Moving is turmoil. It has to be. Between packing, unpacking, updating accounts, and switching cable, phone, and internet services, there’s more to moving than simply getting a new key for your ring.
14% of the U.S. population moves every year, according to the U.S. Census Bureau. That’s roughly 40,000,000 people packing up and relocating every 365 days. And when they move, they’re making a lot of buying decisions – telecommunications purchases being one of the biggest.
Why is that important? Because it highlights an opportunity for telecom marketers. But before we can address it, we need to first understand the roots of this new mover marketing situation.
A look back at the telecommunications industry
For years, the telecommunications industry expected churn. It was simply business as usual.
A large percentage of telecommunication companies’ disconnect orders happen during peak mover season. When telecom marketers finally uncovered that this major life event was driving the churn, they assumed their normal marketing tactics would result in new customers from people moving into their territory, and existing customers retaining the service they’ve already had.
Not the case.
There will always be people changing companies because they’re not happy with the product or service. But the mover market represents a huge opportunity deserving a higher retention marketing budget.
Capitalizing on this opportunity requires a unique acquisition and retention marketing strategy. So let’s first take it back to Marketing 101, look at the data, and try to understand the mover marketing mindset.
Who are the movers, and what do they want?
As many as 21% of movers will spend more than $10,000 on products over a six-month time frame (home services, home improvement, and retail). Typically, this stage occurs in the three months prior to the move and three months after, which are the key windows of opportunity.
But purchasing power is only part of the picture. Also consider these important facts about movers:
- 60-65% of moves occur in Q2 & Q3.
- 60-75% of movers looking for a new provider choose the first provider they contact.
- 60% of movers stay within 20 miles of their current residence.
- 57% of movers stay within their current county.
The entire process of moving can create a lot of stress. Naturally, the companies that make this transition the easiest will be rewarded. In many cases, these individuals are looking for companies that:
- Understand moving is a unique experience for each person.
- Make a connection when it matters most (in moments when the person is overwhelmed).
- Offer up a solution to a problem they’re having to ease the stress.
- Offer multiple ways for the mover to research and place orders – telephone, online, mobile, etc.
The takeaway: Consumers reward companies that make this life event a seamless transition. This approach should be a pillar in telecom’s new mover marketing strategies. But what else do they need to consider?
Developing your mover marketing strategy
As you begin to understand the mover’s unique needs, use the following steps as a guide to build your marketing strategy and take it to the next level.
- Define the opportunity from all areas of the business: What’s your approach for acquisition? Retention? Upselling?
- Identify why your product matters: What value are you providing from a product AND service offering? What are pain points in the pre- and post-move phase? What solution are you providing?
- Develop messaging and touchpoints that are relevant: Can you identify unique segments and attributes of your mover customer and prospect base? How should you communicate with each one of them? How can you communicate that you understand their challenges to make an emotional connection?
Like the moving process, piecing together your strategy will take time and effort. And it’s important to note that a single piece of direct mail, or one email campaign, won’t likely be your silver bullet. It requires multiple touchpoints and channels to make a real impression on new movers.
But in the end, the effort is worth it. The opportunity for success is there, and the numbers prove it.
The success of our New Mover marketing programs is proof of the potential. If you need help with your own campaign, get in touch and let’s start a conversation.