Luxury Car Company Earns $1M from Single Event Through Modeling
WealthEngine’s client is a top global, luxury car maker. The company realized that they had to move away from one-to-many communications to a one-to-one approach. Their research had shown that 59% of luxury consumers agreed that personalization is key to gaining their business. The automaker decided that data was going to drive their personalization efforts.
The company exclusively used WealthEngine while creating their RADE program. RADE is its regional driving experience campaign. It started as an invite-only event targeted to High Networth Individuals (HNWIs). A select list of HNWIs was invited to an exclusive event where they could drive top-end models around a race track.
Before the event, there were 300-400 members on the company’s RADE wait-list. 100 people attended the event which saw an unprecedented 5% conversion rate. 5 of the 100 people purchased a top-end model worth $200,000+ after the event.
Encouraged by the success of the event, the automaker was interested in creating more RADE events. They leveraged demographic, lifestyle, and interest data from WealthEngine to build personas. These personas were meant to match the type of buyer who was highly likely to convert at the RADE event. Their personas combined with (Engage)WE helped them accomplish the following:
By finding a persona and building a look-alike model around it, the company was able to refine its target list for RADE invites. Further, they leveraged WE Prospect to find other look-alikes who were highly likely to exhibit the same behavior as past buyers. These efforts guaranteed them not only higher conversions at RADE events but also lowered acquisition costs. Their every first event resulted in $1 M in sales, giving them the confidence to predict future earnings. Data, therefore, gave them the ability to forecast sales with precision.
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