LEEDS, UNITED KINGDOM — (Marketwire) — 05/14/12 — UK businesses are losing a combined GBP 600m a year – and could be missing out on a total profit opportunity of GBP 115m – by not engaging early enough with customers who are intending to move house.
These are the startling findings of a new white paper released today by Callcredit Information Group. The document, Home Movers – an overlooked marketing opportunity?-, explores the level of churn associated with home movers and the steps that businesses can take to minimise their losses.
Written by Callcredit-s head of consulting, Paul Kennedy, it reveals that mortgage providers fare the worst when their customers move house, losing an estimated GBP 367m a year to churn. Utilities, telecoms, TV, insurance and life assurance providers are also badly affected, losing around GBP 230m between them.
Research shows that home movers spend an average of GBP 5,000 on products and services related to their move, but this is also the time when consumers are most likely to change providers, with 65 per cent of people switching to a new supplier when they move. The white paper highlights that today-s consumers, driven by concerns about money, are much more likely to shop around for the best deals, with the help of price comparison sites and peer-to-peer networking.
With almost 10 per cent of households across the UK having moved home within the last 12 months, and with property transactions recently reaching their highest level for 18 months, the white paper explains that home movers are a lucrative market for both acquisition and retention, but many businesses are overlooking the opportunities that these consumers present.
Callcredit recently unveiled its Home Move Triggers Daily Alert and service, which can identify consumers at every stage of the moving cycle – from putting their home on the market and looking to secure a mortgage, through to completing the sale or signing a new rental contract. Where possible email lists, landline and mobile numbers can be incorporated into the alerts to be used in targeted marketing and campaigns.
Paul Kennedy said: “Despite the difficult economic conditions, the home mover market is big and growing steadily. For marketers, moving home represents a great and actionable communication trigger, but due to lack of resources and awareness, too many businesses ignore this opportunity.
“By highlighting, in actual terms, the revenue lost to home mover churn – which we estimate as being GBP 600m annually across the six key product areas of mortgages, electricity / gas, telecoms, pay TV, home insurance and life assurance – we hope that businesses will realise the benefits of tapping into this market in both retaining profitable customers who already exist on their and acquiring new ones. With home moves starting to peak over the coming months, it is time to act – because if you don-t, your competitors will.”
The white paper is in four sections and is available for download from URL .
About Callcredit Information Group –
Callcredit Information Group-s leading approach to deploying consumer information brings together experts across the fields of credit referencing, marketing services, interactive solutions and consultative analytics to provide businesses and consumers with a range of innovative products and services.
In a first for UK consumers, Callcredit recently launched Noddle (), a service that offers people free access to their personal monthly credit reports for life.
Callcredit-s business solutions are designed to help companies discover new customers and improve their engagement with existing customers. Products include award-winning fraud verification tools, consumer marketing data and segmentation to improve customer understanding, global operations to help expand businesses into new markets, and digital / interactive solutions.
Callcredit also offers credit risk and affordability products, bespoke debt recovery and tracing tools, and market analysis and network planning for a range of sectors.
Contacts:
Callcredit Information Group
Duncan Bowker
PR Manager
0113 388 4300
Mobile: 07557 263 660
Callcredit Information Group
Eleanor Harte
PR Officer
0113 388 4300
Mobile: 07785 464 810
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