Archive for the ‘Affluent Connections’ Category

Attracting the Affluent Through Smart Offers and Targeting

Wednesday, May 17th, 2017

alc_wealth_window_luxury_credit_card-300x198As we all know, the battle to attract affluent consumers can be intense. Naturally, having great consumer insights is key to winning. Therefore, it’s valuable to understand what strategies credit card companies are using to acquire new customers, since card marketers have a very rich understanding of consumer behavior and spending habits.

So what’s happening these days in the credit card category?

While American Express has long been a dominant player, and continues to innovate, other financial institutions are realizing the value of affluent consumers and have developed prestigious cards with rich rewards to attract them.

In November, Chase made a concerted effort to attract affluent customers using powerful data strategies and highly-lucrative acquisition offers for the launch of their flagship card: The Chase Sapphire Reserve. The card offered an unprecedented 100,000-point sign-up bonus, plus many concierge-level benefits. It worked. Within months, 900,000 people applied for the card, despite an expensive $450 annual fee. (In fact, the acquisition appears to have been too rich: Chase has since reduced the sign-up bonus to 50,000 points.)

Not to be outdone, U.S. Bank recently released their own luxury card. It features a sign-up bonus of 50,000 points as well as many of the same travel-oriented benefits that made the Chase card so successful.

American Express, the longtime luxury leader, also responded to category activity by increasing the benefits of their Platinum Card.

So… what can we learn from credit card marketers?

The bar to attract affluent customers continues to increase. Luxury brands are willing to entice consumers with ever-increasing offers and enhanced services. However, given the increased costs of these services, brands must be really smart about their data targeting and offer strategies.

Hopefully, you are deploying new, smarter data strategies – aligned with consumer wants and expectations – to build your business. As always, we at Wealth Window, are here to help you pinpoint the exact customers, exhibiting the exact behavior you need, to craft messaging that will resonate effectively. My prediction, if you use Wealth Window, success is in the cards for you.

The Magic of Q1

Tuesday, January 10th, 2017

First, I hope you had a Merry BIG Christmas. I am overjoyed that so many of our Wealth Window clients reported a strong season!

As you begin 2017, I suggest you take advantage of what I call, “The Magic of Q1.”

Our experience shows that Q1 is a terrific time to test: a new strategy, a new audience, and a new channel. In fact, January and February are two of the best performing months for marketing. Additionally, if your new strategies prove successful in Q1, you can benefit all year. Conversely, if they underperform, you can cut your losses quickly.

When it comes to testing, we suggest a “Structured Spending” approach for many luxury brands: 70% of your dollars go to what has proven to work; 20% is invested behind strategies that show real promise; and 10% is allocated to dramatically different approaches that have the potential to deliver vast improvements.

Here are a couple of exciting ideas we’ve seen work for our clients:

 

Thankfully, as we enter 2017 things are looking bright. The market remains strong. Consumer optimism is high. And government policy should be advantageous for luxury brands.

Yet since markets and consumers can be fickle, you won’t want to lose any time testing innovative strategies in Q1. I’m happy to help in any way I can to ensure you experience a magical first quarter.

Another Peer-to-Peer Way to Fundraise by Friendraising

Tuesday, August 19th, 2014

Friendraise to fundraise by directly appealing to friends of their nonprofit organization's donors for peer-to-peer support.

Nonprofits can directly appeal to friends of their donors for peer-to-peer support.

Nonprofits all share one thing in common: a group of committed, mission-driven supporters. These are the valuable supporters who help make every charitable cause possible whether it be helping those in need, finding cures to disease, preserving the environment or promoting political candidates. Each core base of donors shares a passion for the causes they believe in and likely share it with their peers — friends, relatives, neighbors, and colleagues.

One surefire way many nonprofits accomplish this is by hosting events whereby participants ask their friends to support them in their participation. Most of us, I suspect, support friends who run 5Ks or take on challenges like the latest ALS Ice Bucket Challenge currently taking the nation by storm. Since July 29, the organization added 70,000 new donors to the cause – most of whom are friends of individuals who already support the ALS mission, which is to enhance the quality of life of those afflicted with Lou Gehrig’s Disease while searching for new treatments and a cure.

There is another way to friendraise that few nonprofits are aware of; a way that fundraisers can also grow their base by directly engaging the peers close to each donor who have already likely been exposed to your mission. By tapping into the peer network of current supporters, an organization can access a viable group of prospects who are friends with their donors. These previously unknowable individuals may already share a positive perception of your mission by way of a credible acquaintance.

This method takes advantage of smart new uses of big data whereby donor bases can be matched to consumer databases to detect relationships with people they know and have close relationships with — parents, aunts, uncles, roommates, business associates, and next door neighbors. The data is there. It’s just a matter of how you communicate with these connections that can make all the difference.

Creatively, messaging can mention that the prospect may know someone who already supports the mission. For example, lead-in copy could go something like this:

Did you know that our mission has already attracted more than 10,000 supporters? Without them we could not have made the lives of thousands of others better. Chances are you know someone who supports us or who could be helped by all that we do. Why don’t you join them in their support and share in the rewarding experience that you are both engaged in the same cause?”

In this way nonprofits can conduct peer-to-peer campaigns by directly appealing to the friends of their current donors. In addition to acquiring new supporters to the cause, friendraising through events can become even more contagious. It’s an audience building strategy that Wealth Window Connections has already helped many organizations accomplish.

 

The Young and Rich Are Booking Travel Online by Land or by Sea

Monday, August 4th, 2014

Target young affluent travelers seeking cruise ship and adventure vacations.

Young, affluent travelers are finding their next adventures online.

