media mix strategy, trends in the real estate industry, and more.

Could you shed light on the long-term brand vision and mission of Magicbricks? What is its brand positioning and user base?

Magicbricks envisions becoming India’s leading real estate marketplace, offering comprehensive solutions for all property-related needs and empowering buyers and sellers through technology.

We are India’s No.1 property site. As a market leader, we attract over 20 million monthly visitors and boast a vast inventory of over 1.5 million active listings for buying and selling properties.

We are a full-stack real estate service provider, guiding customers through every stage of the property journey, from initial search & discovery to expert advice, assisted search for shortlisting, Site visits, Home Loans, and Home Interiors - we cover the entire gamut. Our user base is large & diverse, comprising buyers, sellers, rental audiences, loan seekers, and interior solution seekers and we collaborate closely with leading developers and a vast network of brokers across India.

Our brand positioning emphasizes Magicbricks as a one-stop shop for all real estate needs, dedicated to simplifying the processes of buying, selling, and renting properties.

What have been the major challenges in the journey of Magicbricks so far and the strategies it employed to overcome them?

Magicbricks has not only transformed challenges into opportunities for its growth but has also played a pivotal role in expanding the real estate category. Over the past two decades, we have spearheaded numerous initiatives to aggregate demand and supply online.

In a traditionally offline real estate market, Magicbricks’ launch in 2006 with 5,000 brokers and 25,000 listings presented a significant challenge. Our unwavering mission has been to simplify the homebuyer’s search journey by providing comprehensive tools and services to facilitate informed decision-making. Concurrently, we have dedicated ourselves to developing solutions and tools that empower our clients to reach out to high-intent buyers and maximize their opportunities.

Over the years, we have cultivated a robust suite of solutions for both homebuyers and sellers, encompassing both online and offline channels. This suite includes PropWorth, Site Visits, Verified Leads, Project Market Scanner, and MagicHomes, among many other solutions.

Magicbricks is also a pioneer in offering a wide range of advisory solutions for consumers and clients, grounded in both primary and secondary research. Our proprietary research reports, such as PropIndex, RentIndex, Housing Customer Sentiment survey, and Micromarket trends reports, are widely regarded as industry benchmarks. Moreover, our award-winning real estate video channel, MBTV, has evolved into the largest channel in the country with half a million subscribers.

During the pandemic, as digital adoption surged, we adapted by expanding our offerings to encompass a comprehensive suite of services addressing all real estate needs, from home loans to interior solutions. Today, Magicbricks is not merely a platform for buying and selling properties but a comprehensive ecosystem that supports the entire real estate journey.

How is Magicbricks leveraging data-driven marketing and improving user experience? What are the strategies it is employing for user retention and the maintenance of brand loyalty?

Magicbricks is a data-driven marketing powerhouse. I have developed a concept of Heartbeat Marketing which is at the intersection of consumer data, insights & behavior. As a platform that interacts with millions of consumers, we leverage a vast reservoir of data to form our strategies, solutions, and narratives. This data-centric approach enables us to gain deeper consumer insights, optimize marketing campaigns, create data-driven content, formulate data-driven hypotheses, and publish industry-leading research. By placing data at the heart of our marketing efforts, we can deliver sharper insights, more meaningful narratives, and deeper engagement with our customers and clients.

We constantly work on improving our user experience (UX) strategies to engage deeper and we keep launching new services & offerings to stay relevant to our users.

What is the marketing/ media mix strategy of Magicbricks?

Our media strategy is dynamic and ever-evolving, tailored to specific objectives and leveraging a mix of above-the-line (ATL), below-the-line (BTL), and digital channels. As a marketing-led brand, we employ a comprehensive approach that includes Digital, TV, print, out-of-home (OOH) advertising, events, and more.

We are actively investing in the digital ecosystem through partnerships, sponsorships, inventory buys, and performance-driven deals. As a digital-first brand, we prioritize performance marketing, digital strategies, influencer partnerships, and social media outreach. We also strategically utilize OOH advertising, print campaigns, and public relations to enhance brand visibility.

While real estate investments are mostly seasonality neutral and do not show huge skews towards any event/ festivity, we do observe spikes in certain regions, such as Navratri in the north. We capitalize on these opportunities by connecting with buyers through targeted offers, curated communication, and value-added services to support their search and purchase decisions. The success KPIs are objective-driven and could be traffic, engagement, revenue, or brand metric-led.

Could you share some key trends, challenges, and opportunities in the real estate industry currently and what the road ahead looks like for it?

One of the emerging trends is the affinity of GenZ and Millennials towards property investments. The demographics in the real estate market are evolving, with Gen Z and Millennials increasingly driving the trend toward homeownership. Residential real estate, once seen primarily as generational wealth, is now gaining traction as a popular investment choice. To meet the expectations of this new generation, marketing strategies must become more innovative and dynamic. Social media, influencers, and digital marketing have never played a more crucial role in reaching these audiences.

Another trend is the emergence of Tier-2 cities as investment hotspots. Unlike in the past, cities in Tier 2 markets such as Lucknow, Coimbatore, and Jaipur have become attractive investment destinations. With a higher affordability index and significant infrastructure development, these cities are emerging as growth engines for real estate in India. This shift presents a unique opportunity for real estate marketers to promote Tier 2 cities to non-local investors and position them as prime investment hubs. Video content and experiential marketing will be essential tools in this effort, offering immersive experiences that resonate with potential buyers and investors.

How has the year 2024 been for Magicbricks, and what are the growth projections as well as focus areas for 2025?

Magicbricks has had an exceptionally successful year, mirroring the growth and vibrancy of the broader real estate category. The launch of customer-centric propositions such as PropWorth, MagicHomes, and Site Visits has been met with an overwhelmingly positive response from our users.

With over 40% of high-intent buyers visiting Magicbricks, we have solidified our position as the preferred platform for both customers and developers seeking real estate solutions. Our unwavering focus remains on expanding our services and cultivating an ecosystem that encompasses home loans and interior design solutions. We are also committed to significantly scaling our Site Visits value proposition and other offerings like Verified Leads.

Also Read: Prasun Kumar elevated to Chief Marketing Officer at Magicbricks