What is life event data and how can it be used?
There are various life events that trigger purchasing behaviours. These are events such as getting married, moving home or starting a family. Having access to life event data can help companies know exactly when to contact someone with a relevant message.
Home mover life event data
Someone moving home would typically be spending money on moving using a removal firm for example. If a removal firm already has a consented database, adding in this extra home mover information would add some important situational context to it. Those that don’t have consented database can still target those likely to move with a ‘dear occupier’ message. In this way relevant businesses can provide targeted and timely messages, keep marketing costs down and increase sales.
It is not just removal firms. Financial companies (such as mortgage providers), conveyancing services and any business focused on home improvements, furniture or homeware can make use of home mover data. In fact £8bn to £11bn is spent by home movers each year.
Telecommunications, utilities and membership focused businesses can also benefit from life event data. Home movers represent opportunities to win new customers, retain business or cross sell products.
Remember life events are moments in time that trigger spending decisions. So timing is everything.
For example, if you are targeting home movers make sure you do so at the right time for your business. For example, 1-4 weeks after the move would be the ideal timescale for a carpet or furniture retailer. However the day of the move would probably be too late for a utilities firm to retain a customer. So timing is key.
What about other life events?
The home mover is one obvious and clear example of life event data. But other data sets exist. The first place to look is your sales history, online audience behaviours, social media engagement and any other insights you might have. What do these insights tell you? Can these insights create an understanding of what is happening in your customer’s life?
Then it is a matter of interpreting this data carefully and understanding what kind of communication and message to send.
Reaching people at the right time and event in their lives with the right message is an effective and proven way to grow your business.
A note about GDPR
The rules around how you capture data, store it, and process it are changing. Your company will need consent to retain some of the data mentioned in this article. For example you may (depending on your company’s circumstances) need consent to capture and use the location or age of a person visiting your website. The ICO can provide more information.
You are responsible for ensuring that you are compliant, so it is vital to incorporate life event data into your overall GDPR strategy. Seek professional advice on this topic if you are not sure.