Blog Tag: API

Welcome back to our 5-part blog series on how you can use wealth data in real-time to improve your marketing and generate more sales! Throughout these posts, we are focused on using our real-time API connection. In Part 1, we discussed how to prioritize and understand your best leads . In Part 2, we talked about how you can get to know your audience better . In Part 3, we talked about how you can use real-time insights to drive testing and succeed faster .

This week, we move onto Part 4, where we focus on Bringing out the White Glove Treatment.

The term “white glove treatment” is synonymous with concierge service or going above and beyond to cater to individuals. While it’s a common mantra across industries to treat every customer with outstanding service, the reality is that certain ones should be and are given preferential treatment.

So why would you give someone preferential treatment? The most common reason is that they are, or you expect them to be, an extremely valuable customer.

A good way to look at the value of your customers is by focusing on The Pareto principle. This usually stays somewhat consistent across organizations and states that 80% of your revenue comes from about 20% of your customers. This gets even more exaggerated as your group gets more concentrated. The top 1%-5% of your customers drive as much as 50% of the revenue. If such a large portion of your revenue comes from a small group of customers, wouldn’t you want to go above and beyond to make sure they stay your customers?

There’s another key tenet to keep in mind here – spend history does not necessarily equa spend ability. In other words, just because someone spent a lot or a little in the past, that doesn’t necessarily mean they have the ability spend a lot or a little in the future.

If you were to audit the bottom 80% of your customers – you know, the ones you aren’t currently giving that superior service – what do you think would you find? I guarantee that there are hidden gems ready to increase their spending with your organization given the right treatment.

Don’t miss out on opportunities that are right in front of you.

We believe in fully understanding your customers, which is why we have compiled a comprehensive wealth profile that allows you to learn deep, non-trivial insights on individuals. That’s a good thing. It can drive better sales and marketing efforts, improve your knowledge of your customer base, and benefit your organization in many other ways.

How about getting that information in real-time? That sounds better, but what could you do with that information on the fly?

• Learn the spend capacity of someone as they check into your hotel and upgrade them based on their potential.
• Tailor the attendee experience at an event based on insights you learn about someone during registration.
• Learn more about your customers and prospects as they engage with your website and personalize that online experience.

These examples are real-world situations that happen every day. By getting a little more information in real-time, you can roll out the red carpet and enhance the experience of your customers. By doing so, they are that much more likely to become loyal to your brand. You’ll drive better retention, more cross- and up-sell, and higher customer satisfaction.

Most importantly, you’re targeting the ones who have the ability to spend more. And doing that gives you a better opportunity to move them into that top group of customers that are responsible for much of the revenue.

So, bring out that white glove treatment – with real-time insights, you can do it effectively to help your customer experiences and the bottom line.

Keep an eye out for the final part of our series in the coming weeks about the closing deals faster and selling more.

Want to learn more about our wealth API? Check out our developer’s site . Interested in more use cases and how you can use our API to drive better sales and marketing strategies? Check out our new eBook – 5 Benefits of Real-Time Wealth Insights through an API .

Welcome back to our 5-part blog series on how you can use real-time wealth data to generate more revenue. Throughout these posts, we are focused on using our real-time API connection to drive better marketing and more sales. In the first post, we discussed how to prioritize and understand your best leads from the moment they first interact with you. In the second post, we talked about how you can get to know your audience better.

This week, we move onto part 3. We’ll focus on how you can fail fast and succeed faster.

I know what you’re thinking. ”Fail fast, succeed faster. What does that even mean?”

None of us want to fail at all. In an ideal world, your strategies will be successful from day 1. But that’s not reality for many of us.

A 2014 study by Sales Benchmark Index found that as many as 71% of marketers were falling short of their revenue targets by adopting the wrong marketing strategies. And that doesn’t even measure how many of the other 29% failed a few times before landing on a successful strategy.

So that begs the question…how do we get the right strategies? The answer is testing.

Ask marketing departments in any successful company. They’ll tell you the same thing. Testing, learning, and testing some more is the key to a winning strategy. If you’re looking to grow your business, implementing well-executed tests is a necessity.

The next question is – What do you test? Well, I’ll suggest that you ultimately test everything. But testing your marketing campaigns is a start.

That’s where the WealthEngine API comes in. With our API integration, you can understand more about the individuals responding to your campaigns and engaging with you…in real time. Income, net worth, assets, and personal attributes are all pieces of information that can be readily available to you at the moment individuals are interacting with your website.

