Introduction
Although new parents represent a small segment of the total population, it is
a transitional phase in peoples' lives. Transitions mean altered needs, and new
parents are receptive to offers of new products. Many new parents soon become
home movers, and by tracking home movers, utilities improve their retention
rates and develop durable relationships with consumers as they move up the value
chain.
Scope of this report
- Explanation of the importance of targeting young families - a way of
tracking home movers, and a way of targeting a segment with growth
potential.
- Insight into the issues affecting young families - mastery of which can
equal commercial success for a utility.
- Advice on tracking home movers - utilities can identify a sub-segment of
families that will need to move house, and who therefore need to be watched.
- Advice on tracking home movers - utilities can identify a sub-segment of
families that will need to move house, and who therefore need to be watched.
Research and analysis highlights
There is a lack of family specific targeting many parents did not even know
what this would involve on the part of a utility. This has positive and negative
consequences: there will be little competition for the utility that does target
families, but they will not know what to expect.
Simplicity is crucial but this can mean sending a bill every quarter and not
a whisper more, or it can mean continuing a deeper customer relationship, but
doing so flawlessly.
Parents become more risk averse, and this can be used by utilities to sell
more home insurance services. But many people are cynical about these services
because the perceive them to be 'rip-offs'. Utilities either need to be clearer
about the value of these services, or market the same services, but charge the
market price on a per-use basis.
Key reasons to read this report
- Gain commercial advantage from an understanding of an important, segment
of the customer base - one that has been overlooked by utilities so far.
- Improve the way that home insurance products are marketed to the people
who are most likely to buy them.
- Discover simple ways to transform an existing product portfolio into a
fresh tariff, by addressing the perceived needs of young families.
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