Targeting Movers: A Promising Opportunity.

Acquiring new customers is often about timely engagement, and what better time than during pivotal life events such as getting married, welcoming a baby, or relocating?

One significant area of interest for movers is mortgages. While the obvious offering might be securing financing for their new home, movers’ financial needs often stretch beyond the conventional. Some potential mortgage-related needs include:

  • Refinancing an existing mortgage, whether it’s to capitalize on lower interest rates, modify loan terms, or access their home’s equity.
  • Consolidating high-interest debt into a home loan.
  • Exploring mortgage products tailored for investment properties, renovations, or construction, such as specialized construction loans.

Beyond mortgages, there are other financial products that can cater to the needs of those in transition. Personal loans, for instance, might be a mover’s answer to acquiring new appliances or furnishing their space. As they settle into their new space, they might also explore fresh banking products aligned with new service subscriptions like internet or cable.

However, a common pitfall is the underutilization of existing data or utilizing a single data source to inform marketing strategies. Such an approach can lead to gaps in data, resulting in inefficient targeting and wasted marketing dollars.

Engaged properly, movers are a promising group. According to research performed by FocusUSA, movers spend an average of $9,000 per move. What’s more is that in 2022, the U.S experienced the first YoY increase in moving volume over the last decade*. In 2023, we are seeing many of the same factors influencing moves: inflation, interest rates, work from home policies, and weather patterns.

As consumers continue to crave personalized experiences, invest in data tools that allow you to engage them genuinely and make them feel like you comprehend their unique situations and champion their interests. A well- executed strategy targeting movers shows promise of delivering strong acquisition and retention results.

Source: U.S. Census