A digital transformation has caused a swift change in customer behaviors recently. A thinking on the role of marketing must now accommodate how customers interact with products/services using the digital technologies, devices and platforms. As the digital economy evolves, market-oriented behaviors associated with the uses and purchases of products/services are affected. For instance, with information readily available, buying behaviors are more self-directed and goal-oriented and rely more on social influencers rather than traditional vendors. How individuals make choices depend on all aspects of work, life, emotions, and experience in addition to the products/services usages. Thus, marketing strategies must consider customer behaviors that associate with social interaction, information-gathering process, business and working relationships, brand loyalty, and networked decision-making behaviors, among others.
Central Pattana Public Company Limited (CPN)
is awarded with the Marketing Excellence. CPN is Thailand’s largest publicly listed property developer with more than 33 world-class retail developments in Thailand and Malaysia. Besides a retail project, CPN also manages 29 food services centers and 7 office buildings and develops 2 hotels and 9 residential projects (as of June 2019). In addition, CPN holds a considerable ownership in CPNREIT, largest real-estate investment fund in Thailand, and CPNCG property fund.
CPN aims to be the most admired retail developer for all stakeholders, the preferred mall of choice, and the happiness experience destination for all. By offering products and services that satisfy various customer lifestyles, the company fulfills its vision as “Center of Life” where everyone can spend time in their own ways. The company’s malls have been used as landmarks of local, national and international events. CPN also creates pride for communities by highlighting local identities and unique characteristics and supporting local products through various celebration events.
CPN is committed to steady and sustainable growth while continuously increasing earnings during the past 5 years. The company aims to achieve a compound annual growth rate (CAGR) of revenue at approximately 13% per year over 2019-2023 period. A strategic direction is to expand the businesses through mixed-use development, enhancement of existing malls, rental rate escalations, gains from operation management, and residential project development. CPN also explores prospective international markets with a prudent business plan and an alliance formation plan identifying business opportunities to achieve sustainable growth.
Sustainable Development / Social Responsibilities
CPN supports local economic and social development to grow alongside the company. CPN’s main policy is to support Thai entrepreneurs and local products to generate income for the communities as well as highlight local identities and characteristics to spur tourism and, at the same time, to make people proud of their communities. Ultimately, CPN aims to be a ‘Center of Life’ for communities and societies wherever it invests.
CPN is the only real estate company that has been internationally recognized by DJSI in the category of ‘Emerging Markets’ for 5 years in a row. This year, the company is listed on the ‘DJSI World’ as a sustainable company with global standards. CPN is thus regarded as a global player with long-term commitment to corporate sustainability, good corporate governance, social responsibility, human capital development, and innovation. The DJSI affirmation is consistent with the company’s endeavor to create value for society, communities, and stakeholders which will consequently deliver credible long-run returns to its shareholders.
Technology and Innovation
CPN integrates the technology and innovation in 3 dimensional approaches as follows. Real-Time Personalized Offers: Using big data to access 16 million customers through ‘The 1 Card,’ customers will receive information and promotional offers that match their preferences and interests. ‘The 1 Card Application’ is a powerful digital tool to offer products that meet the customer needs. Linking to Online Experience: This application connects customers’ mobile devices to the company’s tenant services in the shopping centers to allow for the advanced parking reservation, restaurant reservation, and spa reservation, among others.
Besides creating brand awareness and loyalty or using integrated marketing communications, the uses of digital marketing platforms are apparent in 2019. For example, one nominated company creates a digital platform that allows brands to advertise through programmatic advertising over listed Thai website networks. One nominated company closely monitors customer purchasing behaviors via their membership cards and applications and then offers special promotions to encourage periodic purchasing behaviors.