The 2019 U.S. Millionaire Report illuminates many themes indicative of the ways nonprofits and commercial brands are changing to meet the needs of High Net Worth and Ultra High Net Worth individuals. One of the primary takeaways from this year’s millionaire report was personalization.
Now, millionaires (especially members of the millennial millionaire population) are keen on receiving relevant information that speaks to their personal needs, specifically. To adapt to this growing need, organizations and businesses are tailoring their messaging to meet their prospect’s unique interests. By showing your consumers you are of service to them, and their experience, you have the opportunity to create end-to-end customer engagement. It’s essential to nurture your customer and their values.
So, with the emergence and recognition of different millionaire personas, prioritizing personalization is no longer beneficial— it’s necessary. All millionaires aren’t alike. Therefore, they spend differently, they save differently, and they give differently. Two people may buy the same luxury good or service for different reasons. Knowing and anticipating the triggers of those capable of spending and donating is done with personalized data and segmentation. When companies align their engagement properly, they’re able to create a loyal customer base. This also helps them bring in new customers who are more likely to stick around.
Not only is this need for focused, personal engagement influencing the behaviors of organizations, but it’s also influencing our approach to technology. Advancements in Artificial Intelligence and Machine Learning are being used to advance personalized, consumer engagement. Predictive prospecting (the science of identifying your next best prospect, whether it’s a customer or a donor) is becoming exponentially more powerful with the help of AI. AI can help you identify patterns and actionable insights among customers, donors, and prospects. Continued engagement results in conversions and lays the foundation for long-term relationships.