Each year, close to 12% of Americans move, and a household that moves typically spends $9K on goods, services and financial and insurance products. A move triggers new needs for the individual who’s transacting on a home or rental agreement—new appliances, a change in telco provider, a new grocery store, pharmacy, doctor’s office and so on. Marketers need to understand new movers’ lifestyles, attitudes and behaviors to seize these new business opportunities. During this life-changing occasion, movers are receptive to the brands that understand and cater to their specific needs. But marketers must keep in mind that not all consumers are making purchases before the move happens. Over half of major move-related purchases are made in the two months after moving. It’s important to understand the preferences of new movers and communicate to them based on these preferences to drive engagement.
The communication channels that movers use may differ too. For example, when selecting a grocery store, our research shows that 58% of consumers select their preferred grocer brand from visiting the store or from driving around the neighborhood to see what’s available. New movers often want to see and experience brands for themselves before making purchases and establishing a relationship. Additionally, the majority (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. Direct mail continues to remain a powerful and influential channel in driving consumer-brand interactions.
New movers have emotional needs as well. Whether new millennial parents are just putting down roots or baby boomers are down-sizing as they become empty-nesters, each situation brings with it different emotional needs. It’s an opportune time for marketers to connect with consumers and share the value their brand has to offer as it relates to their product and services.
To capture your share of move-related spending and ‘unpack’ the earning potential from this target market, marketers need to leverage data and analytics. To learn more about how to create one-to-one connections with new movers, download our 2016 New Mover Report.