Prospecting isn’t as difficult if brands have the right sets of data about the user and the right strategy to identify them. But when it comes to high net worth individuals (HNWIs), who are the target of luxury brands or real estate, it could be difficult without any deep analysis and particular measurement parameters.
Although it is not surprising that a majority of marketers in the luxury brand market have the misconception about HNWIs, that they do not shop online or respond to digital campaigns. In fact, a co-study done by Google and Ipsos have proven that HNWIs are more tech savvy than most marketers think and here are the findings.
#1 100% Tech Savvy
Evidence shows that most high net worth consumers are tech savvy and prefer mobile first. The study found that HNWIs use multiple devices like smartphone, tablet, and laptop to look for product information.
#2 Online Research First
High net worth consumers might not have the time for window shopping but 3 out of 4 HNWIs do research before making a purchase, in particular for something of high value. Besides using the search engine, HNWIs learn about products by looking up on e-commerce sites, product review sites or through the social network.
#3 Active on Social Media
Luxury brands might not think social media is the right channel but the figure shows that over 90 percent of HNWIs use social media. They are fairly selective in term of connection and the personal information that is given out to brands. It would take more effort to earn their trust.
So, How to Identify HNWIs?
Hotmob has developed a net worth rating system to identify HNWIs over 3,000 private residential properties in Hong Kong. The prediction of HNWIs is based on geolocation tracking of the user’s GPS data over a period of time.
Our client, a British luxury automobile maker recently launch a lead generation campaign. The brand aims to draw in new customers for their SUV motor cars. According to its target audience, Hotmob data team assign a net worth rating over 3,000 private properties based on household income and property transaction price.
Through probabilistic matching of user’s residential data and private properties location data, we could then generate user net worth rating to determine HNWIs in Hong Kong.
The below image illustrates the geographical precision of net worth rating by colour. Red dots indicate a lower net worth rating and where public housing and tenements are. While yellow dots indicate where the wealthy live, such as Ho Man Tin and along the Victoria Harbour, hence receiving a higher net worth rating.
Reach Hyper-Targeted Customers
With Hotmob’s AdvanceEx, an advanced AI-driven data solution enabling advertisers to reach not only HNWIs but custom target audience to your business needs.
With over 8 millions of mobile device connections, Custom Audience is an effective prospecting solution offering invaluable audience insights and reach hyper-targeted customers for advertisers and marketers.
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(Data enrichment is a process used to enhance, validate and update marketing data to ensure validity and completeness. Hotmob Limited (Hotmob) collects and receives marketing data from Internet networks for use of our Client (any party who directly subscribed to Hotmob Data Enrichment Services (Services)).