Home movers on the increase, but does your data reflect this?
17 May 2016
According to a new report by The Connells Group the UK property market started 2016 at breakneck speed with even stronger and more buoyant activity than the positive sentiment seen during the final quarter of 2015.
The report showed that the number of active buyers entering the residential property market reached new heights. It also revealed that activity from renters has grown at a healthy pace, as this group often uses the start of the New Year as an opportunity to move into new accommodation.
Finally, the mortgage market has also sprung back to life, largely propelled by high activity levels in the residential and buy-to-let sectors. Home movers and first time buyers are seeking to take advantage of the low interest rate and high LTV lending environment.
All this adds up to the fact that there has been a significant spike in home movers – whether renters or purchasers. For marketers this movement creates quite a headache! An increase in movers means an increase in out of date customer records. It is well known that it costs more to acquire a customer than it does to retain one and consequently loosing track of engaged past customers can be extremely costly.
This is extremely pertinent as it is proven that at this time of year consumers’ purse strings become looser as the weather improves. Ensuring that direct mail is being received by the intended recipient is therefore an important consideration. Gone away suppression solutions allow organisations to both identify the customers within their databases that have moved and also trace them to their new address enabling the company to reignite the relationship.
Many bureaux offer free data hygiene audits that will identify how many records within a database are out of date. If you would like more information on this please don’t hesitate to get in touch.