Harnessing Customer Data to Unlock the Luxury Market

The wealth of actionable insights and information will enlighten the company on how its luxury customers feel about its products, services, experiences, interactions, information, brand and organization. The company will also learn about its customers’ communication preferences, favorite channels, attitudes, current needs, future needs and purchased products, including why the customer purchased the product. When these actionable insights are captured and used appropriately, retailers can transform their ability to succeed in a luxury market. It will help retailers to better engage customers, improve and expand offerings, maximize sales, and, more importantly, retain these high net worth customers. For example, these insights can guide a company on how to earn the customer’s permission to provide ongoing communications on the topics, products and services that are relevant and useful to them. In turn, this helps to strengthen the customer’s relationship and loyalty.