Rich in Love: Finding Wealthy Singles

They’re single and ready to mingle! Introducing our breakdown of the United State’s most eligible, wealthy singles. Learn all about their interests, where they live, what they do, and much more. With WealthEngine’s wealth and lifestyle insights, you can easily search, screen, model, score, and segment to connect and engage with the best prospective donors and customers.

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Trends in Luxury Real Estate: How Data Will Help You Win More Business

By Craig Hogan

The luxury real estate market is rich — with opportunity. But the price that today’s luxury agent must pay to play in this segment isn’t just in dollars. It’s in data.

The high-net-worth and ultra-high-net-worth markets are more vibrant than ever with the rise in the number of millionaires, multi-millionaires, and demi-billionaires. For luxury real estate agents, it’s crucial to have a holistic understanding of what drives and motivates these clients, how they spend and save, what style resonates with them and how you as an agent can distinguish yourself when working with affluent clientele.

While the luxury market has softened in some areas and some price points, home prices are steady in most parts of the country and the sale of $10 million homes has remained strong.

That means if you want to get in on the action, you must do your homework! The most successful agents in the luxury market are always attuned to the latest trends and have a great facility for connecting them to the unique interests of the individual clients.

A new report from Coldwell Banker and WealthEngine, Millionaires vs. Demi-Billionaires: Wealth in 2018, compared the attitudes and preferences of the U.S. millionaire market – defined as those with a net worth of $1 million or greater – and the U.S. demi-billionaire market – defined as those with a net worth of $500 million or greater – to identify the top market and lifestyle trends shaping the luxury sphere.

Awareness of the real estate market conditions driving the affluent clientele’s purchases has become table stakes. You need a deep understanding of their lifestyles and the trends that shape them so the real estate experience fits seamlessly into their lives. You need to understand not only how a client’s investing strategies play into their buying decision, but also have a discerning eye for the style that will resonate.

The Millionaires vs. Demi-Billionaires report gets to the heart of these macro trends and what they mean for you as a luxury agent.

Top luxury real estate market trends in 2018 include:

  1. Increased mobility: Technology allows consumers to be increasingly mobile. Weekend vacation homes are a trend of the past, as we’re seeing more luxury clients buying full-season vacation homes where they can work remotely.
  2. Geographic expansion: The wealthy are expanding their property ownership beyond coastal locations where they have historically been based. Millionaires are investing in properties spread across New Jersey, Massachusetts, Virginia, Washington, Illinois, and Maryland, while demi-billionaires are emerging in Colorado, Illinois, and Pennsylvania.
  3. Spending power: Only 10 percent of demi-billionaires and 7 percent of millionaires are aged between 40 and 50, but they’re growing groups. While older generations may possess more current wealth, younger generations have tremendous spending potential and are a key group for luxury agents.

Top luxury lifestyle trends in 2018 include:

  1. Amenity-rich homes: Millionaires and demi-billionaires influence everything from how homes are being built and purchased to how they’re decorated and renovated. They’ve redefined what buyers want, and builders are responding – we’re seeing industry shifts toward amenity-rich homes with features like private gyms and statement wine cellars, as well as homes that are eco-friendly and smart home automated.
  2. Brand loyalty: When it comes to collection toys like automobiles, demi-billionaires are Mercedes all the way – ranking the Mercedes-Benz S Class, E Class and GL Class among their top favorites. Similar to the average consumer, these high-net-worth individuals can express brand loyalty to you or your network when you as an agent draw meaningful connections for them and customize their experience.
  3. Bespoke marketing: Building on a customized experience, luxury consumers want bespoke offerings and services. When they travel, for example, they want a personalized, transformative experience, notes Skift, a travel insights company. These consumers have already done research before going to a travel agent or a real estate agent and look to these agents as trusted advisors for a hands-on, bespoke marketing experience.

The power of personalization is essential across real estate. Millionaires (7 percent) and demi-billionaires (0.001 percent) only make up a small fraction of the U.S. population, yet they have vast power to influence trends and the economy. They are a tremendously diverse class of individuals and creating a customized experience for them is the way of the future in luxury real estate.

