With interest rates still riding high, the cost-of-living crisis rumbling on and mortgage rates still quite static, many UK homeowners are rethinking their next steps. While some are still set on making a move, a recent survey* shows that over a third of homeowners are opting to stay put and make the most of what they’ve got.
In this uncertain economic climate, it’s an ongoing challenge for brand owners to know where to focus marketing budgets – chase the home-mover audience or play to the needs of people staying put? However, with a strategic marketing campaign, it is possible to speak to effectively target both audiences.
Here are our top five tips to maximise your marketing efforts in an uncertain housing market:
- Think about the structure of your campaigns
A smart campaign structure should cater to the full spectrum of your audience’s needs. Start by defining your core audience groups of movers and improvers then build out bespoke campaigns for each. The messaging, creative and offers should be tailored around the specific needs and motivations of each group but always rooted in your brand’s overall proposition.
- Build agility into your strategy
With the outlook for the housing market in the balance, agile marketing is key. Consider setting up flexible, modular campaigns, which allow you to quickly adapt or shift your focus based on audience interest and engagement. Use data and insights from your campaigns to continuously test and refine your approach (a tactic we put into practice for national kitchen retailer, Kutchenhaus). This might mean tweaking your ads, changing your targeting or adjusting messaging based on the real-time feedback from existing campaigns. Stay on top of emerging market trends and be ready to shift gears when needed to ensure you stay front of mind with consumers.
- Understand the customer journey
Gone are the days of the “bricks vs. clicks” debate. Homebuyers and renovators are now blending the digital and physical worlds in myriad new ways when making ‘big ticket’ purchases for their homes. Consumers might start their journey online, researching ideas, products, and prices, but still often want to visit a store to see and feel a product in the flesh, or to get expert advice. Increasingly customers are also looking for inspiration through social channels, using online design tools, AI-powered room configurators or visiting virtual showrooms, as well as seeking ‘social proof’ through online reviews (e.g. Trustpilot, Google, Feefo etc). The key here is to understand this complex journey and ensure your campaigns guide consumers seamlessly through the process, offering relevant proof points at key moments.
- Help guide consumers through the funnel
Whether people are moving or improving, they’re likely looking for ideas and solutions to make their homes better. From renovation tips and before-and-after stories, to guidance on choosing the right product for their needs, there’s plenty of room for you to engage both audience types with high-quality content. Think about ways to help prospect buyers visualise their potential project or home move and, of course, share success stories that inspire confidence and show how your products can help turn the dream into reality.
- Don’t miss the nuances
Although much of the same high-quality content might appeal to both movers and improvers, make sure your messaging accounts for the subtle differences between these audiences. For example, those who haven’t yet moved into their new home may not be as familiar with the home’s layout or be able to use room visualiser tools. Those who are in the middle of a renovation might be ready to purchase immediately, whereas those in the process of moving house may just be researching ahead of time. While each audience will have similar interests, your campaigns should guide consumers to engage with your products in the right way at the right time.
It’s clear that the UK housing market remains in flux, but this presents an exciting opportunity for home interest brands. With the right approach, brands can speak persuasively to those who are renovating or relocating with smart, targeted marketing. After all, a little creativity can go a long way…
If you want to discuss ways we can help your brand navigate an uncertain market, get in touch with our expert team.
Source: https://www.mybuilder.com/blog/a-third-of-homeowners-choose-to-improve-not-move