Craving experiential and eco-tourism vacations, affluent millennials are handling their luxury vacation details themselves with apps, social media and websites vs. using travel agents. Taking note that over a third of them book their travels online, cruise lines are adapting their business models to appeal to younger consumers.

The fact that 80% of all cruise packages are currently booked through travel agents has cruise lines scrambling to beef up their online presence. The new generation’s growing preference for mobile booking is forcing them to also make online interactions more mobile-friendly. Visuals play a huge role in the online experience and not just as seen on travel company websites, but also across social media platforms.

Millennials are also diving deep into online vacation research, whether by land, air or sea, which is causing cruise operators to adjust their cruising experiences accordingly. Younger travelers tend to take shorter trips with groups of friends in pursuit of adventure. The perception among many is that cruises are boring and too pre-programmed. The changing reality is that luxury cruise lines are already offering packages designed for younger passengers.

Norwegian now offers cross-generational “Freestyle Cruising.” Crystal, a luxury liner, is carving out shorter segments on 12-night cruises to accommodate travelers not quite ready for longer trips. The average age of those hopping onboard for shorter stints is 10 years younger than the other guests. Many cruise lines are offering three-to-five night cruises out of South Florida while many international companies are offering cruises to party destinations like Cannes, Ibiza and Mykonos.

The bottom line for cruise lines is that they need to turn the ship around to meet the needs of a new affluent, time-strapped, thrill-seeking generation. They also need to get the message out that their new cruises are Not Your Father’s Oldsmobile. Cruise operators can counter this perception with a multichannel strategy promoting new amenities geared for younger travelers such as skydiving, zip lines and observation spheres that tower over the new ships.

Direct mail featuring groups of youthful partiers on the ship’s deck having a totally awesome time supported by email and digital display messaging can compel a group of young professionals to set sail. The key is carving out an audience of young travelers with big vacation budgets and friends wishing to join them. A combination package of Wealth Window Young Affluents, Luxury Travelers and Wealth Connections can help with that.

Let me know if I can help book your next audience of affluent young travelers!

Word-of-Mouth Marketing is the Offline Equivalent of Social Media

Wednesday, June 18th, 2014

Word-of-mouth marketing to luxury brand buyers friends and family creates buzz.

Word-of-Mouth marketing creates buzz by penetrating the social circles of luxury brand loyalists.

Luxury marketers do not sell products. They sell brand experience.

Take these three brand experiences for instance:

 

And what’s an experience if not to be shared?

The promise that luxury brands make to their customers is that they will delight in the brand experience. So much so that they will share it with their friends, their family, their neighbors, even their business associates. This in turn creates the bonus of free buzz around the brand.

In fact, positive “buzz” is actually a new metric used to measure brand popularity. “Buzz is the entirety of what consumers are hearing about a brand,” says Ted Marzilli, CEO of YouGov’s BrandIndex. “What they hear through advertising, news, friends and family helps shape their impressions of brands and whether or not they’ll consider interacting with them.”

Consumers develop perceptions and take actions as influenced by personal conversations and impersonal online interactions — the former being the holy grail of gaining credible, positive viral messaging. Luxury brand marketers strive to become part of that live conversation.

What a gold mine it would be if you could penetrate your brand loyalists’ social circles and capitalize on word-of-mouth endorsements. Presumably they’ve already been exposed to your brand’s buzz and are therefore predisposed to hearing promotions for it.

In the world of big data, it is actually now possible to identify those individuals affiliated with your customers. By passing your customer file through our national consumer database, you can attach the personal contact information of friends, family, neighbors and business associates connected to each of your customers. We call them Wealth Connections and they come with some very insightful demographic data such as net worth, income, age, and home ownership. This will allow you to produce a new unique universe of viable prospects, exponentially build scale, and heighten the buzz.

You can strategically message these customer “connections” via email, online digital display advertising and directly to their home mailboxes. Your customers have already softened the sell. All you must do is bring it on home!

Play to Win When Targeting the C-Suite Consumer

Friday, March 14th, 2014

targeting marketing to affluent executive consumers at home and business

Targeting affluent executives at home and business is a winning game plan for luxury brand marketers.

Luxury brand marketers can take a page from the big ticket B2B playbook in capturing the attention of busy, high-level executives. You can find a few choice pointers in this article on How to Reach the C-Suite:

 

I agree with all of the above, and I see exactly how this can play out in upscale consumer marketing. After all, if you follow the money in big-ticket consumer spending, it’s in the hands of the highest paid executives.

Three Big Plays You Can  Make Now  to Acquire C-Level Customers”

1) Add Multi-touch to Multichannel

C-Level executives are running and gunning 24/7 at work, at home, on the go. A well-laid plan to break through to them requires contact information at multiple touch points and channels. You need to address them where they live and where they work. Follow up with email. Then follow them wherever they go on the web with digital display and video.

2) Get Your Hands on Need-to-Know Data

In today’s world of relevancy, your marketing is only as good as your intel. Is your C-Level prospect married? Does she have children? Where does she work? What’s her job function? What’s does her company  do? Company sales? Company size? Her own personal net worth?  Hobbies and interests? This is need-to-know personal and business information if you want to be hyper-relevant.

3) Reach Out to Their Connections

C-Level executives seek the advice of others. Makes sense. Family members, friends, colleagues, neighbors. Wouldn’t it be smart to include these influencers in your campaign to create some buzz? This works both ways. Once you land a heavy hitter who wields a lot of clout, he will likewise influence those close to him. You need to penetrate your prospect’s inner circle and get the message out to his group of influentials.

Targeting the working rich directly at both home and the office, via postal, email, digital display, mobile marketing and through their connections is a game plan that gives you the best chance to win the elusive C-Level executive as a new customer.

I hope I’ve kept your attention long enough to deliver this timely, succinct, actionable insight on marketing consumer brands to high-level execs!

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