To stay ahead of the curve on the latest luxury trends, see how the Coldwell Banker Global Luxury® program equips its Luxury Property Specialists with state-of-the-art technology and educational resources so they can seamlessly connect with the world’s most affluent clientele.

Originally published here.

5 Reasons To Get Your Nonprofit Prepared For #GivingTuesday

If you are a fundraiser, it’s definitely no surprise to you that the time for year-end fundraising is right around the corner. Even if you are close to hitting annual targets, #GivingTuesday is a huge opportunity to boost your efforts and help you exceed your goals.

With #GivingTuesday fast approaching, you can enhance your year-end fundraising by reminding your donors and prospects to participate? But, that begs the question: is #GivingTuesday appropriate for every nonprofit?

For  most nonprofits, if your year-end fundraising could use a boost, then a #GivingTuesday campaign can provide your nonprofit with the lift it needs. So, what are the benefits of participating in #GivingTuesday? There are five primary advantages of involving your nonprofit in #GivingTuesday:

1. Global Presence and Relevance

#GivingTuesday has gone beyond what is referred to as #activism. Everyone from Bill Gates to Reese Witherspoon engages in #GivingTuesday and encourage their followers to give on this day.

The movement has also found a global following through social media. This provides nonprofits with the potential to gain exposure and donors worldwide.

2. Seasonality and Generosity

Overtime, the holiday season has become more and more commercialized. While consumers spend significantly during this time of year, there is also a growing sentiment of generosity among many. #GivingTuesday is strategically placed after Thanksgiving when families have come together, felt grateful for what they have, and realized that not everyone is afforded the same lifestyle and experiences.

At a time like this, when sentiments are high, even small prompts or reminders to make a difference can create a significant impact.

3. Growing Public Conscience and Purpose

It’s true that the holidays are a time of giving and generosity. However, data has also shown that high net-worth individuals, especially millennials and younger generations, are driven by meaning and purpose. They believe in associating with brands that are responsible, and organizations that care about communities and causes.

With this outlook, HNWIs are bound to be aware of #GivingTuesday and its impact. Your nonprofit could leverage their sentiments by providing them with a convenient platform to get involved. Think of it this way, if you are not involved in #GivingTuesday, you may be losing out on individuals who are not only supporters of your cause but who may be likely to donate.

4. Significant and Growing Impact

Besides the sentimental significance of #GivingTuesday, there is no ignoring the financial significance. Last year on #GivingTuesday, nonprofits raised nearly $274 Million across the country. That was a 50% increase compared to 2016.

This year, the day has even greater potential to make a difference to organizations like your nonprofit and the communities and causes you represent.

5. Gateway for New Donors

One doesn’t have to be the ‘philanthropic’ type to participate in #GivingTuesday. The social media-powered movement has been getting the attention of people across the world whether they are usually involved with giving to causes or not.

A #GivingTuesday campaign is a great way for your nonprofit to reach not only new donors but also different types of donors who you wouldn’t normally reach through capital campaigns or  major gift programs. #GivingTuesday is about making small contributions as much as it is about making major gifts. You  have the ability to reach a wider range of prospects who can become recurring donors or long-term supporters of your organization through continued engagement.

We hope you find that these reasons resonate with your organization. There is a compelling case for creating a #GivingTuesday campaign whether it is a month-long omnichannel undertaking or a simple email to remind donors and prospects about this day.

Now that you know whys behind this event, join us for our Webinar on Thursday, November 15 from 1-2 PM ET to learn how you can plan #GivingTuesday promotions. 

WealthEngine recognizes US Bank and Humane Society of the United States for Innovation and Leadership

BETHESDA, MD, November 2, 2018— Today, WealthEngine announced the winners of the inaugural WealthEngine Prosper Awards as the 2018 WE Prosper Summit concluded.

