Marketing Analytics in Action: Join WE at the Marketing Analytics Conference

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Marketing has become increasingly sophisticated over the years. From real-time personalization to dynamic messaging, marketers can do some powerful things to segment their audience and engage with them on a 1-to-1 basis with relevant content. While there are many routes to marketing success, all of these tactics have one thing in common – data. Comprehensive and informative data is a prerequisite to everything marketing today. It’s the foundation that needs to be laid down before you can build the house. After all, you need to know something about an individual before you can customize your engagement strategies.

As a data and analytics company, we’re fully bought into this mindset. We know the powerful things that our data can do to help drive successful sales and marketing strategies. And we love talking about it with colleagues, customers, prospects, and anyone else who is interested! Which is why we’re excited to attend this year’s Marketing Analytics Conference by the DMA on June 5-6 in Austin, TX. Here’s a brief synopsis of the event straight from the company’s website: 

The Marketing Analytics Conference brings together the most brilliant minds at the front lines of marketing and data science to share strategies for building out, managing and drawing the most value from your marketing analytics practice. Navigating today’s multitude of channels, touch points, and data sources requires that marketing executives and data scientists collaborate to turn insights into intuitive customer interactions.  Attendees will leave MAC 2017 with specific tactics for enhancing their marketing analytics strategy and the connections needed to continue building out their practice in the years to come.

We’re excited to be participating with industry leaders to discuss the ways we can drive more revenue and better engagement using our data. We’re also excited to contribute to the discussion by presenting. Our SVP of Product Management, John Funge, is leading a panel on Personalization. John will be joined on stage by Abby Lee, VP, Marketing & Media Strategies, at Re/Max and Justin Boggs, Senior Director, Marketing Analytics at Sephora as they discuss how they address personalization from different perspectives and what they have learned along the way. It’s going to be a great session.

If you’re planning to be in Austin at the DMA MAC next Monday, make sure you keep an eye out for us. John speaks at 1:20 pm and is gearing up for a successful session. We’ll also be ready to demonstrate WealthEngine with anyone who stops by our table. If you can’t make it, don’t worry. You can follow us on social as we’ll be frequently updating the event.

Check back on the blog next week for a recap of the event. In the meantime, if you want to learn about all the ways we can help you with personalization and segmentation, take a look at our products and services here.

Take Personalization Beyond Email

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Personalization in email marketing, and the positive ROI that can result, is frequently discussed. It’s been proven that personalized emails result in 6x higher transaction rates. However, personalization should not stop at email marketing. Emails are just one component of the whole customer experience.

Real-time personalization across all channels is key. The speed at which you can customize your  messages and offerings to your customers can dramatically impact your revenue, boosting total sales by 15 to 20 percent.

Imagine instantly knowing key demographic and wealth information of an individual who calls into your customer service department. Within seconds your representative would be able to determine what approach to take with the customer and who to route them to, whether it is rolling out the red carpet, inviting them to a preferred customer program, or pointing them to goods and services that match the individual’s spending capacity.

You could also utilize this consumer information to tailor and enhance a hotel guest’s experience upon check-in. For example – upgrade their room to a suite or sign them up for a guest experience that closely aligns with their interests and wealth bracket. The personalization shouldn’t stop once your guest checks out. You should send emails with specific packages that would appeal to their interests and lifestyle, or ask them to sign up for a rewards program.  

While the majority of marketers agree that personalization has improved their customer experience, only a little more than half believe they are doing it correctly. If you’re not building personalization into your marketing and sales strategies, you are missing out on revenue opportunities.

Take the time now to gather your company’s stakeholders and discuss the need for personalization in the customer experience. By making it a priority, you will better understand your customers, which will result in increased brand loyalty and higher lifetime customer value.

To hear more about personalization join WealthEngine at the Marketing Analytics Conference on Monday, June 5 for a session on The Promise of Personalization – Two Approaches in Conversation.     

CEO Mark Logan on Marketing to Gen X, Y, & Z

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On Wednesday, May 3, our CEO, Mark Logan, joined senior executives and decision makers at the 2nd annual Luxury Roundtable hosted in New York City by Luxury Daily. The goal of the roundtable was to discuss a serious issue facing luxury marketers: how to drive and sustain demand from Generations X, Y and Z whose shopping habits are strikingly different from the silent generation and baby boomers.

