Could your business use some new customers? Looking for customers who are highly motivated to buy and to establish relationships with new businesses like yours?
If you’re not marketing to new residents in your area, you may be losing out on a big chunk of money.
New Mover Profile
In a 2013 study, marketing research firm Epsilon defined a profile describing new movers. They found that, on average, people who move are:
- Under 44 years old.
- Single people or young families.
- Families with an annual income under 75,000.
The largest percentage of new movers are 24 to 34 years old (a coveted age group for savvy marketers who know that younger buyers are the most willing to try new products and brands). On average, they earn between $50,000 to $75,000 per year.
Why the Profile Matters
So why do you need to know all this about new movers?
Because creating a marketing plan that focuses on this lucrative niche can yield huge results. The average new homeowner household spends $9,400 to get established after their move; renters shell out around $4,700.
These consumers need everything from furniture to new phone and telephone providers, and they’re highly motivated to try products and services with companies they’ve never dealt with before. Creating a campaign that focuses on that younger age group and their needs can have a big impact on your revenue.
Why You Should Target New Movers
Not quite convinced? Here’s another major reason to target new movers: ROI.
This means that, even if you sell a low-cost product, the lifetime value of that new mover customer can easily push into the thousands of dollars.
Another good reason to target new movers is that you’ll be putting your brand and message in front of them at a time in their lives when they’re most receptive to new offers. That can mean a shorter sales cycle, further boosting your ROI.
The USPS estimates that 45 million people move every year in the United States — almost 17% of the population. That number represents a huge opportunity for businesses like yours who understand the value of this consumer group.