Tapping into the Home Mover Market: A Guide to Harnessing Home Mover Alerts
Moving home is a significant event that triggers a spike in consumer spending and brings a sea change in brand preferences. This article explores how you can leverage this behavioural shift with Home Mover Alerts.
Key Statistics on Home Moving Behaviour
High Spending Post-Move: The average household spends more in the first six months of moving (£13,000) than in the following six years. This highlights the significant financial investment that goes into setting up a new home, from furnishing and decorating to possible renovations and repairs.
Brand Switching: 65% of new movers switch suppliers or product brands. This presents a clear opportunity/risk for businesses. During the transition phase, customers are more open to change and willing to try new brands, making it an ideal time for businesses to attract new customers, or to work to retain existing customers.
Home-related Purchases: The £12bn spent on home-related purchases during the month before and after a move (roughly £5k per household) is an opportunity for businesses from telecoms to insurance and home furnishings.
Annual Home Movement: With 11% of the UK population moving home every year and the average Brit moving home eight times in their lifetime, it's clear that there is a constant demand for property, removal services, home goods, and related products and services.
Housing Market Activity: The sale of approximately 1.5 million homes annually with around 3 million people moving each year reflects a vibrant housing market. This level of activity provides continuous opportunities for estate agents, solicitors, insurance companies, financial services, renovation companies, and other related businesses.
Timing and Home Movers' Behaviour
Understanding the timeline and mindset of a home mover is essential. Here's what a typical home move journey looks like:
6 weeks before the move: This is the time to engage with customers to counter any chance of them unsubscribing from your services.
2 weeks before to 2 weeks after the move: The customer is highly focused on the house move during this time.
2 weeks after the move: Welcome them to their new home.
8 weeks after the move: Re-engage with customers, especially if there's been an unsuccessful delivery or unsubscribe.
Product Purchase Behaviour
The stage of the home move process influences the type of products purchased. Here is what it looks like, typically:
15 weeks before the move: Mortgage
6 weeks before the move: Paid TV/Phone/Internet
2 weeks before to 2 weeks after the move: Utilities, house and building insurance
6 weeks after the move: Credit cards & personal loans
30 weeks after the move: Car insurance
How Can Home Mover Alerts Be Used?
Home Mover Alerts can be beneficial in multiple ways:
Analysing Correlations: Use home mover alerts to analyse the correlation between house move events and an increase in product searches, inquiries, and purchases.
Tailoring Customer Journeys: Use the insights to tailor customer journeys and increase engagement.
Improving Next Best Actions: Utilise home mover data to predict and improve customer next best actions.
Suppressing Unwanted Promotions: Use home mover alerts as a suppression tool to avoid promoting unwanted products.
Reap the Benefits
Here's how Home Mover Alerts can benefit you:
Engage: Engage with active customers to retain them.
Upsell and Cross-Sell: It opens up opportunities for upselling and cross-selling.
Reactivate: Reactivate lapsed customers, especially those who may be considering switching to competitors.
Invigorate: Boost your acquisition rates by targeting at relevant times with appropriate messages.
By leveraging home mover alerts, you can tune into the pulse of the market and effectively use this data to drive your business growth.
