3 Things to Keep In Mind While Reading a WealthEngine Profile
Even if you’ve gone through hundreds upon thousands of WealthEngine profiles, have you been able to pinpoint each profile’s 3 most important benefits? As you search and screen for customers and prospects, it’s incredibly important to understand the wealth profiles you’re looking at. Although you’re picking up on a consumer’s propensity and capacity to spend, there’s other essential information regarding the profiles that will better inform your understanding of them. Let’s explore the 3 things you should keep in mind when reading a WealthEngine profile.
1. Our ratings and scores are conservative estimations
Since our data is statistically derived, the ratings and scores displayed for individuals appear understated. For example, if you were to lookup an individual’s net worth or investable asset scores, our proprietary algorithms would configure ranges for those numbers. This gives you a fuller picture of each individual.
The ranges we arrive at, based on the data we compile, is correct 95% of the time. It’s important to keep this in mind as you’re reading a WealthEngine profile.
2. Focus on high-quality match data in a profile
Every rating, score, and datapoint displayed on a profile has a high, medium, or low quality of match score. When you’re reading a WealthEngine profile, you want to hone in on the high-quality match data. This data (indicated by an ‘H’ next to it) is data we have high confidence in. It’s representative of information that is as close to being fully and completely correct as possible. This type of quality of match data is especially important if you need to do a quick summary of a lead to glean specific information about them.
If you integrate match data that isn’t high-quality, you may not be communicating with leads who are as likely to convert. But, by identifying the high quality of match data, and using this information to tailor your outreach, you’re far more likely to increase your ROI and conversions.
3. Make sure you look at up-to-date data in our profiles
When it comes to compiling information on your customers and prospects, you want to make sure that you are looking at data that’s most relevant. That means, if you’re looking to forge a connection with a customer now, you’ll want to sift through data that gives you a holistic view of where they stand currently.
It’s imperative to look at current data especially if you’re looking for someone’s business address. We keep historical data to give you a solid overview of an individual’s wealth over time. All the information we gather is date stamped, so it’s important to make sure that you’re looking at the data that’s up-to-date.
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