Think about the last time you moved—whether you moved to a new rental or bought a new home, transferred to a new city or moved down the block. Did you buy new home décor? Become a customer of a new bank? Choose a new cable or satellite provider?
You're not the only one.
Moving is the largest life stage event—10 times the yearly number of first births, weddings, and students starting college. The average American household spends over $8,700 during the three-month time frame around a move. That equates to over $200 billion annually in total spend generated by moving consumers.
In both good and not-so-good economic times, movers outspend their non-moving peers by a huge margin. And it's not just their spending that is affected during the move but their relationships with all types of businesses.
Movers are likely to be making adjustments to their long-term financial plans, switching coverage to a different insurance provider, opting for a new telecommunication service, and making a list of favorite new restaurants.
Moving consumers are looking for new businesses and are up to four times more likely to try a new brand.
Getting to Know Millennial Movers
As more and more businesses take aim at the moving consumer segment, they will also need to understand the booming sub-segment of Millennial Movers. The Census Bureau reported that at the end of 2013, the cohort of 23-year-old Americans was the largest in the country, followed by 24-year-olds and then 22-year-olds.
The Millennial demographic will drive two-thirds of household formations over the next five years, according to realtor.org chief economist Jonathan Smoke in a recent Fortune article. In layman's terms: Marketers better consider digital (and particularly mobile options) they reach out to young movers.
Successful Mobile Couponing
Mobile couponing has made waves in recent years, with growing popularity among apps like SnipSnap, Zoomingo, and CardStar.
A key to mobile couponing success is the integration of location intelligence software. Consumers are 60% more likely to respond to a mobile offer if it's informed by the individual's location, according to a recent study by eBay and PayPal.
Think about Facebook, for example. You're sitting at your favorite eatery with your best friends to celebrate your birthday. You snap a photo on your phone and upload it to the Facebook app. You tag your friends, and you "check in" to the restaurant.
While you've just shared a life moment with your social followers, you've also opted to share your location with Facebook and its partners. The data gathered around your location is used by service providers nearby to offer you personalized and timely offers. By sharing that one bit of data, you'll now know at what discount you can purchase yourself a birthday treat from your favorite local retailer.
Now imagine now how this type of technology could translate to the moving consumer. What if the first piece of mail you received at your new home was targeted to your moving needs? What if you received moving-related offers, from both national and local retailers, right to your phone? What if your first trip to your new grocer triggered a mobile alert for the daily specials? Or if the telecommunication provider for your area could communicate current promotions just by sending a text?
As mobile technology continues to grow and become a more integral decision-making tool for consumers, businesses will become more reliant on refined location intelligence capabilities.
Mobile couponing isn't new... but being able to target a segment audience, based on their location is new. Now, opt-in apps don't need to wait for you to "check in" to send you an offer. They'll already know what nearby offers to send you, in real time, based on your current needs.
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Mobile technology has quickly created a new advertising platform. This digital age is one marked by a connected customer—a consumer connected to the world through mobile and social technologies.
We are in a transformative period for many businesses. Traditional brick-and-mortar retailers have begun exploring ways to become more digital, more mobile, more connected to the consumer.
Marketers will explore mobile platforms to reach existing and prospective, loyal customers.
Advertisers will target an underserved demographic of movers—especially millennial movers. And above all, businesses of all types have the unique opportunity to get moving with consumers, in real time, wherever they go.
Continue reading "Are You Reaching Out to Customers Who've Moved to Your Area?" ... Read the full article
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