Who are the Forbes 400 Billionaires?

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Of course they’re all wealthy but what else separates these billionaires from everyone else? 

We took a look at the top billionaires in the country to see what their interests are, how many properties they have, who they donate to, and what their demographics look like. We also analyzed how these billionaires differ by age. How do the youngest stack up against the oldest? What makes each age group tick?

Continue reading “Who are the Forbes 400 Billionaires?”

Who are the NFL Fans? We’ll tell you.

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Football season is in full swing, and teams are in competition yet again on the road to Minneapolis on February 4th. There’s volumes of data on the players, but what about the fans?

We’ve analyzed the 32 towns to see who drives what car, who owns a business and where the millionaires are. Do wealthy towns have winning teams? Check our stats below to see how your team and town stack up.

How does WealthEngine do this? With great data and cutting edge analytics. We can find football fans, car enthusiasts, millionaires and spenders. We do it every day for our over 3,000 customers. To learn how WealthEngine can help your company, request to be contacted here.

The Final Four of Wealthy Individuals

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Depending on who you ask, it’s quite possibly one of the best times of the year – the NCAA basketball tournament. In the spirit of the competition we decided to take a look at the wealthy individuals in the city each university in the Final Four is located. Specifically, we looked at the number of men and women with a net worth greater than $1MM. How did the cities stack up? Take a look at the infographic below.

Try our free trial of WE Prospect to see how your team’s city compares to the Final Four.

America’s Wealthiest Singles 2017

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In honor of Valentine’s Day we analyzed the wealthiest bachelors and bachelorettes in the country. Take a look at the infographic below to see where these singles live, what they’re interested in, how charitable they are, how many properties they own, and more.

Curious how we found and analyzed this list? We started by creating a list in WE Prospect of single men and women in the US with a net worth greater than $5MM. Then we used WE Analyze, our predictive lead scoring and analysis platform, to visually see the composition of the singles. The best part? We got all of this information within minutes.

Want to see it yourself? Contact us for a demo.

How Can Luxury Marketers Use Social Currency to Drive Business Results?

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Do you know your customers? No, do you really know your customers? As a luxury provider, you may not know them as well as they know you. You’re used to delivering a personal experience to customers you’ve won over, but the only way to attract new customers is to really understand what makes them tick. And that means creating “social currency” with them.

Simply said, social currency is the stuff we talk about with our friends, colleagues, and family. In a marketing context, it concerns the extent to which we share a brand or information about a brand with others in our everyday social lives at work, home, or in virtual social networks.

One of the biggest challenges facing luxury marketers today is how to take social media beyond just another communications channel, and use it to drive bottom line results. Social currency provides the answer.  By creating social currency — that person-to-person buzz — marketers can support their objectives of:

  • Increasing brand awareness
  • Maintaining brand relevance
  • Improving customer experiences with their brand

Marketers can successfully drive the conversation and create more social currency by learning more about their customers and speaking directly to them. With big data, data analytics and strategic social media initiatives, marketers can now know more about their customers than ever before, and personalize communications to an extent never before possible. From purchase behavior to demographics to life style affinities, marketers can not only personalize the dialogue, they can also deliver the message in the channel that will get the best response.

As a luxury marketing professional, it is extremely important to understand the mindset of wealthy consumers, and that not all wealthy consumers are alike.  You must take into consideration both the demographic and psychographic profile of your clients. Most importantly, you must go beyond judgment into a deeper understanding of what makes your target audience tick.

The better you understand about what matters most to your customers and the better you can speak directly to those needs, the more social currency you will create. Social currency will deliver more brand awareness, brand relevance, and better customer experiences, which will drive bottom line business results and referrals.

If you’d like to learn more about using big data and analytics to get into the mind of your customers, check out our free ebook: The Luxury Marketer’s Guide to Engaging and Winning HNW Customers. This simple guide will show you how to understand your customers beyond their purchasing history and walks through the strategies that innovative luxury brands are using today to increase marketing and campaign effectiveness.

Changing Trends for Luxury Marketers

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The luxury landscape is changing. Gone are the days where companies can get by simply with their brand names. Increased competition in the marketplace means that these companies need to compete for buyers and share of wallet. Today, we’ll explore 3 changing trends in the luxury market. Understand these, and you’ll stay a few steps ahead of your competition as top-of-mind with your potential buyers.

Trend 1: All Wealthy Are Not the Same

Who are your most likely customers? It’s a question that all businesses better have an answer to. In the past a company might answer this with a general answer, such as wealthy men in their 50’s. However, it’s become somewhat more nuanced than that now.

In order to maximize your sales and keep attracting prospects, you’ll have to realize that all wealthy prospects are not the same. “Affluent” and “wealthy” are no longer one category to lump all high net worth individuals into. You need to delve deeper into their habits and lifestyle to make an informed decision as to who is most likely to make a purchase. When targeting prospects and growing current customers, you need to build out targeted segments. This includes having the propensity to buy your luxury products, or wealth. But it also includes other characteristics that make them unique. 

You have probably heard a lot lately about the role of analytics in building your marketing and development strategies. This applies to wealth intelligence, as well. In order to reach the most eligible clients, you need analytics to show you an accurate portrait of your customer: wealth, demographics, and lifestyle. 

Trend 2: Online Marketing and Social Media Have Changed the Playing Field

What defines your customer? Chances are that they are telling you all about themselves on social media platforms – whether it’s pictures of their favorite styles on Instagram, stories about their vacations on Facebook, or complaining about poor service on Twitter. You just need to listen and communicate effectively back within those channels.

