Wealth Data Implementation for Successful Black Friday Marketing
Data and marketing go hand-in-hand in today’s digital world. With the holiday shopping season coming up, the time for retailers to start their marketing activity is now. Black Friday and Cyber Monday are known for raking in exponential revenues year after year. American Marketing Association says there was an 18% rise in revenue from 2016- 2017 alone. With greater growth expected this year, retailers need to be poised for the season. Wealth data implementation may be the starting point for your Black Friday marketing.
What can wealth data do?
Wealth data can help put a spotlight on your next best customer and accelerate purchase patterns. Understanding customer spend-capacity and using it to plan marketing activities can yield higher revenues, ROIs and LTVs (Customer Lifetime Value). As a retailer, when you think of data, customer transactions may be top of mind. While this information is important, it is key to link it to spend capacity. For instance, a car dealership might have information on a customer’s last three purchases. However, understanding customers’ spend capacity allows them to upsell or cross-sell. This way they can now show customers models that may have seemed initially seemed out of reach.
Customer knowledge can be taken a step further. You can achieve this by understanding not only the capacity but also the inclination to spend. This helps you identify their best customers and prioritize marketing dollars towards these segments.
You can understand a customer’s inclination by having a holistic view of them. This includes demographics, behavior, lifestyle, and affinity. In fact, all of these insights can be provided by WealthEngine. This process of identification is the ultimate personalization strategy. Marketers who will adapt to personalization stand to gain a major competitive edge during the busiest shopping season of the year.
Moira Boyle, our Director of Luxury Sales and Commercial Strategy recently shared her expertise on a podcast. Implementation of wealth data into Black Friday retail marketing planning can improve retention by up to 5% and increase revenue by about 75%.
More Reasons To Implement Wealth Data Analytics
- You might have already invested in expensive CRM systems. Wealth intelligence can ensure that they are putting their CRMs to work. Transactional data can be supplemented by spend capacity and inclination in order to separate aspirational customers, one-time customers, and super-customers.
- Account Based Marketing (ABM) enabled by data empowers you to move customers to the top of the pyramid. Through personalization, you could be sending relevant Black Friday marketing messages to customers. As a result, you are not passively waiting for the next purchase to take place
- Manage high customer acquisition costs. Wealth data implementation allows you to find out who their customers really are. Thus, you can keep them engaged through a personal touch. Plus, you can reduce your spending across various channels.
- Demographic and lifestyle data help you understand what keeps customers coming back. Moreover, this data can be more informative than transactional data. This knowledge helps you increase customer LTV.
- 360-degree views of customers combined with real-time transactional data through WealthEngine API. This type of insight can help you accelerate purchase patterns.
Wealth Data Implementation for Black Friday Marketing Success
- You can also use wealth data to understand LTV. LTV serves as a guide for you to prioritize their marketing dollars. For instance, a fashion retailer can identify someone who is a regular customer. Their transaction data will indicate the frequency and value of past purchases. This data along with information on spend capacity and interests allows retails to envision their Lifetime Value. Thus, it indicates the level of marketing spend needed to keep customers engaged.
- This holistic view of the customer indicates what other products might interest them. This means targeted messaging instead of sending generic sales promotions. You can save marketing dollars by making messaging more relevant and finding opportunities for upselling and cross-selling.
- Identifying customers who can be promotors or advocates. This enables you to reach the customer’s inner circle. Therefore, wealth data empowers you to increase their reach without significantly increasing their marketing budgets.
- Wealth intelligence applied to prospect files can be an effective solution for converting leads. Typically, you may spend significant resources on lead generation. Understanding spend capacity and inclination allows you to send tailored offers that have a higher likelihood of conversion.
- Similarly, customer churn could be reduced through the implementation of wealth data. Using wealth intelligence on lapsed customers to approach them with relevant and targeted messaging could help convert them into buyers.
- Monitoring customer LTV also allows you to keep their market segments up to date. When LTV increases or decreases significantly, the prioritization of marketing efforts can also be updated accordingly.
Get in Gear for the Holiday Season Today
If you are a retailer in the process of preparing for the holiday season, tune into our podcast with Moira Boyle. Learn more about the benefits of wealth data implementation. Further, you can also get best practice tips for successful integrations into your existing CRM.