October 21, 2019

New Homeowners Spend $10,000+ in Their First Year

new movers spend data

According to the USPS, 43 million people in the U.S. move each year, creating a unique, but often overlooked and undervalued customer acquisition opportunity. 62% of these new movers don’t go too far, usually staying within the same county. Why should you care about new movers? Home buyers are spending $10,000+ in their first year alone on everything from home improvement and furniture, to appliances, home security, and more.

Know Who’s Establishing Their Home Sweet Home

New mover lists are a hot commodity for marketers looking to acquire new customers and establish brand loyalty when consumers are already in buying mode. A fresh start like a big move fosters the perfect environment to create new brand loyalties and high lifetime value relationships. New homeowners live in their new home on average for five to seven years.

Remember: not all new mover data is created equal. Be diligent with your questions before buying data lists. When you meet with your data provider, make sure to ask the following questions:

  • Is the data sourced and cross-referenced from multiple sources?
  • How frequently is the data updated?
  • Are you able to segment the data to create a truly 1:1 message and offer? Data waste can negatively affect your ROI and be part of upwards of 28% of many industry leading data provider lists.

Reaching New Movers First When They are Making Their Decisions

Speed, speed, speed. Select the data provider that can get your message in front of new movers FIRST. Industry data shows that new movers are five times more likely to become long-term loyal customers if you reach them first.

Make Impactful Connections to Build Brand Loyalty

Make sure your new mover data list can be segmented: new homeowners vs. new renters, home values, and other demographics. Segmentation allows for customized messaging and offers, dramatically increasing engagement and conversion.

Direct mail is still the quickest way to reach this consumer group. While direct mail should be your initial touch point, consumers are more apt to do their research before purchasing products or services, so a digital component is necessary, as well. For a multi-touch direct mail and digital campaign, IP targeting (digital banner ads) has been proven to increase brand awareness and consumer engagement, as industry data shows that 77% rely on online sources to research and make choices.

Data Providers Can Make or Break Your Campaign

All marketing campaigns should be data-driven; this has become an industry established rule. Data waste is often the most overlooked cost when evaluating the success or failure of a direct marketing campaign. As data becomes more and more important to a campaign’s success, here are some things to keep in mind when selecting a data provider:

  1. How often is their data cleansed and are you able to segment? New mover data should be updated and cleansed on a daily basis, and segmentation is a must in order to achieve the 1:1 messaging consumers have come to expect.
  2. Is multi-sourced data available? This means that the data provider cross-references different databases to ensure the deliverability and accuracy of the data.
  3. Do they append their data and maintain good data hygiene? Updating and suppressing against databases such as the NCOA and do not mail can help reduce waste and even prevent fines.

Note: These above practices such as segmentation, data hygiene practices, data appends, and deliverability checks should be done to your own consumer databases as well.

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