The inaugural WE Prosper Summit was an online gathering of thought leaders from global causes and international brands, where participants came together for a four-day conference of keynote speeches, how-tos, and case studies. The online summit contained eight hours of content including presentations from 15 thought leaders among our clients and partners. “It’s a privilege to work with and recognize the work of these industry leaders,” says PV Boccasam, CEO. “When corporations and causes collaborate around innovative technologies, the positive impact to their customers and communities are both measured and sustainable.”

The annual WealthEngine Prosper Awards honor leading brands and nonprofits that are delivering outstanding business and social impact using WealthEngine’s prospect engagement capabilities to deploy highly effective, personalized, wealth-aware campaigns.

The 2018 WealthEngine Prosper award winners are US Bank and The Humane Society of the United States.

Commercial Client: US BANK

Financial institutions with multiple product lines are best positioned to own the customer journey from current state to estate. This unified banking approach to prospect engagement requires personalization which can lead to a lift of 30-40%, as per a recent BCG report.

US Bank is one of the largest banks in the US with more than 3000 branches and over $450B in assets providing banking, mortgage, and investment services to individuals, businesses, and government agencies.

By utilizing wealth and lifestyle intelligence from WealthEngine, wealth managers at US Bank are now empowered to hyper-personalize their prospect and client outreach with the most relevant and meaningful interactions. Having instant access to over half-a-trillion data points on 250M US adults within their Salesforce environment is helping them significantly improve their effectiveness in nurturing their prospects while reducing their prospect acquisition costs.

“We offer our clients a fully integrated client experience that can simplify their financial life and help them work towards their goals. Establishing and growing the client relationship is an exclusive focus for us, and WealthEngine’s Prospect Engagement Platform is a key solution in making that happen.” – Chady AlAhmar, SVP Head of Strategy and Business Development – Wealth Management Group.

Nonprofit Client: THE HUMANE SOCIETY OF THE UNITED STATES

Founded in 1954, The Humane Society of the United States (HSUS) is a leading animal advocacy organization, seeking a humane world for people and animals alike. HSUS and its affiliates provide hands-on care and services to more than 100,000 animals each year and professionalize the field through education and training for local organizations.

HSUS is utilizing WealthEngine’s AI and machine-learning-powered Prospect Engagement Platform to find new prospects along with deep insights on their propensity, capacity, and intent helping them personalize their engagement across the entire donor journey. Recently, HSUS discovered over 110K new donors by modeling 150 of their best donors with the help of WealthEngine’s award-winning data science team, enhancing their ability to quickly reach their fundraising goals.

“By instantly screening, scoring, and ranking new donors as they come in using WealthEngine’s Prospect Engagement Platform and efficiently assigning them to the right team, we are able to optimize our portfolio of prospective donors and increase effectiveness in receiving major gifts. We are the nation’s most effective animal advocacy organization, and WealthEngine is a key partner in making that happen.” – John Vranas, Chief Development, and Marketing Officer, Humane Society of United States.

About WealthEngine

Using actionable wealth and lifestyle insights, WealthEngine (WE) fuels highly-targeted campaigns that continuously deliver measured outcomes. The WE prospect engagement platform is powered by more than a half-trillion data points and uses proprietary learning science to create unique WE Profiles for more than 250M people in the U.S.

For more than 20 years, we have ensured our clients engage in highly personalized and precise conversations with their audiences to find their next best prospect and drive growth. By elevating campaigns to the power of WE, our clients expand their audiences, decrease acquisition costs and increase revenue, along with the lifetime value of their donor or customers.

WealthEngine works in both the commercial and nonprofit markets with clients in financial services, luxury, retail, real estate, hospitality, healthcare, higher education, arts & culture, and with any organization looking to use wealth and lifestyle data to enhance their efforts.

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Omnichannel Marketing Strategies in Luxury Marketing

Omnichannel marketing strategies in luxury marketing offer distinct way of interacting with your customers. It’s more personalized and dynamic.

