Archive for the ‘Social Media’ Category

Today’s Millennials; Tomorrow’s Loyalists

Wednesday, June 21st, 2017

alc_wealth_window_millennials-300x198-1-300x198 copySavvy luxury marketers in search of growth are now targeting millennials – for both short-term gains and long-term relationships. While only a small percentage of millennials can be defined as “affluent,” a larger percentage purchase luxury items and experiences on a selective basis. It’s these consumers that luxury marketers want to attract today…and cultivate for tomorrow.

Beyond their transactional activity, it’s interesting to note that millennials exhibit different behavioral tendencies as well. They tend to be more innovative, entrepreneurial, and opportunistic than prior generations. From an investment perspective, millennials are 2.8X more likely to use or try hedge funds… 3.4X more likely to be serial entrepreneurs… and 5.6X more likely to have achieved significant gains by taking big risks.

Plenty has been written about millennials – and much of it suggests that they are a monolith – but the fact is, these aggregated insights are just that: aggregated insights. Luxury marketers interested in attracting millennials need to be even more precise and exacting to understand which millennials are potential prospects… how much they are likely to be worth today and tomorrow… and which ones are interested in more aggressive investment opportunities. At Wealth Window, we’ve built our audience data to do precisely that. We identify new, emerging wealth that others miss – and the millennials who are gravitating to luxury today.

The right millennial with the right circumstance is available right now. Don’t wait; find them with Wealth Window. Let’s connect.

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.

Who is the Affluent Millennial? 3 Things We Know

Thursday, July 23rd, 2015

affluent millennials

The Millennial 1%: Young, Rich, and Redefining Luxury

There’s a wave of new money in the consumer marketplace, and it’s coming from a group you might not expect: millennials.

While much of Generation Y is plagued by historic student loan debt and jobless woes, more than 6.2 million millennials ages 18-34 have household incomes over $100,000, says millennial marketing expert Jeff Fromm.

According to the 2014 Ipsos Affluent Survey USA, millennials now account for nearly a quarter of affluent U.S. households and counting. These are young, successful and savvy professionals who – as they enter their collective stage of wealth accumulation – are changing the way marketers and brands communicate their messages. While they only comprise less than 10 percent of their demographic, affluent millennials carry significant social and financial influence among their generation, which represents roughly one-third of the entire U.S. population.

Who exactly is the affluent millennial? What are their preferences and tendencies? How are they reached? Here are three things we know:

1. They’re Moving Fast
According to Fromm, 50 percent of affluent millennials are married, and six percent are engaged. Affluent millennials are also more likely than their non-affluent counterparts to be expecting a child within the next year.

Emerging from the challenges of the recession with confidence in their financial standing, affluent millennials are not afraid to make life decisions. They’re starting families, buying homes, making investments, running businesses and launching new ventures – all in their 20s and 30s.

2. They’re Redefining Luxury
Affluent millennials are rewriting the definition of luxury. In 2012, luxury advertising executive Duke Greenhill addressed their pull in a popular Mashable article titled, “How Brands Can Prepare for Affluent Millennials.”

Greenhill made three key points in the shift from the luxury baby boomer segment to that of Generation Y:

  1. Millennials appreciate craftsmanship and design.
  2. Their quest for status and achievement is ongoing.
  3. They see luxury value with a pack mentality that Greenhill describes as “inclusive exclusivity.”

Wealthy millennials are less driven by blind brand loyalty and more attracted to experiences, stories and adventures. More importantly, they’re expected to dominate the luxury marketplace within the next few years.

3. They’re Dictating the Marketing World
It’s no secret that millennials love social media. They invented it, and it’s their preferred method of communication between brand and consumer. 88 percent of affluent millennials visit at least one social network per week, with Facebook being the most prevalent. This explains why mobile advertising drove 73 percent of Facebook’s revenue in Q1 of 2015.

Social media is just the start, though. Fromm’s assertion that affluent millennials “feel more confident in their decisions and don’t require as much hands-on assistance from brands” aligns with the inbound marketing boom we’re seeing today. According to the Content Marketing Institute, 72 percent of B2C marketers were producing more content in 2014 than they were the previous year. To a similar tune, Curata found that 71 percent of surveyed B2C marketers said they would increase their investment in content marketing “without a doubt.”

In place of the traditional aggressive sales mindset, Fromm says the focus for marketers has shifted to a hands-off approach. This is particularly true in the financial arena, where he notes Charles Schwab and American Express as successful purveyors of content that affluent, inspired millennials find useful and engaging.

The Key Question for Marketers: Will You Reach Them?
The affluent millennial may seem like a needle in a haystack – an average looking 20-something at a hip bar in a big city. But with Wealth Window, you can gain direct access to this powerful group. Better yet, together we can generate sub-segments based on various attributes including net worth, home value, luxury travel, power spending and more.

The question now shifts from means to action. Are you ready to truly reach affluent millennials with your strategy and messaging? Contact me to learn how.

The Digitizing of Political Campaigns

Wednesday, March 11th, 2015

Affluent online political donors by party affiliation available for digital display advertising.

Political campaigns need to target wealthy online donors by party affiliation to maximize contributions and social media interaction.

At first I couldn’t believe my eyes: “Spending on Digital Ads is Up Almost 2,000 Percent for the 2014 Election.” Nothing I know of goes up a thousand percent each year.

As a provider of both online and offline marketing data, I discovered more about this digital advertising juggernaut:

I also learned that voters who follow political figures on social media rank among the higher value constituents a politician can serve. According to the Pew Research Center, they participate in campaign activities at high rates—volunteering, donating money, and encouraging others to add their support. The web is becoming the new frontline in the battle for supporters. As Dan Pfeiffer, the president’s senior adviser, said, “To not have an aggressive social media strategy in 2015 would be the equivalent of not having an aggressive TV strategy in the 1950s. We have to go to where the conversations are already happening.”

Politicians and their organizational backers are aggressively vying for voters to “Like” them on Facebook, watch their YouTube videos, and follow them on Twitter and Instagram — Instagram being the latest social media territory for politicians to leverage.

For example, there are several Instagram accounts associated with Rand Paul, a 2016 senatorial candidate and potential presidential candidate. His personal account, “senatorrandpaul”, shows 81 posts and nearly 8,500 followers as of this writing. His PAC-operated account, “randpaul2016,” shows 124 posts and nearly 3,000 followers. I am guessing that many of these followers are also contributors to the political campaigns and PACs. (How else are you going to attract thousands of followers with just a few dozen posts?)

Politics has always been about getting the message out and controlling the daily news cycle. Now it’s also about round-the-clock messaging to followers with digital snapshots, 100-character tweets, and viral videos. Today’s online electorate has influenced media planners to place increasing emphasis on digital media budgets, which are eclipsing traditional advertising outlets at a pace never before seen.

Organizations operating social media accounts for their candidates and causes are big spenders in political digital advertising. They need online followers and the best way to capture them is online. As the 2016 general election heats up, the web is already blowing up with political display ads and videos.

The battle to control the hourly news cycle for this upcoming election is going to get costly. Politicians and organizations need to capture big-time donors to fund their social media strategies and the best way to do that is by reaching wealthy, politically-motivated donors 24/7 wherever they go online. I suggest this can be accomplished by attracting wealthy donors by party affiliation to donor landing pages with digital display ads and retargeting them should they leave without taking action.

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