Don't Sell Stuff to Renters - Only to Buyers [infographic]
Are home owners the best place to focus marketing campaigns? Who has more money to spare? Those who rent? Those who buy a home? Given the infographic below, in recent years it appears that home buyers have more money since renting is more expensive.
Consider the pride a home owner has vs. a renter, owners become passionate about gardening, paint, counter tops, maintenance, curtains, cookware, stoves, and much more. Renters are more focused on buying things they can take with them down the road when they move.
The psychology of a renter is wrapped around "temporary" since exiting is a simple process. The mind set of a home owner is more long term so they will sacrifice personal effects to buy the best cabinets.
If you consider the question: "Do you own or rent your home?", the answer will silently shout what the person answering might be interested in.
I am not convinced that renters will curb extra spending since more of their money is for rent but I am convinced that when you consider who will buy your products or services, the large gap in the mindset between the two will help any entrepreneur quickly evaluate whether someone may be interested in their product or service.
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How easy is it today to learn how long someone has owned their home? It only takes a click. Various online real estate databases have the history of any home available to the public. www.zillow.com, www.trulia.com and www.salesgenie.com are but a few of the many resources.
The government makes resources available for free for homeowners at: http://www.usa.gov/Citizen/Topics/Family/Homeowners.shtml
If your business is sensitve to home ownership, then it is time to start your list. Starting tomorrow, every new home sold in your marketplace needs to be added to your "new home owner list". At that point, you know they are going through major life choices and need help. Hopefully you will create a win-win during what can be a very delicate time as they learn their new neighborhood.
Renters buy stuff too but I would bet the shopping carts look much different than that of a home owner. If you don't want to leave business success to random chance, you will know who you are connecting with in advance.