According to Speedeon Data, approximately 36 million people move each year — and these movers spend, on average, more than $9,000 within the first three months. What’s more, it’s estimated these movers engage with 71 new brands during their transition.
Movers have a lot on their plates initially but, within a few months, they often make home improvement projects a priority. Some of the smaller purchases may involve new appliances and other home upgrades where a new credit card could come in handy. Larger investments like remodeling or adding a swimming pool are likely to pop up after 6 to 12 months of living in the new home. Additionally, people buying a new home probably delayed buying a new car before the move to save money and help qualify for the loan. Now that the purchase is in the past, buying a new car may be on the horizon.
The act of moving itself can be a signal about life changes as well. It is possible the move was initiated because the family is growing and they need more space, which can indicate many financial needs. Conversely, the new mover may be downsizing as children go off to college or in preparation for retirement. This could mean travel or a retirement home may be coming next.
Research shows that new movers are five times more likely to become long-term customers if you reach them first. Although some of the opportunities may not be immediate, the different stages of needs means it is important to be in front of them early and stay in front of them so you are top of mind when the need arises.
New movers represent two opportunities… deepening the relationship with current customers and acquiring new ones. For current customers, you can “monitor” your customer base and identify when your customers move… sometimes even before they tell you! Combine this with other Life Stage triggers like newly married and having a baby and you can be ahead of many potential financial needs, which helps the customer feel like you are looking out for their best interests.
Traditionally, using new mover data to gain new customers has revolved around the checking product. However, as demonstrated above, there is a lot of opportunity around credit card and lending 6 to 12 or even 24 months after the move. Combining the New Mover information with additional demographics and intent data can lead to very specific— and relevant—targeting and messaging.