Omnichannel marketing can be defined as a multichannel sales approach that provides your customers with a fully integrated shopping experience. They may be shopping online from a desktop or mobile device, by phone, or in a brick-and-mortar store. Omnichannel marketing strategies for luxury brands utilizes all of those channels, but in a way that best fits your customers’ needs.

The goal is to give your customers a seamless experience from channel to channel.

How Do Your Customers Prefer to Interact with You?

How do your customers like to shop for your product or service? What is the process they usually follow before they decide to buy from you? Do they use a desktop computer? A smartphone? A tablet? Or do they go to an actual, physical location? And how many times during the day do they switch between those devices?

Here are the more typical channels used in omnichannel strategies in luxury marketing:

  1. Smartphone

Assume your customers will use their smartphones as part of their buying experience.

  1. Email

Just about everybody uses email these days, even grandma. It’s an important element in omnichannel luxury marketing.

  1. Social media

Social media can be used to connect with customers at home or work, and on multiple devices.

  1. In-person contact

Your customers can get immediate answers to their questions in person, along with your input on product and service options.

  1. Website

If you’re in business, you need a website. Period. It’s a primary channel of customer contact.

  1. Print

There are still people who like print media. More so, you can use a printed business card or catalogue to encourage website or store visits.

Omnichannel luxury marketing reaches your customers in the way they prefer to interact with your business. They may use one channel, or switch between them throughout the day. But you need to give them those choices.

Multichannel Marketing vs. Omnichannel Strategies

While omnichannel marketing uses multiple channels, multichannel marketing may not be omnichannel.

“Most businesses invest in multichannel marketing,” writes Aaron Agius in a HubSpot article. “They have a website, blog, Facebook, and also Twitter. While they use each of these platforms to engage and connect with customers, in most cases, the customer still lacks a seamless experience and consistent messaging across each of these channels. You can have amazing mobile marketing, engaging social media campaigns, and a well-designed website. But if they don’t work together, it’s not omnichannel luxury marketing.”

Omnichannel marketing uses the same channels, but in a way that best fits your customer’s personal needs. Is your customer planning on visiting your physical store? Shopping on your website? Calling and ordering by phone? Interacting through a mobile app? Omnichannel luxury marketing is done in a way that creates an integrated and cohesive customer experience, regardless of which channel a customer chooses.

In the past, a retailer might provide a desktop experience, a mobile experience, and also a tablet experience. Now they must create an omnichannel experience that customers can use whenever they want.

Start by Targeting Your Optimum Luxury Market Customer

The more channels you utilize for marketing, the more likely it is your customers will find you. So having multiple channels does improve your marketing efforts. However, multichannel marketing alone does not ensure people are actually going to do business with you. It only gives you access to a bigger audience.

Omnichannel marketing can also help you get the most out of every channel. Omnichannel luxury marketing is a move towards more personalized communication with your consumers. This includes determining the best channels of communication to reach them.

Regardless of strategy, good marketing programs begin with sound data. You start by targeting the people who fit your customer profile. Those are the buyers with a much higher potential or propensity to purchase your product or service.

“Through data science and our database, we identify the group of individuals that we want to go after.“ said Patrick Bischoff, president of the Commercial Markets Group at WealthEngine. “At WealthEngine, we believe that our clients are best served by building a ‘cocoon of information’ around an identified individual. We provide this information cocoon for them.”

Omnichannel Luxury Marketing Is Personalized Luxury Marketing

When you’re trying to reach wealthy customers, you need to know what resonates with them.

“Obviously, we’re exposed to many, many forms of media these days,” said Bischoff. “It’s not simply the one-page ad in the luxury magazine or the TV ad for a certain brand. An omnichannel strategy can start with a direct mail message.

“At the same time, you already know the individual’s email address. Somebody who receives a direct mail piece then receives emails at a particular cadence. You’re trying to stay in the forefront of an individual throughout the whole process.”

That’s why it’s important that each part of your consumer’s experience is consistent. An item placed in a shopping cart through a mobile device should still be there when your customer accesses the cart on their desktop computer.

