WealthEngine: 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. 

“We put the AI in CampAIgn using machine learning algorithmsthat 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 enricheddataon 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,” statesBoccassam. 

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.

Data-driven Best Practices for Year-End Fundraising in Higher Education

year end fundraising

Year-end fundraising is often taxing on Higher Education fundraisers. You may find yourself bogged down by year-end development deficits. If this is you, don’t worry! The best response to this scenario is to channel your energies into planning your next year. We have a list of data-driven best practices to strengthen your year-end fundraising and annual planning for the following year.

Fundraising efforts are often affected by the availability of resources. Three major resource challenges can be personnel, time and data. Team size and time-constraints are challenges often difficult to overcome. In instances like these, data can be the solution. Data should not be generic or ambiguous. In fact, it has to be rich, refined and effective enough to make up for the other two resources.

Continue reading “Data-driven Best Practices for Year-End Fundraising in Higher Education”

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.

Marketing to the affluent millennial consumer, everything you need to know

marketing to the affluent

Marketing to the affluent millennial consumer is going to be a key skill for luxury companies. There is constant chatter about millennials and whether they work hard or are hardly working. It is time to put this debate aside and pay attention.

Why are affluent millennials important to luxury companies?

Millennials are going to have a big impact on our economy.  This means that you cannot discount them and their growing wealth. The number of wealthy millennials in the United States is increasing. Millennials make up nearly a quarter of affluent U.S. households. Where does their wealth come from?

Their wealth, in fact, can be attributed to inheritance and early professional success in the technology industry.

Affluent millennials are a key consumer segment. Moreover, you might find yourself competing against other luxury brands for their attention. Marketing to affluent millennials will need a new outlook. If you haven’t already, it’s time to start shifting your thinking and strategy. Luxury consumers are more valuable when they are younger as they spend 1.5 to 2 times more than older affluents. Their expenditure applies to both luxury goods and services.

How can you successfully market to the affluent millennial consumer?

To truly engage the affluent millennial, you need to learn everything you can about them. This will help you personalize not only your messaging but also the whole customer experience. Here are some ways you can better understand and market to affluent millennials:

Interested in learning more about the spending trends and lifestyle attributes of millennial millionaires? Download A Look at Wealth 2019 and get insight on this influential group.

WealthEngine’s Step by Step guide: Marketing to the Affluent Millennial Consumer

Step 1

Start by understanding the impact of millennials on your business. Affluent millennials show greater brand loyalty than other generations. Therefore, luxury retailers should strive to understand this group and their spending habits. You should have a good idea of the economic benefit this group can bring to your specific brand.

WealthEngine’s client, an iconic US-based Luxury brand, realized an ROI of 340% in just 60 days of running a direct mail campaign. The campaign helped them gain nearly 3x more revenue per customer. They were able to accomplish this by targeting a list of 22,000 households with $5M or above in net worth, and specific demographic and lifestyle attributes. Thus, their understanding of their customer led to a marked increase in revenue.

Step 2

Next, you should build on the information you already have by appending wealth, income, lifestyle and affinity information. What interests or attributes do they have in common? Do a majority of them live in one area? This information is key because it’s specific to your brand and your millennial buyers.

WE Screen can add these key attributes to your existing data. Through screening, you can develop a holistic picture of your millennial customers. Marketing to the affluent millennial customer begins with understanding their capacity to spend and their interests.

Step 3

Once you know the characteristics of your top millennial buyers it’s time to find more just like them. WE Analyze creates a look-alike model. This means you can take your screening data and run it through analyze. The solution then finds common traits and patterns among your top customers in this segment. These patterns can help you find more prospects just like them.

For example, you can find out that your customers are all between the ages of 28 and 32. Further, you can find that they are all concentrated in the Bay Area. This helps you find more prospects like them. Your marketing can already be directed to the older, affluent millennial in the Bay Area. Doing this would help you find prospects you might have previously overlooked. Secondly, it prevents you from spending on younger millennials who may not relate as strongly to your brand.

Step 4

Marketing to affluent millennials cannot be a one size fits all solution. Therefore, you shouldn’t market to all affluent millennials with a single message. This will not resonate with some of them. Be smart and focus on the ones that most resemble your customers. Then, you should personalize your message to this group.

Step 5

Finally, don’t disregard the power of taking immediate action.  Consumers are 22% more likely to consider a brand as a result of real-time marketing. Your customers and prospects engage with your website and other channels on a daily basis. Identify affluent millennials are as they interact with your channels. This will help you personalize their experience on the fly.

For instance, let’s say your website sells luxury shoes ranging from $200- $2000. Knowing your customer’s spending capacity and interests will allow you to customize their experience. If you know that affluent millennial user 1 prefers high-heels in the $600 range, the website can start showing products in that range. If user 2 prefers sneakers in the $300 range, then the experience can reflect those preferences right when they open your website.

What Else You Need to Know

There is an added benefit to marketing to the affluent millennial consumer. Engaging with and cultivating them now can help you build long-term brand loyalty and lifetime customers.

Increase your understanding of the affluent millennial consumer, contact us to learn more.

Additional Articles:

Know Your Millionaire: Single Millennials

Redefining “Luxury Brand” for Your Luxury Marketing Strategy