Priorities have evolved over the last two years regarding what Americans are looking for in their homes. As people spend more time living, entertaining and working in their residence, the home must increasingly fulfill a variety of requirements while at the same time being a safe haven at the end of the day.
So what are Americans looking for in a home? According to an analysis by the National Association of Realtors, characteristics of homes purchased included:
- Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 36%. Buyers who purchased previously-owned homes were most often considering a better overall value at 38%.
- The typical home that was recently purchased was 1,900 square feet, had three bedrooms and two bathrooms, and was built in 1993.
- Convenience to family and friends was the second most important factor in influencing neighborhood choice after quality of the neighborhood, surpassing convenience to jobs and affordability, which were more important last year.
Top 5 Features That Matter to Homeowners
When looking for a home, beyond the obvious answers like space and comfort, here are some of the top features people are looking for.
1. Community and Location
Modern homeowners are looking for the ideal neighborhood as well as the ideal house. According to Bank of America’s 2021 Homebuyer Insights Report, a vast majority of shoppers seek “vibrant and connected communities,” and good neighborhoods. In fact, according to the survey of 2,000 adults who currently own a home or plan to in the future, half (51%) of younger buyers aged 18 to 43, and nearly one third (32%) of those ages 57 to 75 say “community” has become more important over the past year. Specifically, people want neighbors who share similar interests (73%) and are active in the community (70%).
2. Outdoor Living Space
According to a survey by the International Casual Furnishings Association, people are doing more relaxing, grilling, gardening, exercising, dining, playing with pets and children, and entertaining outside. In fact, according to the research, 90% of Americans agree their outdoor living space is more valuable than ever before and 78% made or are making outside upgrades.
4. Safety and Smart Home Technology
Having a house constructed for family safety and well-being is now more critical than ever. Additionally, since the pandemic, there has been a huge uptick in smart home device sales as homeowners seek solutions to reduce energy consumption, improve security and automate household tasks. The smart homes market is expected to reach USD 313.95 billion by 2027.
5. A Multi-Functional Flex Space
Having a multi-functional space is huge this year. Our homes now serve as offices, gyms, school rooms, libraries, and anything else our family might require. They are no longer just retreats that serve a single purpose but rather a place in the home where we may relax and live as we choose.
Marketing to Homeowners Across Channels
What homeowners value in their spaces continually evolves and they will seek out new features and make investments throughout the lifetime of their homeownership journey. The home is clearly one of the biggest investments a consumer can make in their lifetime, making this an ideal audience for brands across numerous industries.
Brands that utilize an integrated and omnichannel marketing strategy will reap the most success. The average ROI for marketing to homeowners via one channel is only about 3% and that percentage increases to 12.43% when using an integrated marketing approach that utilizes three or more channels.
Each channel brings unique benefits:
Social Media Influencers
With eighty percent of consumers claiming to have bought a product due to an influencer’s suggestion, it is no surprise that influencer marketing was a $13 billion industry in 2021 and is expected to reach $84.89 billion globally by 2028. In 2021, 63% of marketers planned to increase their influencer marketing budgets in 2021.
The most significant influencers on social media frequently have hundreds to millions of devoted followers. By using this method, you gain the trust of all the influencer’s followers.
Email has been around for decades, and it isn’t going anywhere. Like texting and social media, email is an integral part of modern-day communication. This, combined with advancements in data, personalization, and automation, makes email marketing a key component of today’s successful marketing programs.
- Email generates $36 for every $1 spent, which is an astounding 3,600% ROI, making it one of the most effective digital channels. – Litmus
- Email marketing continues to be the greatest driver of revenue for businesses. Additionally, revenue from email marketing ROI continues to improve year over year. Lyfe Marketing
- A survey from eMarketer revealed that email marketing drives 25% of the overall revenue for businesses surveyed. eMarketer
OTT and CTV
With the ability to precisely target audiences, advertisers are increasing their ad spend in OTT and CTV. According to the 2022 CTV/OTT Advertiser Survey released by Advertiser Perceptions and Premion, 66% of advertisers are shifting budgets from digital, social and linear TV to fund CTV/OTT spend increases. Additionally, 30% say that budget will come from an overall increase in ad budgets. The survey also shows that more than four in five advertisers believe that the value of Connected TV/OTT is greater than, or equal to, that of primetime TV, and two in five find the channel more valuable.
Despite what some may think, direct mail is still a hugely successful channel. In fact, with more consumers conducting an increasing portion of their lives online, digital fatigue is very real from the constant Zoom meetings, online shopping sites, social media platforms, emails, and so on. So it’s no surprise that direct mail is still a relevant tactic in 2022.
In fact, check out some of these direct mail statistics:
- The direct mail advertising market is projected to grow from $71.57 billion in 2021 to $72.67 billion in 2022. (Direct Mail Advertising Global Market Report 2022)
- The average return on investment for direct mail is $4.09 for every $1.27 spent. (Global News Wire)
- The average response rate for direct mail is between 2.7% and 4.4%, compared to email’s 0.6% response rate. (Newswires)
- 73% of American consumers prefer being contacted by brands via direct mail because they can read mail at their own convenience. (Small Biz Genius)
Using video is another powerful technique to sway your audience and YouTube has an incredible 2.6 billion users (Statista, 2022), and 1.86 billion active users.
According to the Wyzowl State of Video Marketing report, research shows:
- Video remains a key priority for marketers in terms of usage and spend, with budgets increasing in 2021, and plans to increase again in the next 12 months.
- People are watching more video online than ever before – in fact the amount of online video they watch has almost doubled since 2018.
- Marketers feel very positive about the return on investment offered by video than ever, as it continues to strongly influence traffic, leads, sales, and audience understanding.
Programmatic continues to see momentous growth. According to eMarketer, the US digital ad market will surpass $300 billion by 2025, making up more than 75% of all media spending. Despite uncertainty over the future of third-party identifiers, programmatic will continue to gain ground as advertisers, ad tech platforms, and publishers work toward a new normal.
Retail Media Networks
Retail Media Networks are one of the most important trends we have seen in the past year. Retailers provide access to their audiences, allowing brands to advertise on their platform. Huge retail media networks include giants such as Walmart, Amazon and CVS. While consumers are shopping on the retailer’s site and are in a “ready to spend” mode, a brand’s ad appears as the consumer is browsing, and a purchase is just a few clicks away. According to Insider Intelligence, in 2022, US digital retail media ad spending will reach $40.81 billion—more than triple its pre-pandemic total.
Homeowner Marketing Solutions
Homeowners are an incredibly lucrative audience for brands to target on numerous channels for a successful marketing strategy. Learn how our homeowner insights and marketing solutions can help your brand boost the success of your customer acquisition and retention programs.
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