Mark joined a panel of experts to discuss “Ecommerce and Mobile: Symbol of the New Path to Purchase.” The focus of their session was how to deploy online and mobile channels to generate new business while retaining existing customers for generations who live on their smartphones. Mark shared how WealthEngine can provide useful insights on customer segmentation and the critical importance of personalization.

WealthEngine has put together a useful resource to help luxury marketers use predictive analytics and modeling. You can download it here.

For more on the roundtable, including slides and other panel summaries, click here.

Marketing to the Affluent Millennial Consumer

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There is constant chatter about millennials and whether they work hard or are hardly working. Put this debate aside and pay attention. Millennials are going to have a big impact on our economy. You cannot discount this particular group and their growing wealth, regardless of where your thinking falls on the spectrum of their work ethic. The number of wealthy millennials in the United States is increasing every year with millennials themselves making up nearly a quarter of affluent U.S. households. Where does their wealth come from – inheritances and early professional success in the technology industry.

Affluent millennials are a key consumer segment, one that you will be competing against other luxury brands for their attention. The way brands need to market to them in order to capture their attention is also changing. If you haven’t already, it’s time to start shifting your thinking and strategy. Luxury consumers are more valuable to marketers when they are younger as they spend 1.5 to 2 times more than older affluents on luxury goods and services.

How do you successfully do this? By learning everything you can about them and personalizing not only your messaging, but the whole customer experience. Here are some ways you can better understand and market to affluent millennials.

  • Start by identifying your top customers that fall into the millennial demographic. Affluent millennials, more so than other generations, show brand loyalty so luxury retailers should strive to understand this group and their spending habits.
  • Build on the information you already have by appending wealth, income, lifestyle and affinity information to these individuals. What interests or attributes do they have in common? Do an overwhelming number reside in one area of the country? This information is key because it’s specific to your brand and your millennial buyers.
  • Once you know the characteristics of your top millennial buyers it’s time to find more just like them. Don’t try and go after all affluent millennials and hope your message resonates with some of them. Be smart and focus on the ones that most resemble your customers.
  • 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. Everyday people are engaging with your website. Identify affluent millennials are as they interact with your site so you can personalize their experience by showing specific products or offers.

These are just a few ways to get started so you aren’t missing out on opportunities with affluent millennials. Engage with and cultivate them now in order to build long-term brand loyalty and lifetime customers.

For more information download An Analytical Approach to Wealth Intelligence: How Luxury Brands Can Grow Market Share Using Predictive Analytics and Modeling.

An Analytical Approach to Wealth Intelligence: How Luxury Brands Can Grow Market Share Using Predictive Analytics and Modeling

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Wealth intelligence allows luxury marketers to truly understand the affluent consumer and their wealth, demographic and lifestyle attributes. This insight is critical, as marketers work to build targeted marketing strategies that reach the most qualified consumers with compelling offers and a seamless brand experience.

The global market for luxury goods represents over $1 trillion USD, across several categories including fashion, retail, travel, hotels, food & beverage, and spas. The key to understanding customer segments within these categories is through data and analytics.

We know that by using data and predictive analytics, luxury marketers have a means to better target and engage their customers. Data and predictive analytics allow you to uncover opportunities to drive repeat or additional purchases so you can create a closer tie to the customer. Analytics allow you to truly understand the customer and their wealth attributes, so you can target the most qualified luxury consumers and offer a compelling and seamless brand experience.

With this in mind, we developed this whitepaper to show the value of wealth intelligence and predictive analytics when developing an effective marketing strategy.

Key topics in this whitepaper include:

  • Today’s trends and challenges for luxury marketers looking to grow your business
  • WealthEngine’s unique approach to developing and utilizing wealth scores
  • Best practices and practical tips for applying custom predictive analytics
  • Determining the optimal solution to meet your goals

To read more about these topics download An Analytical Approach to Wealth Intelligence: How Luxury Brands Can Grow Market Share Using Predictive Analytics and Modeling.

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.