Member Article

2023: How to capitalise on a market that actively wants to spend in a fragile economy

Despite the bleak economic climate there are still 401,000 households wanting to move in the next six months according to our latest figures. This is a small increase on the number of people wanting to move during the same period last year, a time when the stamp duty holiday had just come to an end, and 123,000 less than Q3 2020 when the generous fiscal policy was at its zenith. Despite this drop however, there are currently 1.55 million households progressing through the entire home moving journey – this is the highest number in over a decade. 

For marketers, what is key, is that irrespective of a predicted softening of the buoyant housing market next year, there is still a plentiful appetite for home moves which spells opportunity moving into 2023.

Homemovers are one of the most attractive consumer groups worth an estimated £29 billion to the economy each year. The fact is, that home movers spend money over and above their new home. They spend across a vast range of categories – not just the obvious: DIY, home improvements, furniture, garden products and technology. They reassess everything from their gym memberships through to their cars sitting out on their new drives. They consider their finances, change their utility providers and given that a home move is considered more stressful than divorce, starting a new job or starting a family; they also look at their next holiday! Home movers touch pretty much every B2C sector. In a time when the cost-of-living crisis is having a significant impact on consumer spend, knowing there is a market that will be spending regardless is incredibly valuable. 

And the better news for marketers is that unlike other segments, home movers are both are easy to find and target. They are also very predictable. Home movers progress though a linear home moving journey: 

Stage 1: Wanting to move 

Stage 2: Moving soon 

Stage 3 Moving now 

Stage 4: Just moved 

Stage 5: Settling in 

Each stage is defined by certain behaviours, wants and needs. And progress through the journey is governed by a series of events (including offer acceptance, exchange, completion) that must happen for the household to reach the final stage, or if the sale falls through return to the start of the journey. As a result of this, as a household progresses through the stages it is possible for marketers to overlay their own customer journey and map exactly when they should start prospecting to each individual household and use events such as exchange and completion to trigger new communications. How that household responds (or doesn’t) will influence the next touch point and so on, until the customer converts or reaches the end of the home moving journey.

Home mover marketing is entirely process driven. Once the process has been defined it can be entirely automated and as a result return on investment is incredibly high. At a time when marketing budgets are being revised down surely the safe bet for any consumer facing business is incorporating a home mover strand of activity in the marketing plan that delivers a guaranteed market and importantly requires minimal investment to reap the rewards? 

This was posted in Bdaily's Members' News section by TwentyCi .