Marketing To Millionaires: More Numerous, More Diverse, More Challenging

By any measure, the number of Americans that can claim millionaire status is rising, and rising rapidly. No matter how it is measured, whether by total net worth (including homes and other assets) or by financial assets alone, there are many more people living the life of luxury, or at the least, a life free from the worries that plague the less financially endowed.

On the surface, with millionaires being thick on the ground, it should be easier for marketers to sell to them. Yet with the millionaire class more numerous, they also are becoming more diverse, distinguished by greater diversity in gender, marital status, age, ethnicity and other demographic characteristics, but more importantly in consumer behavior, values and lifestyles. It is complicating the marketers’ job to identify them and communicate effectively with them.

More millionaires is both blessing and curse for marketers today .

Millionaires by the numbers

Estimates of the number of American millionaires varies by source and how millionaire status is measured. Credit Suisse’s Global Wealth Report puts the number at 15.4m, with predictions that their ranks will grow by some 16% by 2022 to reach 17.8m. Further they claim the number of millionaires grew 7.7% from 2016-2017.

Spectrem Group, which services the investor community, reports a more conservative 11.5m American millionaire households, based upon financial holdings, including some 172,000 households with a UHNW status in excess of $25 million, whose numbers increased by 10% from 2016 to 2017.

Bethesda-based WealthEngine, which compiles detail data about more than 240m US consumers, pegs the number of millionaire households at some 16m, including all financial assets, in a new study The 2018 US Millionaire Report. WealthEngine estimates some 7% of American adults enjoy a millionaire’s lifestyle. But with so many, the challenges of marketing successfully to them has grown exponentially.

To help marketers understand how to succeed in marketing to today’s millionaires, I sat down with Patrick Bischoff, who heads the company’s professional services team and Rick Nichols, who works in WE’s Atlanta office. They tell me a one-on-one marketing strategy is what is required to tap the tremendous spending potential in the millionaire market.

To read the full article, please visit Forbes.com or click here.

20 Most Promising Digital Marketing Solution Providers of 2018

CIO Review 20 Most Promising Digital Marketing Solution Providers 2018

Higher Conversions and Cost-Savings through Data

Marketing has long been based on instinct. Today however, with customer tastes becoming more varied and complicated; instinct alone is not enough. Data-driven decision making, segmentation, targeting and positioning have become the norm for corporations. But is all data the same?

Marketers and fundraisers are faced with finding the right target audience to buy their product, invest or donate money from among millions of individuals with varied data points. Generic data may be easily available, but marketers pay a high price for prospects lost through the conversion funnel.

Under these market conditions, WealthEngine, a campaign automation company, based in Bethesda, MD, has created a unique way for global brands and social causes to benefit from advanced machine-learning and data science. This intuitive platform enables marketers and fundraisers to take an individualized approach.

With continuous learning from our data, clients can reach a prospect right at the moment of interaction. Precision + timing is everything

“We put the AI in CampAIgn using machine learning algorithms that improve precision, timing and outcomes, with every successive outreach campaign,” states PV Boccassam, CEO & Board Member, WealthEngine.

Clients can conduct parametric searches on over 300 million profiles and 122 million U.S. households. WealthEngine’s robust wealth data on net-worth, income, assets, real estate, insider stock- holdings, and charitable contributions helps organizations reach the right high-net-worth individuals. Campaign precision and consequently conversion rates are driven up by enriched data on demographics, lifestyle, political and ideological affinities, interests, etc. that creates a 360-degree view of prospects. This holistic yet private form of engaging with a prospect results in highly personalized, high-precision and high-impact outcomes that are repeatable and scalable.

Additionally, WealthEngine’s learning science models look-alike behavior, enabling clients to identify a model that works and replicate their success on subsequent campaigns. Clients can identify wealthy donors and see their entire wealth knowledge graph that gets deeper and richer over time.

The data from WealthEngine assimilates with the client’s existing data sets to deliver a complete view of prospects’ buying and spending capacity and to screen existing prospects to identify the best match for any given campaign in real-time.

“With continuous learning from our data, clients can reach a prospect right at the moment of interaction. Precision+ timing is everything when it comes to conversion- knowing that your best prospect is right here, right now!” states Boccassam.

Moreover, the company follows stringent data security guidelines and performs audits through third parties and uses robust security mechanisms like hashing techniques and proprietary data security processes.

“We have had several success stories with nonprofits such as the Humane Society of The United States to luxury retailers like Buccellati,” states Boccassam.

Lisa Mitchell, Director of Capital Campaign at Ronald McDonald House Charities who has used WealthEngine in a $30 million campaign has said, “This campaign has allowed us to push our board and committee members in directions they would not have gone before.  WealthEngine’s Circle of Friends Analytics have helped our best; most enthusiastic supporters realize that they had even more contacts that could help the charity.”

WealthEngine can be integrated with its client’s systems through API. As an API-first, cloud-native company, WealthEngine includes best-in-class wealth knowledge graphs, the data on which is continuously harmonized and refreshed.

“As the de-facto industry leader, we have seamlessly integrated our capabilities into recognized systems like Salesforce, and Ellucian, and 30+ systems across industries like nonprofits, healthcare, education, luxury retail, etc.,”states Boccassam.

Through WealthEngine’s enriched data and advanced machine learning, marketers and fundraisers can benefit from precise targeting; leading to high impact outcomes and increased cost savings.