Omnichannel Luxury Marketing ROI

Luxury marketers should also have a strategy for a cohesive experience across all appropriate platforms to reach their target customers. Such a strategy will give your customers the feeling of that all-important “personalized service.” Also, companies that successfully implement omnichannel luxury marketing have an advantage over their competitors.

These interesting statistics regarding omnichannel marketing results were cited in a GetCRM article:

  • 90% of customers expect consistent interaction across various channels.

  • 87% of customers think brands need to put more effort into providing a seamless buying experience.

  • Businesses utilizing omnichannel marketing strategies achieve 91% greater year-over-year customer retention rates than business that don’t.

  • Companies with extremely strong omnichannel customer engagement see a 9.5% year-over-year increase in annual revenue and a 7.5% year-over-year decrease in cost per contact.

Yet omnichannel luxury marketing encompasses more than simply providing seamless, multiple channels of customer contact. You have to offer your customer quality contact with your business. Your customer service must be up to par, whether by phone or through an online chat. Otherwise, a new, interactive website or colorful brochure won’t have much value.

All channels of a luxury marketing strategy must work together to provide today’s luxury consumer with their ideal buying experience.

WealthEngine data can help you determine how to best reach your target luxury consumer.

Mine Your Luxury Marketing Database to Lower Customer Acquisition Cost

Everyone is looking for new customers for luxury marketing. What you may not realize is that a great source of new business is your existing customer database. Here’s how you can mine it to lower your customer acquisition cost.

Reduce Your Customer Acquisition Cost

The key to reducing your customer acquisition cost lies in how closely your past customers match your current target luxury marketing customer profile. The better the match, the more likely you’ll attract wealthy clients and have repeat customers. Correctly mining your current customer list can provide an abundance of prospects for your latest products or services.

“There is this philosophy that everybody is driving after net new customers,” said Patrick Bischoff, president of the Commercial Markets Group at WealthEngine. “Certainly, we want to grow our business and want to increase net new customers. Yet we at WealthEngine, together with our clients and some of the premier consultancies, have recently conducted studies. The first step in proper luxury marketing is to go back to your existing database.

Getting Past Customers to Buy

Not only is it less expensive for a business to retain past customers, it’s also more profitable. A Bain & Company study found that just a 5% increase in customer retention can increase a company’s profitability by 7%. Also, the average amount spent by a repeat customer was two-thirds more than a new customer.

According to a MarketingProfs.com article, getting your past customers to buy from you again can also result in more ongoing revenue. If you can convince your customer to make a second purchase, that customer is more than twice as likely to buy a third time. And that customer is more likely to buy even a fourth time! “If you’re able to make even a small increase in your conversion rate for second-time purchases, you’ll see serious revenue growth.”

So honing in with the right targeted marketing for your one-time buyers will increase the amount of second-time purchases. And once you’ve gotten them to make that second buy, it’s often only a matter of time before they make their next purchase. You’ll also reduce the customer acquisition cost.

Mining Your Luxury Marketing Database

Customers who happily made a purchase from you are more likely to buy again. Of course, you can start with purchase data to help determine what else they may buy from you. But purchase history alone may not be a good indicator of future luxury purchases.

Say you bought something at a fashion retail store. You’ll be in that retailer’s customer database. They may have your email address. They may have your name. But they have no idea what your potential is to buy more in the future.

“What is the capacity of the individual to spend with me, who I have already in my database? Most of our clients don’t know,” states Bischoff.

Previous spending is a key component of luxury marketing, but it should not be the only data point you’re using. Not all existing high net worth customers will have the abilty or capacity to spend more with you. So, identifying those who do is essential to enhancing your revenue and driving a higher customer lifetime value.

Finding Repeat Luxury Marketing Customers

Data beyond income or net worth will be valuable in determining your luxury marketing focus. Besides wealth, there are plenty of other data points to consider.

“We advise our customers to take their database and append it with our Wealth Engine information,” explains Bischoff. ”Appending means we match their records with ours. We have a database of 240 million individuals in the U.S., covering about 85% to 95% of the adult population. We match these individuals with our data and our system. Then we can add to the information that our clients have.”

