Wealth profiling is a form of data enrichment which quite simply adds factual wealth related variables to your database. Information such as wealth band or investment type can provide huge insight into the value of a customer or prospect.
Make informed marketing decisions with wealth profiling
Knowing the facts about the individuals on your database is key to communicating with them. You cannot target someone effectively without knowing something more than their name and address.
Utilising Data Enrichment solutions such as Wealth Profiling is integral in making informed marketing decisions. Data Enrichment is a term commonly used to describe the process of appending further information to your customers or prospects. This can be anything from date of birth to interests and hobbies. Many of these variables can be modelled and provide an overview of the types of people within your database, commonly this is used to profile individuals and segment data.
Take the example of a charity. They contact a number of individuals by direct mail with the aim of raising a gift of £3 per month. Unknown to them they have a number of individuals within this mailing who have a net worth of more than £5m. Should they have asked these individuals for £3 per month? More importantly should these individuals have been contacted by direct mail in the first place?
Plan and execute targeted campaigns to cultivate the true customer or prospect value
Do you have a database of individuals and do you promote your organisation to these people by any form of outbound contact i.e. direct mail, telephone, face to face?
Wealth Profiling will help you to plan and execute specific campaigns which will yield a high return on investment (ROI). Once you know who are your wealthy customers or prospects, data can be segmented to create specific campaigns for each segment of data. Giving you the ability to change contact method, offer type and many other criteria for each segment. It’s about using your budget in the most effective manner and producing the highest possible return on your investment. Wealth profiling enables a top down approach to start with your most valuable assets.
Form partnerships and relationships with influential contacts
Do you have wealthy individuals within your customer base who are more than just a sales opportunity? Imagine if the chairman of a FTSE top 500 business loved your brand. Could you build a relationship from this customer? Would you even know he was a customer?
How can you enrich your data with factual wealth information?
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