Archive for the ‘Gourmet Food Audience’ 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.

Now Trending Among Affluent Foodies: Culinary Tourism

Tuesday, May 26th, 2015

Market culinary travel destinations to affluent high net worth travelers.

Affluent foodies are flocking to culinary travel destinations.

According to the 2015 Virtuoso Luxe Report, Culinary travel is one of the top 10 travel trends of the year. Take the Silverado Resort and Spa’s Royal Oak in Napa Valley for example. Here culinary travelers can enjoy a seven-course, farm-to-table feast at Thomas Keller Restaurant Group’s pop-up restaurant Ad Lib for just $295 with wine pairing. Make your reservation soon — it pops down in October!

Meanwhile there’s a revolution in the cruise industry’s dining culture. Geoffrey Zakarian, a Food Network Iron Chef and the chef at Lamb’s Club in New York, has restaurants on two Norwegian Cruise Line ships. Royal Caribbean’s Quantum of the Seas is a floating home for Michael’s Genuine Pub of famed Miami chef Michael Schwartz. Up on the next deck is Jamie’s Italian restaurant, of British celebrity chef and star of “The Naked Chef,” Jamie Oliver. Crystal Cruises operates a restaurant in partnership with celebrity fusion chef, cuisine Nobu Matsuhisha.

Affluent travel destinations are also turning to culinary experiences to entice affluent foodies. At the Ritz-Carlton on Seven Mile Beach, famed chef Daniel Boulud, of NYC’s famed Daniel, dazzles crowds at the Cayman Cookout, an annual event that brings in top celebrities like Marcus Samuelsson, Jose Andres, and Anthony Bourdain to spice things up for a well-heeled audience of jet-setters.

Serious epicures can also delight in hands-on extraordinary food-focused experiences in far-flung places. Guests at Peru’s Inkaterra Machu Picchu Pueblo Hotel learn about the local tea by picking, grinding and bagging leaves themselves. Istanbul offers insider tours to the city’s famed bazaars and classic Turkish meal cooking lessons back at the hotel. In Kenya, luxury tent campers pick fresh produce from organic gardens and assist in creating an alfresco lunch, surrounded by the Masai Mara game reserve.

“Unique food and drink are the perfect attractions, especially for second and tertiary destinations that now must market more proactively in the globally competitive market,” states Erik Wolf, President and CEO of the International Culinary Tourism Association.

Now if only there was a way to reach high-net-worth travelers with a passion for gourmet dining. Oh but there is! Wealth Window can put that package together for you.

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