Home mover data – client retention and winning new business.
Moving home is a significant life-event that almost every person will do in their lifetime. It is an exciting (and stressful) process, and most people will only do it a few times during their lives. For businesses home movers create both attractive opportunities, but also various risks including customer retention. Almost every home mover will consider switching suppliers to save money, and in fact 65% of home movers will end up switching in the end. Having home mover data can help to mitigate this client retention risk.
How can a home mover data strategy can be used to mitigate risks?
By having home mover data companies can understand what retention risks they have in advance of the move. Therefore, they are able to handle it differently. For example:
- Marketing teams can communicate retention offers.
- Customer services can offer an enhanced contact strategy.
- Sales departments can identify up-sell and cross-sell opportunities. For example, telecoms firms can target internet customers with TV offers knowing that they are likely to consider different TV suppliers.
So home movers, both renters and buyers, represent a significant retention and upsell opportunity for companies.
So how can you use home mover data?
To improve your client retention:
If you have existing customers you can match home mover data to your existing database to highlight the risks. This information can then be used by your contact centre staff, marketers and sales teams to ensure retention. Here is an example:
Buzzing Electrics have flagged one of their customers (George) as being a home mover.
George is about to receive a monthly bill. As the marketing department know George is moving, they include a message about a how easy (and beneficial) it is to switch his account to the new address. Better still, he can do it in advance to help reduce the move day stresses!
To win new business:
Client retention is not the only opportunity for companies. If your firm is offering home moving products such as removals, mortgages and insurance then you are targeting this group specifically. Your business exists to support these customers, so having access to this data is good a way to improve success.
There are also a great opportunities for DIY, home furnishing and garden retailers. In fact nearly £8,000 is spent by home movers within the 12 months after they move. Given that over 1M homes are sold each year this represents a ‘post-home-spend’ of over £8bn. So it is a significant opportunity for your company if you operate in this market.
These types of businesses can also apply similar logic to winning new business as companies do for retention (mentioned above). Matching home mover data with an existing database can be used to send relevant messages to your prospects. Timing is key so businesses should compare their sales history with historical home mover data to find the best time to contact a prospect. For example:
Kitchen supplier, ‘Quality Kitchens’ has home mover data and they know that George is moving. Through their analysis they know what the best time to engage with him is. So they begin targeting George at right time with a new kitchen offer. The result is a higher return for their marketing efforts and budgets.
Companies without existing data can either purchase consumer data, or can develop a “dear occupier” campaign with the same message and timing strategy.
By being smart with home mover data you can win new business, improve your conversion rates, retain more customers, and save money. Using home mover data to support your business can be a real move in the right direction.