Think of the power of what you can do with that information.

• Test various calls to action, copy, or creative and adjust on the fly based on how individuals with different wealth profiles respond to your marketing efforts.
• Try different sales tactics when you see high-capacity individuals interacting with your website. Find a strategy that works and stick with it.
• Route people to different experiences on your website and test which flow works the best.

You can make all these campaign decisions immediately using information from your ideal audience (or not). And you can set up simple tests that give you answers quickly and lets you learn what works and, just as importantly, what doesn’t.

The next time someone tells you failing is bad, tell them they’re wrong. Failing is a good thing – as long as you do it fast and move onto another strategy. It cuts down on time waste and saves money, giving you more time to find the successful strategy. Utilizing real-time data and information can help you learn what works and what doesn’t, and optimize the effectiveness of your tests.

Keep an eye out for Part 4 of our series in the coming weeks about the personalized treatment of high value prospects.

Want to learn more about our wealth API? Check out our developer’s site. Interested in more use cases and how you can use our API to drive better sales and marketing strategies? Check out our new eBook – 5 Benefits of Real-Time Wealth Insights through an API.

Welcome back to our 5-part blog series about how you can use wealth data to supercharge your real-time sales and marketing strategies through an API. In our first post, we discussed how to prioritize and understand your best leads from the moment they first interact with you.

This week, we move onto Part 2 where we’ll focus on how you can get to know your audience better. 

Do you know your customers? I mean do you really know your customers? You might think that you know all there is to know. But what does that really entail? You obviously know what they’ve purchased from your company. You may also know some basic information, such as their name, age, location, and other basic profile stats. What else? Some of you may be thinking…what else is there to know?

If this is all the information you have on your customer base, then there IS a lot more you can learn. For example, what are your customers’ interests? How do they behave? Do they have the ability purchase your higher-end products? These are all important questions. Having a firm understanding of the answers to these, and other similar questions, can help you gain a better understanding of who to prioritize in sales efforts and who to market to through marketing automation.

I hope that by now I’ve convinced you that more information on your audience is better. Let’s up the game a little bit more and talk about timing. Learning all there is to know about your base is great, but if you get those answers in weeks or months, your options are limited. It’s better than nothing, but unless your sales cycle is quite long, the opportunity has likely gone cold and needs to be reengaged. Wouldn’t it be better to get this information much faster? Like, real-time faster?

Consumers are 22% more likely to consider a brand as a result of real-time marketing. Why? Because real-time marketing gets relevant information in front of them immediately while they are interested in something. Ever hear of the phrase “right message in front of the right customer at the right time”? This is what that means.

Our ideal timing is real-time. And fortunately, that’s possible through APIs. You could do a lot more with that kind of speed. For instance, by understanding what your audience is interested in, you can customize your sales and marketing efforts. Don’t show them content on your website that isn’t relevant. Give them an experience that aligns to their interests. If you’re conducting a sales conversation, you can guide the discussion based on their background. Real-time speed instantly opens up a whole world of options. 

Wealth insights are another important data point that can help drive this conversation – especially when wealth matters. Let’s work through a use case here:

Leads visit your website to learn more about your products. Wealth does matter for you…meaning that you have some products that may be more aligned to individuals with higher purchasing power. When you capture an individual’s basic information on your site – for a sales conversation, to download materials, or to sign-up for your mailing list – you can perform an instant wealth screening on those individuals through our API.

Congratulations! You’ve just learned a lot more about your audience to help you better segment and prioritize.

Develop customized sales tracks for individuals that fit different income profiles. Customize their future web experiences through a content hub with information about their interests and affinity. Fast track a sales conversation with your best reps based on their purchasing power. Or develop different talk tracks in your service center to align to their needs. The possibilities are endless.

Knowing your audience is important for good sales and marketing. Until recently, there was a time lag associated with gaining this knowledge. However, with better technologies and through the use of APIs, we can now learn this information in real-time. Let’s use that information to optimize our efforts.

Keep an eye out for Part 3 of our series in the coming weeks about failing fast and succeeding faster, where we discuss how you can run and optimize tests with real-time wealth data.

Want to learn more about our wealth API? Check out our developer’s site. Interested in more use cases and how you can use our API to drive better sales and marketing strategies? Check out our new eBook – 5 Benefits of Real-Time Wealth Insights through an API.