Are You Marketing to New Movers? How to Tap into the $170 Billion New Mover Market
Did you know that the average American household moves every five to seven years? With each move, they are spending on a variety of new products and services. In fact, new movers spend more in the first 3-6 months ($10,000-$12,000) on their new home than they will in the next 3 years with an annual market spend of $170 billion. New and pre-movers represent a lucrative opportunity for brands to establish new customer relationships and maintain existing ones.
New and PreMover Shopping Habits
Households who are about to move or who have just moved into their new home are researching and spending money on any number of products and services such as moving-related services, new furnishing and appliances for the household, financial institutions, pet supplies, and service providers such as doctors, dentists, and utilities.
To maximize the success of mover outreach programs, the critical time to reach new movers is several months before and after the 70%-90% of spending decisions are made before the new mover has left their current residence. Once a consumer is in their new home, this time frame continues to be an essential targeting time for purchases such as new furniture, home improvement, and other local services.
Target Movers Across Channels
In recent research by Epsilon, consumers were asked about their attitudes towards information sources for finding new products, services, and establishments. According to the survey, new movers strongly agreed or somewhat agreed with the following statements:
- 77%- I used the internet for move related information because it was the fastest.
- 75% – I preferred to talk to someone in person about move related topics because I could ask more questions that applied to me.
- 70% – I kept move related information to refer back to when I was ready.
- 59% – Online information was more helpful than what I received in the mail.
The top influencers on moving-related decisions depend on the top of service or product the consumer is researching. For example, 32% using online resources when searching for a moving company while 43% prefer visiting a company in person for major purchases.
When searching for new businesses and services, new movers clearly do not depend on one channel alone for research. They use a variety of channels, depending on what they are looking for and what stage they are at in the moving process. They may head to the Internet to research a new service provider, see a direct mail piece from your company, and then finally respond to your email offer.
According to a report by Marketingprofs, 40% of consumers try new businesses after receiving a direct mail piece and the DMA states that on average, direct mail advertising gives a business a 13 to 1 return on investment. And when utilizing digital advertising, clicking on an ad on a social site is often the first step toward a sale, rather than the last. 80% of consumers do “a lot” of online research for purchase decisions, and 46% say they count on social media when making such choices.
Those under 50 are more likely to use online sources such as internet searches, websites and online reviews when making move-related purchase decisions while those over 50 are more likely to favor people sources and word-of-mouth by visiting a company or business in person and asking friends and family for recommendations.
Add Direct Mail to the Mix
Direct mail is one of the best mediums for reaching new movers. Over two-thirds (69%) of new movers agreed that they enjoy checking the mailbox for postal mail and 41% pay more attention to information received by postal mail than if it was received by email. Nearly a third (31%) felt that move-related information received by mail was the most convenient to read, and 18% felt that move related information received by mail was more trustworthy than information online.
To Email or Not?
Email was not favored as strongly by new movers according to the Epsilon research. “The majority (72%) of new movers felt that they receive too many emails in one day and even more (75%) receive many emails that they don’t open. While nearly half (44%) of new movers felt that move-related information received by email was the most convenient to read, the email inundation factor seemed to outweigh the convenience factor.” However, email should not be abandoned and is an important touch point for multi-channel outreach. Just be sure to use concise messaging, test copy and subject lines, and personalize each communication.
New movers must start fresh, establish new patterns, and find a new network of providers, services providers and merchants. They are gathering information and are open to offers. By strategically targeting these consumers, you can generate awareness, establish your brand presence, and gain troves of loyal new customers.