There comes a point in time when every business decides to expand outside of its current geographic boundaries. Local banks becoming regional banks. A retailer opening new boutiques. A real estate agent targeting buyers and sellers in new neighborhoods.

Expansion comes after initial success

It comes from knowing that what you supply - product or service - is in demand. So instead of starting from scratch and employing the tactics you used when you first launched your business, invest in analytics and data modeling so you can laser focus on finding those prospective customers within the boundaries of your expansion who look like your current customers.

Meet WealthEngine client, Buccellati

Buccellati has opened new boutiques recently and were able to successfully pinpoint their ideal customers in their expansion markets by understanding their ideal customer.

First, WE analyzed and appended their current customer data to get a full snapshot of their loyal base. Buccellati had a good qualitative idea around their customers’ share interests but had not yet synthesized any hard data to back them up. Next, WE was able to take this data and identify common factors and trends, shaping the persona of their customer. What they found was,that along with the sophisticated taste for their jewelry, their customers also shared a strong affinity for the equestrian lifestyle and fine art.

Armed with this intelligence along with insights on lifestyle factors and milestones, Buccellati asked WealthEngine to develop a custom list in each of the cities where a new boutique opening was planned. The customer relationship team at Buccellati was able to plan enticing events around launch and develop invitation lists consisting of prospective customers in new markets that look just like the loyal customers in existing markets. Follow up emails can now be sent with personalized messaging that resonates based on insights gleaned from the customer models WE synthesized for Buccellati.

As a result, attendance at their exclusive soft launches have been robust. Foot traffic into the boutiques and thus sales, have also aligned with their goals.

Want to find out what WealthEngine can do for you? Request a demo now.

For more about how Buccellati tapped into WealthEngine’s Wealth Intelligence and Data Modeling see the case study here:

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