Did you know that moving home triggers consumers to reevaluate their brand choices and try new things? No, well you could be missing a magic moment right there!
Moving home is an emotional and exhausting time. But far from switching off to the world, consumers tend to be more acutely aware of their surroundings and be looking for ideas to start afresh in their new environment. In fact, Facebook has recently found that during moving (around 3 months before and 4 months after the move date) consumers spend approximately $9,000 on new products and services, whilst still checking in to Facebook more (approximately 19% for the 18 years + age group) often than usual.
So, it's a good idea to keep an eye on moving trends in your marketplace and understand when consumers may be most susceptible to your marketing messages. In the UK, the best time to sell a property is typically in the Spring time, yet almost 50% of all moves occur between August and November. What's more people opt to move at the end of the month and the average Brit moves approximately eight times in their lifetime.
People have lived in 10+ homes
UK population move every year
Drop in house purchases in 3 months to polling day
Savvy brands have started to fine tune their campaigns around these peak times of interest, with particular success seen in financial services (mortgages, for example), utilities, household retailers (particularly kitchen and bathroom suppliers/designers, home entertainment, etc) and furniture companies. However, this is not limited to solely companies who provide household goods or services. Despite the large financial investment involved with moving homes, recent studies suggest that we are also more likely to switch our smartphone, update our laptop or camera, refresh our wardrobe or try new experiential services at this time.
The flipside of this coin - you have to work harder to retain your existing customers who are moving home. Too often we forget about the impact this can have on our business and concentrate too heavily on acquisition.
So remember, happy customers are loyal customers, and gaining a new customer is far more costly than retaining an existing one. Maybe it's time you checked in with a few of your customers?