Message From MD, July – 2023
01 July 2023
As we step into the month of July, it has brought us not only refreshing rains but also an abundance of good fortune. The challenges and hardships we faced in our business have started to turn into enjoyable endeavours across the state. I commend the exceptional performance of our new joiners, who have made a significant impact. Additionally, with NRI customers visiting and interacting with us during their vacations, this is the perfect time to establish our brand firmly in their minds.
Dubai Mall serves as a prime example of creating unforgettable experiences. Thousands of visitors shop there daily and engage in exciting activities such as the Dubai Aquarium, Underwater Zoo, Penguin Cove, and the iconic Burj Khalifa. For many visitors, the fountain show at the end of their trip serves as a highlight and leaves a lasting impression. This concept of a strong ending applies to our business as well. Customers experience our brand throughout their journey, from the pre-purchase stage to the purchase itself and even post-purchase. The customer journey with our brand should consist of successful interactions that improve along the way, culminating in a satisfying conclusion.
According to Julian De Freitas, an Assistant Professor at Harvard Business School, success is an ongoing journey that continually gets better. With the recent release of the fixtures for the ICC Men’s Cricket World Cup 2023 in India, we can observe how the stakes get higher and the excitement builds with each round, from quarterfinals to semifinals and, finally, the finals. As entrepreneurs, we should similarly organise our offerings.
De Freitas recommends adding at least one surprise along the way. As long as the experience is generally positive, introducing a peak of excitement at a specific point in the journey can solidify a memorable experience. For example, we have decided to create five customer touchpoints, starting from the stone-laying ceremony to the final key handover. We can strategically introduce a peak experience in the middle of this journey, such as showcasing an improved specification during the display of a sample unit. This is where our creativity comes into play as we ask ourselves what will create that truly memorable moment.
One important lesson I’ve learned is that customers often remember their last interaction with a brand when deciding whether to reinvest. Therefore, a strong finish is worth the investment. This doesn’t necessarily mean exceeding the budget or offering discounts on the final bill. Rather, we should focus on making the final settlement and key handover process more memorable and elegant to create a lasting impression. If a project is delivered with damages or if the final legal registration becomes a cumbersome process, it can negatively impact the customer’s evaluation of the entire journey and their willingness to reinvest. By expressing thoughtfulness and care after the sale, we can greatly endear customers to our brand.
By following the three principles mentioned above—an upward slope, at least one peak, and a memorable ending—we can ensure that customers walk away with their new home keys, carrying a positive impression of our brand. This increases the likelihood of their return, additional spending, and long-term loyalty.
It’s important to note that there may be better ways to achieve a return on investment than throwing money at every stage of the customer journey. Instead, let’s focus on identifying the aspects of the experience that hold the most weight in a customer’s mind and invest in those areas.
As an example to keep in mind, let’s look at the project site of Asset Winside, Thrissur. I congratulate our team for creating a wonderful experience pavilion at the beginning of construction. It’s a peak experience, and we must encash the rich satisfaction of the customers. We must try our best to keep the excitement until the end and provide a memorable handover.
I wish you all the best for a jubilant July.
Sunil Kumar V
Founder & Managing Director