The benefits of predicting a customer’s move before they move
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Moving is a big deal, for both customers and retailers
Whether it’s from apartment to apartment, a house to a condo, or between countries, moving is a major event in most people’s lives. And for retailers, a change in a customer’s location often serves as a trigger for major purchases: new furniture, moving supplies, or even the home itself. If retailers had more insight into who might be planning a move, they could send more refined marketing messages to customers that are likely to be well-received and acted on.
But how can retailers know when someone’s about to move?
At Grandata, an established leader in cutting-edge anonymous data analysis, we’ve been working to add context to data we’ve been able to collect in order to understand how spending data, browsing data, communication data and changes in geolocation all contribute to the ability to detect when people are about to move. For example, if we can identify a group of people whose daily mobility patterns have started to shift coupled with searches for information about mortgages through browsing data, we start to infer the likelihood of a move is iminent. When we begin to layer on communication data and see conversations with realtors, their move score increases.
Helping customers before, during, and after they move
The upcoming changes in the lives of your customers can serve as a point of entry for starting a conversation and building the foundation for a lasting relationship. Major life changes can be emotional, and often consumers are looking for financial advice at these times. By communicating with customers in a way that feels personal at a time when it’s most likely to be well-received, you can open the door to a relationship that continues even after they’ve made their move.
How Grandata’s analysis provides new insights
Using anonymized geolocation data from mobile phones, we’re able to see where groups of people are at different times throughout the day over a span of several months. We then extract “points of interest”–places where people spend large amounts of time. We can discover the general areas where people live and work by studying their mobility patterns and multiple points of interest.
We also add context by discovering where people take care of other everyday activities. The more context we’re able to add, the more insight we have into patterns of behavior. Lastly, when we start to notice changes like in internet browsing patterns or shopping locations, we can make connections weighing the probability of future life changes.
A relationship that moves with your customers
In addition to noticing changing locations, new insights gleaned from data can signal when people are thinking about retirement; when students are about to graduate from college; or when people are thinking of investing in other ways. These are all major milestones which can open the door to a relationship that is beneficial for both retailers and customers. What life milestones would be valuable for your business to learn more about?
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