Hot Property: How to Tap into the Homemover Market
Key life events can cause consumers to behave in totally different ways, parting with their cash more often or in larger amounts.
This is certainly true of homemovers, who are among the most valuable consumer groups in the UK, collectively spending a whopping £29+ billion* along their on-the-move journey.
The very thought of putting a property on the market can ignite the mover spending spree, and it lasts far beyond the signing of contracts, presenting numerous opportunities to tap into these buyer heavyweights.
So, in this post, we’re looking at how to successfully sweep movers’ feet off the floor and send your ROI and AOV through the roof! In particular, understanding the mover's unique buying journey and the power of providing highly desirable solutions at precisely the right time.
Unlocking Opportunities
Homemovers' eagerness to get their existing property in tip-top condition before putting it on the market and then making their mark on their new pad makes them a retail goldmine.
Research shows that their increased spending in the home and garden market and connected sectors starts six months before a move and continues for more than 12 months after settling into their new abode.
And it's not just the extended period of inflated spending that makes them highly desirable marketing targets. Movers also boast significantly higher average spending compared to their non-moving counterparts.
But while they’re undoubtedly a hot property audience, they can prove notoriously tricky to find and target at prime purchasing times, challenging marketers to think outside the box.
Making Moves
For those in the home improvement market, around 25% of your current revenue could be coming from home movers, and that figure could represent just 2% of the potential movers out there.
So, how do you locate this on-the-move audience and figure out precisely what they need most, when, to maximise those abundant marketing opportunities?
Well, the answer lies in knowing where they are in their buying journey so you can target the right people at the right time - and most importantly - in the right place.
This is where email and online advertising can often fall short, landing in crowded inboxes, becoming lost in the vast expanse of digital noise, or appearing in front of the wrong audience altogether.
Unpacking The Data
Instead of casting a wide online marketing net, the trick is to leverage the power of data to identify homemover spending habits, map out their buying journey and pinpoint addresses that are either on the market or recently sold. This valuable information enables the creation of razor-sharp targeted campaigns AND ensures the marketing materials produced land directly in the hands of those intended.
Key to Success
Studies show that a well-timed message can lead to a 30% increase in direct response, demonstrating the importance (and power!) of landing campaigns with movers at prime purchasing times. So, for example, using data to target pre-movers with DIY products, those on the move with home furnishings, furniture, doors and windows, while post-movers will likely be most wooed by electricals, technology and garden products.
Building Bonds
The other key ingredient to tapping into homemovers? Direct mail. This is predominantly due to its unrivalled ability to land bang, smack in the hands of movers as the address, rather than the individual, is the initial target. Furthermore, print's tangible and trusted nature makes it more engaging and memorable than on-screen ads. And so, by utilising data-driven, print-centric campaigns that speak directly to the needs of homemovers, you can position your brand as an invaluable partner in the home-buying journey.
The HomingIn Helping Hand
We know what you’re thinking. Urgh, all that data analysis, right?! But help is at hand in the form of our HomingIn campaign management system, which has successfully unlocked the homemovers market for numerous retailers.
In a nutshell, we get geeky with the data (so you don’t have to!), mapping your historical transactional data against our mover research profiles to identify key homemover spending habits and prime marketing opportunities. We can even filter our mover profiles by property characteristics, geography and demographics so you can be sure you’re targeting your ideal customers. Then, we’ll help you create and deliver perfectly timed, highly engaging direct mail campaigns that’ll bring movers knocking at your brand’s door.
Sound good? Get in on the HomingIn action
*Excluding the property purchase and transaction costs. Figure taken from TwentyCi Property & Homemover Report 2023