Many times high-end luxury retailers often rely on lists to target consumers. However, what many retailers don’t know is that people exaggerate their self-reported earnings. A nice way to say that people often lie!
John Salmon, president of Media Source Solutions, says “For that reason, we don’t rely on income selects, except as a secondary source as part of the data-verification process.”
Thinking about targeting wealthy investors? Better give that one a second thought, too. Appears that it is the woman you need to target, as wives often make the purchases.
According to Diane Widerstrom, vice president of integrated services at Response Media, “Gender is a big thing to consider in certain product categories because the wife will be the decision maker.”
1. You can start with compiled lists of people who own private airplanes or luxury cars and boats—that data can be appended to response files. Or you can mail magazine sub lists like those of Sail and Cruise World.
2. The wealthiest Zip codes can be found on the Fortune subscriber file.
3. Specific purchase data works in any market category. Buyers of accessories for luxury cars can be found on catalog lists like that of Performance Automotive. Other high-end catalogs include TravelSmith, Barrie Pace, Ballard Designs, Crutchfield and Day Timer.
What constitutes a luxury purchase?
Linda Callahan senior vice president of brokerage at Leon Henry Inc, says “It could be a $60 order from American Stationery can be considered a luxury purchase. But that figure could rise to $500 in other product categories.”
You have to be able to read between the lines. Consider this as a direction to find a target audience; women who attend fundraising events and travel would probably be good prospects for luxury offers. Equestrian lists also indicate expensive interests.
Don’t overlook checking out the level of accommodations purchased by cruise ship travelers.
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Many times high-end luxury retailers often rely on lists to target consumers. However, what many retailers don’t know is that people exaggerate their self-reported earnings. A nice way to say that people often lie!