Taking a fresh look at your new mover program may reveal ways to enhance its effectiveness.
Discover how enhancing your new mover program can boost your bottom line
If you’ve already launched a new mover program, you may feel that you’re in a good place to capture new business from individuals who are on the move. But there may still be things you can do to make your program even better—and more profitable.
The key ingredients for a successful program
The most crucial components of any new mover program are:
- Having a competitive offer
- Working with a multi-sourced data aggregator
- Ensuring “speed to mailbox” because acting fast is vital
How to improve your program
The move types included on the mailing list, in order of how they typically respond, are:
- Into market – moved from out of state
- Other – moved from one branch to another
- Unknown – estimated 40% unable to be identified based on their previous location
- Same – moved within the same branch footprint
Analyzing how these move types are performing and making changes accordingly can provide you with better results. For example, one financial institution’s program initially had a 1.10% response rate. After we eliminated the “same” group and reduced the target radius from 5 miles to 3, their response rate jumped to 1.40%.
Improve your program and your profitability by making the right offer at the right time.