New white paper provides best practices, case studies and practical tips for Luxury marketers to apply wealth intelligence and predictive analytics to develop an effective marketing strategy
Bethesda, MD; November 1, 2012. WealthEngine, Inc.™, the leading provider of sophisticated wealth intelligence and analytics announced today the release of a new white paper, “An Analytical Approach to Wealth Intelligence: How Luxury Marketers Can Grow Market Share Using Predictive Analytics and Modeling” that outlines the value of using analytics when developing an effective marketing and prospecting strategy.
The luxury market continues to adjust to recent economic turbulence, making it all the more important for luxury brands to adapt to changing market conditions and evolving customer needs. “Current research shows that there is solid opportunity for growth in the luxury market where brands show exceptional quality, reputation and value. But with the variety of choices available and the changing dynamics of customer relationships, its important for marketers to distinguish themselves and demonstrate a deeper understanding of their customers and market segments,” explains James Dean, Senior Vice President and Head of the Luxury Practice at WealthEngine.
As Stephen Kraus, Senior Vice President and Chief Insights Officer at IpsosMediaCT’s Audience Measurement Group explains, “Wealth is a powerful predictor of spending in virtually every category, particularly luxury. For marketers, targeting and segmenting wealthy consumers has become more important than ever.” Wealth intelligence gives these organizations a deeper understanding of who their best customers and prospects are –their wealth, personal and professional interests, lifestyle, business and family– so they can be more precise and focused in reaching their audience with the right message and the right promotional offers. Custom predictive analytics go a step further and allow marketers to draw insight by analyzing actual customer data along with WealthEngine’s wealth data, to expose patterns that can predict future customer behavior.
Designed for luxury marketing and business development professionals, the white paper provides best practices, case studies and a methodology for leveraging an analytic solution to find prospects that look like top customers, and to find opportunities to upsell, cross-sell and drive share-of-wallet among existing customers. Included are highlights of the wealth scores and custom predictive analytics that are available through WealthEngine, giving marketing professionals a practical guide to building an analytical approach to their marketing and prospecting.
Readers of this white paper will learn about:
Many of WealthEngine’s luxury clients, from high-end fashion and jewelry to travel and hospitality, from luxury automobiles to private aviation, have seen dramatic results by using wealth intelligence and predictive analytics to build strategies to grow their business among high net worth and ultra high net worth customers. With a systematic approach to understanding their customers and prospects, these organizations are able to uncover new sales opportunities, increase customer retention and gain a competitive edge while deploying marketing resources more effectively.
“It’s all about gaining greater share of wallet from your customers and building referrals off of your customer base. Using only traditional database marketing tactics just doesn’t work anymore. Those luxury brands that use advanced modeling and predictive analytics to segment their customers and target their campaigns are the ones that are going to succeed in today’s market,” says Greg Furman, Founder & Chairman of The Luxury Marketing Council.
As Dean explains, “Ultimately, it’s all about creating a closer tie to the customer. Understanding wealth and lifestyle patterns that drive possible customer consumption behavior, such as an increase in net worth or the purchase of a second home, allows marketers to uncover opportunities to reach the customer with a timely offer and a relevant message.”
To learn more, download a copy of this complimentary white paper at http://info.wealthengine.com/lm-applying-analytics.html.
About WealthEngine, Inc.™
WealthEngine, Inc. is a leading provider of sophisticated wealth identification and prospect research services to providers of luxury organizations including luxury goods, retail, jewelry, private aviation, automobile, travel, real estate, hotels & resort and art and antiques. WealthEngine is a member of The Luxury Marketing Council. WealthEngine clients also include many financial services firms and philanthropic organizations that target high net worth individuals. More than 3,700 clients use WealthEngine for comprehensive research and analytics on individuals, companies and foundations. Headquartered in Bethesda, MD, WealthEngine serves both the United States and the United Kingdom. For more information, visit www.wealthengine.com.
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