One person may have a net worth of $5 million. Another person’s net worth is over $500 million. Plus there are up to 1,200 different data points on likes, affinities, donations, causes they support, etc. All this WealthEngine information is reported back to our clients. That allows them to start pinpointing their luxury marketing efforts toward people they already know. They already know to contact these people because a lot of them gave contact information in a prior buying session. That is the starting point.

Locate Your Best Luxury Marketing Prospects

Once you understand all of these things about your existing database, you can then start to make use of other resources. Those include AI, machine learning, and any kind of predictive modeling to score that database. By scoring, you can determine the best of the best luxury marketing prospects.

Should your database be segmented or categorized? Should you not market to the entire database, only two segments of it for certain products or services? The real trick is that score, which is a very unique feature of WealthEngine.

Getting specific about who you’ll be marketing to can make your work much more efficient. “It is imperative for brands, both luxury and non-luxury, to prioritize and segment their customer base. Then they can identify who they should focus their time and budget on in their marketing campaigns.”

Going Beyond Your Current Luxury Customer List

In addition to pulling your best repeat prospects from your own list, you can apply that modeling score to new prospects. The WealthEngine database is full of individuals with whom you have not had any previous interaction. Combining your data with WealthEngine data will model those potential luxury market buyers so that you can reduce your customer acquisition cost. Luxury marketing is not just about previous buying habits, but identifying others who are most like you past buyers. They are prospects who have the tendency to make purchases and have wealth to do so.

In that case, WealthEngine will give you the most “lookalikes” to your best customers. Those are people you know as your best customers based on how well they fit your target profile. Then, you will actually be marketing to the people who look most like those who already have some relationship with you. That will definitely reduce your customer acquisition cost.

“Comprehensive and informative data is a prerequisite to everything marketing today. It’s the foundation. You need to know something about an individual before you can customize your engagement strategies.”

Find out more about how WealthEngine data can help you reach more of your luxury marketing customers. 

WealthEngine Joins the Pledge 1% Movement, Makes Commitment to Integrated Philanthropy

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WealthEngine announced last week that it has joined Pledge 1%, a corporate philanthropy movement dedicated to making the community a key stakeholder in every business. Spearheaded by Atlassian, Rally, Salesforce and Tides, Pledge 1% empowers companies to donate 1% of product, 1% of equity, 1% of profit or 1% of employee time to improve communities around the world.

WealthEngine is joining an impressive network of entrepreneurs and companies across the globe that have committed to philanthropic efforts through the Pledge 1% movement. By pledging 1% of its product, WealthEngine is demonstrating a commitment to philanthropic leadership.

“WealthEngine firmly believes that when corporations and nonprofits join together, we can uplift humanity around the world,” says PV Boccasam, WealthEngine’s CEO. “For us, this ideal is central to our company’s vision as well as how we strive to do business every day.”

Comments on the News

  • SALESFORCE QUOTE “Salesforce is dedicated to changing the way companies think about corporate philanthropy,” said Suzanne DiBianca, EVP of corporate relations and chief philanthropy officer, Salesforce. “Today, we’re excited that WealthEngine is joining us in giving their resources back to the community. This is another great example of the power that business has to create change in our communities.”
  • Pledge 1% QUOTE: “We are incredibly excited that WealthEngine has taken the pledge,” said Amy Lesnick, chief executive of Pledge 1%. “WealthEngine can play a pivotal role in building this movement and promoting a new normal in which all companies—big and small—integrate giving back as a core value in their business.”

About Pledge 1%

Pledge 1% is an effort spearheaded by Atlassian, Rally, Salesforce and Tides to accelerate their shared vision around integrating philanthropy into businesses around the world. Pledge 1% encourages and challenges individuals and companies to pledge 1% of equity, profit, product and/or employee time for their communities, because pledging a small portion of future success can have a huge impact on tomorrow. Pledge 1% offers companies turnkey tools and best practices, making it accessible for any company to incorporate philanthropy into their business model.