in.iproperty.com Now Pay-For-Performance
August 31, 2009 by Emma Sorensen
One of India’s leading property portals, the iProperty Group’s in.iproperty.com, has decided to use a pay-for-performance (PFP) business model.
In a press release about the change, CEO Smita Thorat, said:
“We are the first and only online real-estate player in India to work on PFP model. [The] last two financial quarter[s], market was quite volatile. iProperty.com India has seen significant growth of about 70% increase in 2nd Quarter and predicted steep growth in 3rd Quarter.”
The PFP model in.iproperty.com is adopting comprises a combination of Pay per Lead (PPL) and Pay per Potential (PPP). For PPL, developers pay only for direct enquiries from home buyers, while for PPP, developers pay for matching buyer lead and access to a buyer database of around 170,265 active home buyers.
Murli Ramkrishnan, COO & Director of iProperty.com India, said:
“Our model gives marketers a much more direct picture of how well their marketing budget is giving real return on investment. Marketing during a recession should not simply be about saving money and cutting corners – it should be about making targeted, innovative changes to marketing spend to ensure that budget is working harder and more effectively to get more orders in, and better quality orders converted. Today, generating long-term qualified leads is more important than ever and this is simply not achievable through an obsession with paid search and banner advertising. Technology has made it possible that we can have a greater visibility of the types of prospects we are interacting with online. This goes way beyond the usual click-through numbers and site demographics and must enable the marketer to assess the interests of the individual lead and identify what specific marketing messages and offers will convert them into a paying customer.”
The company also says it has seen significant growth in revenue from individual home sellers signing for express sell package, a campaign which assures getting the best market rate for the property in 30 days.
in.iproperty.com is a member of IPGA, which own portals throughout Asia.
Classified Ad Ventures is the owner of propertyportalwatch.com, and also owns a stake in IPGA.
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Pay Per a Lead goes from strength to strengh -
as the subscription model looks like becoming a no option busness model by the major portal players .Though what’s strange from this press release, is that there will be less focus on third party advertisng also? though banners still very prominant on the site? as well as other PPL portal sites including subscription sites.
So will REA / Right Move/ DPMG and so on… follow suit ?
REA -
full year profit for realestate.com.au from $105m to $128m with an revenue increase $23m, in spite of a decline in advertising listings & still remaining market leader in Oz ( subscription based) over the past 12 months, listings falling from about 480,000 to just over 437,500.
Rightmove –
Analysts expected Rightmove to post an underlying operating profit of 32.9 million pounds, according to a Reuters poll of seven brokers.
The property market in Britain is showing stuttering signs of recovery, with mortgage approvals up 26 percent month-on-month in July.
Rightmove posted a 4 percent drop in underlying operating profit to 19.9 million pounds for the six months to end-June on 11 percent lower revenue of 33.6 million pounds.
The number of advertisers was up 1 percent in the first half against the second half of 2008, although down 13 percent year-on-year, against a backdrop of 20 percent of estate agents closing and one-third fewer new home developments,
The property portal market is definitely being shaken up with excitement.
[...] changed to a pay-for-performance business model in August this year. in.iproperty.com is a member of IPGA, [...]