The Benefits of Real-Time Wealth Insights through an API: Part 4 – Bringing out the White Glove Treatment
Welcome back to our 5-part blog series on how you can use wealth data in real-time to improve your marketing and generate more sales! Throughout these posts, we are focused on using our real-time API connection. In Part 1, we discussed how to prioritize and understand your best leads . In Part 2, we talked about how you can get to know your audience better . In Part 3, we talked about how you can use real-time insights to drive testing and succeed faster .
This week, we move onto Part 4, where we focus on Bringing out the White Glove Treatment.
The term “white glove treatment” is synonymous with concierge service or going above and beyond to cater to individuals. While it’s a common mantra across industries to treat every customer with outstanding service, the reality is that certain ones should be and are given preferential treatment.
So why would you give someone preferential treatment? The most common reason is that they are, or you expect them to be, an extremely valuable customer.
A good way to look at the value of your customers is by focusing on The Pareto principle. This usually stays somewhat consistent across organizations and states that 80% of your revenue comes from about 20% of your customers. This gets even more exaggerated as your group gets more concentrated. The top 1%-5% of your customers drive as much as 50% of the revenue. If such a large portion of your revenue comes from a small group of customers, wouldn’t you want to go above and beyond to make sure they stay your customers?
There’s another key tenet to keep in mind here – spend history does not necessarily equa spend ability. In other words, just because someone spent a lot or a little in the past, that doesn’t necessarily mean they have the ability spend a lot or a little in the future.
If you were to audit the bottom 80% of your customers – you know, the ones you aren’t currently giving that superior service – what do you think would you find? I guarantee that there are hidden gems ready to increase their spending with your organization given the right treatment.
Don’t miss out on opportunities that are right in front of you.
We believe in fully understanding your customers, which is why we have compiled a comprehensive wealth profile that allows you to learn deep, non-trivial insights on individuals. That’s a good thing. It can drive better sales and marketing efforts, improve your knowledge of your customer base, and benefit your organization in many other ways.
How about getting that information in real-time? That sounds better, but what could you do with that information on the fly?
- Learn the spend capacity of someone as they check into your hotel and upgrade them based on their potential.
- Tailor the attendee experience at an event based on insights you learn about someone during registration.
- Learn more about your customers and prospects as they engage with your website and personalize that online experience.
These examples are real-world situations that happen every day. By getting a little more information in real-time, you can roll out the red carpet and enhance the experience of your customers. By doing so, they are that much more likely to become loyal to your brand. You’ll drive better retention, more cross- and up-sell, and higher customer satisfaction.
Most importantly, you’re targeting the ones who have the ability to spend more. And doing that gives you a better opportunity to move them into that top group of customers that are responsible for much of the revenue.
So, bring out that white glove treatment – with real-time insights, you can do it effectively to help your customer experiences and the bottom line.
Keep an eye out for the final part of our series in the coming weeks about the closing deals faster and selling more.
Want to learn more about our wealth API? Check out our developer’s site . Interested in more use cases and how you can use our API to drive better sales and marketing strategies? Check out our new eBook – 5 Benefits of Real-Time Wealth Insights through an API .