Buying a house is one of—if not the—biggest major-life purchase (MLP) decision for consumers. There’s a flood of decisions to make related to the purchase itself, as well as numerous financial responsibilities that come with homeownership. Did you know that new movers spend upwards of $10,000 on products and services related to their home? These are purchases like finding the right mortgage servicer or working with the best carrier on homeowners or even auto insurance. It’s a massive market with a lot of potential.
Knowing which prospects and customers are beginning or accelerating a home buying journey can give marketers a competitive edge. This leads to better retention, acquisition, and cross-sell opportunities. In fact, I recently shared my personal experience buying a home explaining how my bank missed the opportunity to fund my mortgage. To help MLP marketers avoid these costly mistakes, we’re excited to launch our Homebuyers Journey to monitor this type of activity.
A successful marketing strategy begins with understanding the home buying life cycle and engaging consumers with timely and relevant offers as they pass through its various stages. Our Homebuyers Journey monitors this activity so marketers can better target this population.
The journey runs within our Activate product, which is a monitoring platform that enhances 1st party data. Organizations provide us with their prospect and customer portfolios and we deliver daily updates directly into their marketing execution systems. The behavioral data they receive indicates if a consumer has entered or progressed in an MLP journey.
Take for instance P&C carriers who want to bundle auto and home policies. A top churn reason for auto policies is when a new home policy is written with a competing carrier who offers an auto bundle. Wouldn’t it be great to know more about your current customers? The behavioral data in our Homebuyers Journey helps these types of carriers identify that the consumer is buying a home and proactively inform their customers about bundle opportunities before their competitors reach them.
Similarly, in mortgage lending, where recapture rates are 15% or lower, our Homebuyer’s Journey can monitor lenders’ customer database to identify those researching purchase loans. Now, with our new Homebuyers journey, we’ve expanded our network to include consumer research behavior on real estate listing sites to help lenders inform re-engagement timing by identifying old prospects who are showing renewed research for homes.
We’re excited to launch the Homebuyers Journey that will further organize and provide access to MLP behaviors, enabling marketers to have the smartest and safest interactions. We’re helping hundreds of companies improve their retention, acquisition and cross-sell efforts by providing these early behavioral buying signals on their customers and prospects. With the behavioral data we can provide, marketers are able to reach the right customers with the right message at the right time.
Lauren Dickstein is VP of Product at Jornaya.