It certainly doesn’t feel like the U.S. economy is firing on all cylinders. We’re experiencing a volatile stock market. Department stores and big retailers are struggling. A recent spike in oil prices could further impact consumer spending. However, despite a sluggish economy through the first half of 2016, the housing market has continued to be undeniably strong. New home sales hit their highest level since 2008. What does a strong housing market mean for Retail businesses? A growing target market that features time constrained consumers with a high propensity to buy now.
A study by Atlantic Marketing Research, as reported by Plainview, N.Y., new mover data and direct marketing solutions firm GETKO, puts home-related spending by new homeowners at more than $9,400.1 On average, new movers spend more on goods and services within the first three months of their move than most people spend in three years.
Three months is a small window of time to take advantage of this high opportunity market. Do you know what truly moves your customers? To help you turn new movers into a big opportunity, let’s explore some steps to make the most of these important three months for new movers.
Timing is Everything
The new mover opportunity only lasts for a limited time, with spending returning to the norm just a few months after a move. So to make the most of this, you need to be in the right place at the right time with the right offer.
Knowing who your customers are and what they need isn’t easy, as priorities change continually over the lifecycle of a move. It’s vital to add an analytics practice to your new mover’s data list so you can get in front of new movers with a personalized message that will resonate with their current situation. For example, knowing if a new mover is a renter or a homeowner helps focus your campaign to a more relevant message. Renters tend to have a lower household income and thus would be looking for different product sets than their homeowner counterparts.
The more accurate the data, the more effective your new mover marketing campaigns will be. It’s all about being able to see into their world and meeting their immediate needs quickly.
Execute Throughout the New Mover Lifecycle
There are three key stages that make up the new mover lifecycle. Executing targeted messaging through these different stages provides the opportunity to reach the customer multiple times within their three month window.
Stage 1: On the Market – Pre-movers are in the market for home improvements, things to make their homes more appealing to potential buyers. They are looking to increase their chances of a sale, so it’s a great time to engage with pre-movers early in their decision making process. Offers should include products and services to help improve their homes curb appeal.
Stage 2: Under Contract – Movers are looking to make a wide range of purchases before, during and just after their move. A lot of changes are happening at once, and the pending move will be high on their priority list. Focus on building loyal relationships by providing flawless goods and services that help them move with ease.
Stage 3: Just Moved – New movers are now looking out for things to help make their new place feel like home. Many brands will now be exploding your inbox so you need to stay top of mind. Build on existing relationships by offering lucrative yet targeted offers to show you really value them.
It All Starts With Data
Above everything else, it’s imperative to understand what data is right for you and the needs of your business. At Harte Hanks, we work with the leading information service providers allowing us to provide a comprehensive, multi-sourced data overlay. Speed and accuracy are crucial to executing a successful new mover campaign, so you want to make sure you have data that has been extensively cleansed to eliminate inaccurate noise.
Once you have the data refined, you will want to use data modeling to identify which new movers you should target and deep-dive to understand their individual needs. It means you not only know who your customers are, but also how best to talk to them. It’s about connecting with new movers so you get a complete view of their world.
Use Creative That Brings It All To Life
Once you have the insight, it’s time to make it work. Optimize your marketing activities in order to plan and deliver effective campaigns across the entire buyer’s journey. From creative campaigns to fulfillment, to CRM management, you must connect with your customers at an individual level – through refined messaging that speaks to their needs.
Moving is a big deal. It also represents a big opportunity for retail businesses. By talking to consumers when they want to hear from you, targeting them with relevant offers, and executing marketing strategies that have improved deliverability across the buyer’s journey you can take advantage of this growing market.
Want to know what your customers need before they do? Harte Hanks has developed a New Mover Marketing Suite that simply put helps you identify the right person to speak to, at the right time, with a message that’s relevant to them. Click Here for More Information.
- GETKO Direct Marketing Solutions via www.dmnews.com