New research from V12 and Ascend2’s The Marketers Perspective on Mover Marketing report finds that mover marketing programs have a significant impact on the overall success of marketing performance, providing tremendous boosts in acquisition and retention initiatives.
But, as with any type of marketing program, marketers face a few unique challenges when it comes to executing mover marketing programs. This article offers tips and strategies on how to overcome these obstacles and leverage your mover marketing program to its full potential.
Solutions to the Top 7 Challenges of Mover Marketing
We asked marketing executives what they found most difficult about executing mover marketing programs and they reported the following as their top challenges.
1. Making data actionable
Challenge: Nearly half (47%) of mover marketing adopters say that making data actionable is a top challenge to a successful mover marketing program. Having the ability to unify insights across channels and devices and take action on a customer profile as a whole is critical to overcoming this challenge.
Solution: Only 18% of those surveyed are using an omnichannel approach for mover marketing. Omnichannel marketing allows marketers to reach moving consumers with consistent and personalized messaging across the entire move cycle based on a complete customer view. However, this approach requires a foundation of integrated data, made accessible to the right stakeholders and marketing programs. Using a marketing platform helps save time and energy by automating the data management and integration process. A marketing platform also ensures a seamless connection to other marketing systems to deploy unified, omnichannel journeys.
2. Measuring ROI
Challenge: Measuring ROI from mover marketing was a challenge for 43% of marketing executives. A comprehensive view of campaign performance allows for better optimization and improved ability to measure ROI.
The inability to effectively measure ROI is often a common theme for marketers. In a study by Allocadia, most marketing professionals (84%) are under pressure to prove ROI. Unfortunately, many struggle with the means to effectively measure this KPI. The survey found that 61% of marketing leaders do not use ROI when making strategy decisions because they aren’t confident in their own data.
Solution: The metrics marketers need to measure on will vary according to campaign goals, but some common metrics may include cost per acquisition (CPA), customer lifetime value (CLV) , conversion rate, or return on ad spend (ROAS). V12’s agency team works with our client to develop KPIs and reports that align with marketing strategy and specific campaign objectives.
3. Integrating with existing programs
Challenge: According to 41% of marketing executives, integrating a mover marketing strategy into an existing program is challenging. Targeting movers shouldn’t be thought of as a separate marketing program, but rather as a way to enhance existing programs.
Solution: According to research by Invespcro, 44% of companies report having a stronger focus on customer acquisition, while 18% of companies say they focus more on customer retention. However, 40% of companies place an equal emphasis on both customer acquisition and customer retention.
Adding a mover segment to an existing customer acquisition or retention program can dramatically improve effectiveness. With 9 in 10 movers willing to try new brands during a move, this is an exciting opportunity for new customer acquisition but also represents an opportunity to curb attrition of existing customers.
4. Creating a strategy
Challenge: For 38% of marketing executives, creating a mover marketing strategy is a challenge. Our research uncovered that best-in-class marketing strategies are more likely to include mover marketing programs. In the last year, strategies that incorporated mover programs showed significantly higher rates of success in both customer acquisition and retention initiatives.
Solution: So, what exactly does a successful mover marketing strategy entail? Because consumers shop across multiple channels, an omnichannel strategy is a must. Omnichannel uses both online and offline tactics, such as social media, email marketing, digital advertising, and direct mail.
According to our research with The Harris Poll on mover trends, more than two in five (46%) movers make purchase decisions from online research. Movers also rely on customer reviews (37%), online ads (29%), information received by email (24%), local online forums (24%), and information received by mail (22%) when determining what items and services to buy.
Not sure how to start developing your mover marketing strategy? The V12 team can help refine your strategy and execute omnichannel mover programs that drive direct and tangible results.
5. Allocating budget and resources
Challenge: For 34% of marketers, finding budget and resources for mover marketing is a challenge. Our research found that regardless of whether there is a mover marketing strategy in place, less than half of marketers surveyed report using more than 10% of their marketing budget to target movers. 41% of organizations are allocating between 6% and 10% of their overall marketing budget to target movers. But, what about those respondents reporting the most success from their marketing strategies?
Solution: 33% of marketers who report “best-in-class” success from their marketing strategies dedicate over 20% of their budget to targeting movers, compared to just 10% of all other respondents reporting less success. This finding demonstrates that best-in-class strategies allocate more budget for mover marketing efforts.
6. Accessing data
Challenge: Without the right insights on movers, campaign success is bound to suffer. For 33% of marketers, accessing mover data was reported as a challenge. Additionally, less than half of mover marketing users have consumer segment data, in-market shopping indicators, and property data.
Solution: Access to unified customer data improves campaign reach and identifies targeted audience segments that help deliver a more personalized customer experience. Our research indicates that having access to pre-mover data gives brands a considerable edge over their competition. However, only one-quarter (26%) of mover marketing users have access to pre-move indicators, a critical component to reaching prospects and customers before the competition. V12 provides pre-move insights 35% faster than other vendors on the market.
7. Buy-in from leadership
Challenge: For 21% of marketers, getting buy-in from leadership was a challenge. Improving customer acquisition and retention are top areas of focus for marketing executives in the coming year. But, without buy-in from the leadership team, marketers will be missing out on the incredible opportunity marketing to movers brings.
Solution: Need help pitching mover marketing to your leadership team? Check out this article about how to sell mover marketing to your CMO. In this article, we debunk common mover marketing myths and layout suggestions on how to leverage mover marketing to its full potential.
The 2022 Marketer’s Perspective on Mover Marketing
Download the free 2022 Marketer’s Perspective on Mover Marketing Report and explore how brands are using mover marketing to boost customer acquisition and retention.