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*This content has been adapted from our Movers and Shakers podcast.
Larisa: Can you talk a little bit about how Porch and V12 have worked together to develop this product called MoverTech?
Michelle: Sure. This was actually one of the first things we did when we became part of Porch. It was really exciting.
My industry background is in product, so of course, anytime I get the opportunity to build something, I get really excited and my creativity gets going. This was one of those products that I really felt was going to lead us to the next level of what we can do within our industry.
V12 has been doing move or marketing for a number of years. However, when we really looked at the Porch data and the audiences that Porch could add to what we were doing, we just saw some really cool statistics. I’m a bit of a data geek, so I had a lot of fun looking at it.
Basically, how the product development started is we took a look at all of the rich data and insights that we already had – real estate, data, property data, our consumer spine – and we went ahead and created a product that combined those insights with Porch’s first-party data. This gave us a huge amount of audience extension, where we were able to add in consumers that we just didn’t know about before because of some of our other types of data sourcing we were doing.
As a matter of fact, we now have 80+% of all homebuyers and pre-movers within our mover spine. Previously, we were looking at more around 60%. So, this gave us a huge growth in our spine in addition to the audience extension.
The other thing that it did is it gave us earlier indicators of people within that spine. So we know for sure that on the Porch data side, we’re seeing people within that pre-mover event somewhere between 14 to 19 days earlier than we were seeing looking at like real estate listing data or under-contract data.
And if you know anything about pre-mover marketing, that’s just that’s absolutely important, right? Because you want to be able to market to them before they actually move so that you have that early opportunity to reach them when they’re making a series of important purchase decisions.
The data and the research that we have has shown that when you’re doing pre-mover marketing, consumers are likely to choose the first brand that reaches out to them.
Because they’re so busy making so many move-related decisions like painting, moving, and signing paperwork, they’re going to pick the first brand that reaches out to them, assuming that it’s a pretty good price and deal. So, being first to market is huge.
And then we have data that is not out there commoditized with all the other data providers out in the DSPS, SSP. Ours is different, so you don’t have thousands of other brands marketing to that exact same person. Our data is more exclusive. It’s a premium brand that gets premium results.
What we did was we took the data, we combined it, and then we run campaigns with it. Obviously, it’s audiences, so we’re not selling data. We’re actually executing on the audiences and doing all types of campaigns – whether it’s CTV, paid social, e-mail, direct mail – we run it from start to finish, so we’re able to prove that we’re bringing you new customers because of it.