3 Steps to Turn New Movers into New Customers
If you aren’t marketing to new movers – you’re missing out! Approximately 40 million people move in the U.S. each year, and the 2015 New Mover Report by Epsilon found that the average household spends about $9,000 on goods, services, financial, and insurance products. Not calculated in that spend is the available customer lifetime value if the household can be acquired by a local company. Service providers are an obvious market that can see increases in revenue by reaching new movers first and gaining their loyalty. But the industry opportunities go way beyond that- retailers, grocery stores, auto repair shops, auto dealerships, salons, restaurants, and more can all find their next best customer in a new mover. Here’s 3 steps to getting started.
One: Find a data provider
There are two main types of data providers for new mover data: deed sourced and multi-sourced. Deed sourced mover data is based off of actual home purchases pulled from property deed filings. This data is generally available at a lower cost, but because the frequency that the data is updated varies by county, the purchaser is at a risk of missing the opportune window of contact because of outdated data. Deed-sourced information also only includes information on home owners and not renters. Multi-sourced data is a compilation of deed sourced data, change of address data, new telephone connects, new service connects, social signaling, and more. To execute a multi-channel campaign (discussed below), look for a provider that matches mover data to online ID’s.
Two: Design the perfect campaign
Converting new movers to customers isn’t as easy as adding them to your current marketing campaigns. A first impression is everything, and you want yours to be personalized, relevant, and cohesive across multiple channels. Special promotions and incentives are a great way to start building loyalty. Research shows that 98% of new movers appreciate gifts and offers from local businesses and 80% will redeem the offers sent to them. Personalization goes beyond using the individual’s first name. If using a multi-sourced data provider you will be able to access demographic and behavioral information as well. This will help tailor your specific offer to get the new mover in the door of your business. For example, a new homeowner with a family of 4 should receive different messaging than a retired couple with no children in the home. Multi-sourced data that provides digitally addressable ID’s means you can execute an omni-channel campaign. A campaign with the best impact will cohesively deliver offline and online messaging to the prospects.
Three: Keep the conversation going
Healthstatus.com ranks moving as one of the top 5 stressful events people go through. Anyone who has moved, especially to a different state or even across country, can attest that there seems to be an endless list of things to do. This is why it’s important to send multiple correspondences for at least 6 months to a year after an individual moves.
This builds brand recognition and keeps your company front of mind for when a service or purchase need arises. A new mover may not need an oil change right now, but they definitely will eventually. Plus, movers are 90% more likely to purchase a car the first year after a move but it often doesn’t happen till near the end of that timeframe. So keep the conversation going (across channels, of course) with a reminder every so often that your services and new mover promotions are still available.