Over 45 million people move each year in the United States. And these new movers represent a huge opportunity for new revenue for your business.
Shortly after a move, consumers begin to look for a new hair salon. Or they are ready to dive into home decorating and fixer-upper projects. The dog needs a new veterinarian, home owners are stocking up on lawn equipment and hardware, and a renter may be ready to purchase a new entertainment system. Whatever the purchase, new movers are ready to spend money.
Did you know?
New Mover annual expenditures exceed $150 billion
New Movers are five times more likely to become long-term customers if you reach them first
New Homeowners spend $9,700 on items for their new home within the first 180 days
New Homeowners spend more within the first six months than the average consumer spends in three years (source)
The most frequent purchases by new movers include:
Other interesting statistics according to a report by marketing firm, Moving Targets, include:
62% eat pizza
65% of female new residents are anxious about finding a good hairstylist
67% say it’s difficult to find an honest auto repair shop
80% redeem gift certificates offered by local merchants
98% appreciate gifts or offers from local merchants
Businesses can lose up to 20 – 40% of their business every year. Customer acquisition strategies are critical to make up for this attrition, and for many industries, targeting new movers represent an easy win.
Use a Quality List
To target new movers, be sure to start with a high quality list. Use a vendor that updates this list frequently from multiple sources of data. A high quality list should include information on both renters and homeowners, and should be enhanced with consumer demographics for more precise messaging and targeting. Also consider using a list that contains email addresses and other online IDs for both offline and online messaging.
Stay Top of Mind
New movers are not always ready to make a purchase when they first receive your offer. In marketing, some say a consumer will buy after exposed to a message three times, while others believe in the “Rule of 7”. Regardless of the number, frequency is key. Be sure to send frequent communications as well as different types of offers to stay top of mind and develop brand recognition. If you don’t, someone else will and at a time when new movers are establishing relationships that can last for years, it is important to continually reach out in the 6 months to even a year after a move.
Use Multiple Marketing Channels
Consumers today are increasingly shopping and doing research online. Direct mail outreach is a great way to establish connections with new movers. Also, add additional channels to the mix.
Email is a great channel, producing a huge ROI. According to ExactTarget, for every $1 spent on email marketing, the average return on investment is $44.25. When marketing through email, consumers spend 138% more than people who don’t receive email offers (Convince and Convert)
Online advertising is another great channel for reaching movers. Consumers can be targeted with highly relevant offers through online display ads as they are surfing any number of sites, such as Facebook, Google, Twitter, and a variety of others. According to a poll commissioned by the Digital Advertising Agency, nearly 70% of consumers respond favorably to tailored internet ads.
Creating loyal customers is essential for any business. Targeting new movers is a great way for a variety of businesses to create long-lasting, profitable relationships.
To target millions of validated new movers from multiple sources, learn more about New Movers ID.
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