2019 Millionaire Report: A Look Into What Influences Millennials

The 2019 U.S. Millionaire Report touched on themes highlighting the ways consumer demographics are changing nonprofit and commercial spaces. The biggest demographic shift? The rise of the millennial population. So, with their growing presence, that begs the question: what influences millennials? And how do their values and habits influence the millionaire population?

Millennial Influence on Millionaire Population

As the fastest growing millionaire segment, millennials make up 2% of the millionaire population today. Millennial influence is already growing substantially, influencing how all of us give, save, and spend.

Most millionaires in the United States are now adopting key millennial values (sustainability, conservation, and diversity, among others) to inform their decision making. So, most millionaires, (Boomers and Millennials alike) are not as flashy as you’d think! Let’s take a look at what influences millennials, specifically, and how these values are influencing millionaires.

For example, for millionaires in the United States, their taste in vehicles is changing. Instead of opting for well-known luxury vehicles, millionaires are gravitating towards car models that are more economical (i.e. Honda Accord, Toyota Camry, Ford F-Series Pickup, etc.)

Millionaires are also moving from traditionally wealthy areas to the suburbs. If anything they’re expanding and diversifying the locations they decide to settle in. Millennials, for example, are shifting from urban areas such as New York and Silicon Valley to more suburban areas like Freemont or Atherton in California.

As Millennials continue to influence this population, it’s becoming more apparent that millionaires, and their values, are changing. So, as new personas emerge, the needs of millionaires are becoming more diverse. And, as Boomers enter retirement age, and Millennials continue to accumulate wealth, their influence will only continue to grow and impact the way we live.

To learn more about the way Millennials are shaking up our world, click here to reserve your copy of the 2019 Millennial Report today.

The 2019 U.S. Millionaire Report at a Glance

WealthEngine, as the leader in wealth intelligence in the United States, specializes in helping you identify, understand, and connect with wealthy individuals. Our WealthEngine Research Lab has updated our now highly anticipated 2019 U.S. Millionaire Report to give you the most up-to-date insights on millionaires throughout the country.

Currently, 12.7% of the United States’ adult population is made up of millionaires. As wealth continues to grow and the number of millionaires climbs across generations worldwide, the population is being divided into segments of High Net Worth Individuals (HNWI) and Ultra High Net Worth Individuals (UHNWI). The rise of these subpopulations presents marketers and fundraisers with both an opportunity and a challenge to understand and engage with these promising prospects.

With the growth and diversification of the millionaire population, changes in the millionaires’ behavior mean that marketers & fundraisers must tailor their marketing, sales, and development efforts to the wants, needs, and values of their target audience. The personalization of communication and products allows marketers and fundraisers to connect and forge long-lasting relationships with their existing and prospective donors.

Artificial Intelligence and Machine Learning are also revolutionizing the way each industry appeals to their consumers, individually. AI can help you identify patterns and actionable insights among customers, donors, and prospects. These insights can be used to build predictive models that not only identify your next best prospect, but also predict or even influence behavior. With this evolving technology that is constantly being refined, you have the ability to reach consumers in a for more personalized, and focused way. You are able to understand their ways of being and provide them with what they need, exactly.

The data presented in the 2019 U.S. Millionaire Report highlights the tremendous value and opportunities that can be gained from uncovering the millionaires you are already engaged with and discovering the millionaires you want to be engaged with.

Download your copy today to gain more insights.

High Precision Marketing: Using Data, Personalization, and Digital Persona

precision marketing

precision marketing

Wouldn’t it be great if all customers drove around with telling signs or bumper stickers indicating their interests and affinities? Let’s explore how prioritizing precision marketing can help you connect with potential and existing donors and prospects.

Evolution of Personalization in Marketing

From this image, one can surmise that the driver of this car has varied interests. She believes in organic farming practices, eating organic foods; she loves to read, she has traveled to different places, she is artistic; perhaps spiritual but definitely passionate as her many bumper stickers indicate! Even if it’s not all true, it’s meant to be directionally aspirational.

If this happens to be your prospective customer, it is easy to understand what she may be passionate about. It is consequently easy to personalize her customer experience with precision marketing. If you are a grocery store, you know that she would use coupons to buy organic or local produce. If you are a travel company, you could update her on your eco-tourism offers.

However, in a world where more customers live digital lives than not, it is now a different ball game to identify their interests, affinities, and preferences. The Boston Consulting Group (BCG) recently reported that over 60% of organizations still rely on mass marketing or generic segmentation. While this may be the status quo, marketers are well aware that personalization is moving from a novelty to a necessity. BCG predicts that there is an $800 Billion shift in revenue towards the 15% of first movers towards personalization and precision marketing.

 

Role of Wealth Data in Precision Marketing

Easily gathered Digital footprints, interpreted through the use of Big Data, Machine Learning, and Advanced Analytics are very common now. Morgan Stanley has called this the data decade and that the right kind of data and analytics could benefit organizations within every industry.

Precision marketing and personalization need to go beyond demographics to include responsibly curated psychographic and lifestyle data. Wealth-aware Campaigns prove to be high precision, highly private while delivering higher conversions and high impact outcomes.

Charities can leverage personalization to find the right donor to support their cause and empower communities around them. Corporations can use precision marketing to deliver a tailored and thereby improved customer experience.

Precision Marketing Tools

In the digital world, our prospecting solutions can help nonprofits and corporations identify the above woman with all those bumper stickers. We can, in fact, go a step further and find more donors, diners, travelers or prospects like her. For instance, our look-alike models can help find a community of similarly minded individuals who may want to donate to a cause that provides subsidized microloans to small farms. By the same token, their interest might be in investing in clean energy or sustainability projects.

Our proprietary scoring technique not only helps identify donors or customers but also indicates their propensity to give. With this, organizations can not only understand that this is the relevant community to reach, but they can also evaluate the giving or spending potential held by this group.

If you’re looking for your next passionate customer or donor, find the next best prospect through data. Engage them through precision marketing to see higher conversions and consequently lowered acquisition costs.

Contact us to learn more about how to identify your next best donor or prospect. Here at WealthEngine, we can help you understand who, in your current network, is capable of giving major gifts or making high-value purchases. Our SOC 2, Type II certified WealthCloud with secure WealthAPI enables access to the largest curated wealth database. This can be easily integrated into your next wealth-aware campaign, transforming your practices.