Successful online marketing is more than getting your message out there. Your current consumers use social media to share their “likes” and positive experiences, and to communicate these impressions to their peers and friends. Your online messaging needs to connect on an individual basis and engage your clients in a healthy dialogue. This messaging allows you a glimpse into your potential patrons’ lifestyles and online activities.

Using these online profiles and analytics allow you to understand potential wealth and patterns. These insights provide a range of data for you to build your strategy to target the right prospects more efficiently.

Trend 3: Customer Loyalty is Key

Who do your customers know? You already know that your most loyal customers create revenue you count on every year. But do you know how to grow your average customers into loyalists that will drive increased sales and referrals?

Customer loyalty comes from an understanding of your patrons’ behavior. Once you have built your current customer’s loyalty, you can leverage their profile data to create a targeted list of prospects that look just like your current ones through look-alike models. After all, if you had to define the perfect group of new customers, wouldn’t you want to find ones that look like your best current ones?

Looking at your loyal customer base also helps you to grow and build your clientele based on your current consumer’s referrals. We all listen to our friends’ and colleagues’ experiences; this information can make or break your company’s reputation. Make sure your value and brand are working for you and you capitalize on the word of mouth from your loyal customer base.

Focusing on these three trends within your marketing initiatives can help you bring your luxury brand into the modern world and blow away the competition. Remember, you have to fully understand your customers before you can know how to best talk to them.

Read how luxury jeweler Buccellati increased their market penetration with WealthEngine. 

Do you have a success story of your own in the luxury retail space? Share it with us in the comments below.

 

 

 

America’s Wealthiest Singles – Infographic

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With Valentine’s Day around the corner we analyzed some data on the richest bachelors and bachelorettes in the US. Wondering how we narrowed down these most eligible singles? We pulled a WE Prospect list of unmarried males and females who have a net worth of $5 million and above and matched it up against our vast attribute and lifestyle data.

Take a look at the infographic below to see where these wealthy singles live, what their annual giving looks like, their top interests, their political affiliations and even what types of cars they drive.

Want to find out more about we can help you gain insights like this on your own audiences? Request a demo now.

Big Data = Big Opportunity

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Data-driven marketers need more and better data, but the landscape continues to evolve quickly. Third-party data providers change fast and Big Data is growing exponentially.

Consider a few facts:                                   

  • More than 2.5 quintillion bytes of data are created every day through a range of activities including social media posts, purchase transaction records, cell phone GPS signals, supply chain and logistics data, and digital videos, pictures, and audio recordings.
  • Individuals generate more than 70% of all data; enterprises store and manage 80% of this data.
  • Global spending on big data is growing at an average annual rate of nearly 30% and is expected to reach $114 billion in 2018.

Now, those are big numbers, but one of the biggest concerns is how companies are going to support and execute strategies with this data. Marketers and fundraisers can execute data driven strategies that can and will change the way they do business.

How?

By using data insights to understand, segment, and speak directly to their highest potential prospects and customers.

So, what type of data is critical? Demographic data, traditionally the king of data types, is diminishing in importance. Other types of data, including behavioral and psychographic data, enable marketers to understand, target, and engage audiences more effectively.

Gartner’s recent Market Guide for Marketing Data Providers acknowledges WealthEngine as a representative vendor for these marketing data offerings. It includes a list of data providers and how they can fit into an organization’s structure and strategy. [Market definition, market direction, market analysis, market recommendations].

In this report, Gartner recommends a simple approach to get started.

As marketers, you must ask yourselves…

  • What are the use cases for which you need data from a third party provider
    • Targeting
    • Lead conversion
    • Market research
  • What are the metrics you’re trying to move?
    • Ad efficiency
    • Conversion rates
    • New product uptake
  • What data provider or providers best support your goal?
  • Is your marketing initiative is long- or short-term?
    • If it’s long-term, you’ll need to develop a multi-year relationship with your data provider. Therefore, the provider’s financial viability and customer references become more important.

We know that managing big data and gleaning the insights you need to really drive strategy is not easy, but it is now a mandate for most companies to sustain growth. Imagine what happens when you target the right people at the right time in the right channel. It leads to better engagement, higher conversion, and increased sales.

Now, that’s big!

What’s your secret to data driven success?

*Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Data at Your Fingertips: WealthEngine in the Salesforce Analytics Cloud Playground

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As marketers, data is at the forefront of everything WealthEngine does. And it’s becoming more complex each day. There are three main considerations to using data: access, insights and influence.

Where can you access the most insightful, actionable data using your Salesforce platform? How can you use that real-time access to drive business decisions and influence conversion?

The Salesforce Analytics Cloud is designed for the data revolution, making it easier than ever for anyone to explore data and take action instantly from any device. Right now, Salesforce is offering a free playground version so everyone is able to see, firsthand, the power of the Analytics Cloud.

We’re also thrilled about Salesforce’s announcement today that new sample data sets from its leading  information partners—Acxiom, Dun & Bradstreet, and WealthEngine—are now also available to be explored in the playground.

This integration brings the data points we use for our own modeling and analytics solutions we provide for our clients right inside Salesforce so you can slice and dice however you see fit right in your dashboard.

The Analytics Cloud gives you the ability to ask ad-hoc questions as you explore your data in real-time. For example, you can track trends for specific demographics or  determine the wealth and buying behavior of your best customers.

WE recognizes that the Analytics Cloud Playground is a powerful Salesforce tool.  You can marry data from WealthEngine and other sources along with your own, in many different formats, to gain insights, segment, and build strategies to engage and influence in more effective and efficient ways.

Are you ready for a play date? The Salesforce Analytics Cloud Playground is open.

Learn more about WealthEngine’s data intelligence solutions and how we can help you develop your audience and focus your funnel.