Sample Home Move Marketing Plan for a multi-product financial services provider
Moving home represents a powerful and actionable event trigger, an opportunity often overlooked by marketers in many service providers.
The disruption of moving home is both an opportunity and a threat for many providers depending on the relationship they have with the potential mover.
Moving Home as a threat:
If a home owner moves to a different location they may not approach their existing lender for financing, but instead arrange funds elsewhere and only notify their existing mortgage provider by way of settlement.
If this is the first notice that provider has of a customer’s intention to leave there is little opportunity to retain the business and some major financial institutions have reported as much as a 60% attrition rate at this stage in the moving process.
If on the other hand the lender had advance warning of the property being put up for sale they would have been able to communicate with the customer in the early stage of the process, engage with them and make a timely offer.
Moving Home as an opportunity:
From an acquisition point of view moving home provides a window of opportunity to offer the consumer a product or service that’s relevant at the time when they are looking to switch.
This presents an opportunity to increase typical response and conversion rates and timing is obviously critical in reaching these outcomes.
Solution:
The creation of a well-structured marketing programme with focused business objectives will allow both the opportunities and threats associated with the move to be capitalised upon. The diagram below shows how this may look for a multi-product financial services organisation developing a strategy for retention, acquisition and cross-sell of new and related products to existing and potential customers. By considering the value of existing customers different prioritisation and channel strategies could be created to suit. A similar approach could be taken with other market sectors such as telcoms, retail, insurance or utilities.
Don’t let home movers be overlooked as a marketing opportunity. Include these life event triggers into your customer retention, external acquisition, cross-sell and up-sell activities and enjoy the positive outcomes.
For more information about Home Mover Data please contact Debbie Mutton on 0407 539 187 or
