After several meetings during my recent stay in Tokyo I realized that among all the companies that try to give solutions for HNWIs, the main question boils down to how to create and organize events that have many HNWIs and influential people on their guest list. As mentioned before (in section 3.4 of my paper) the quality of such events is directly dependent on the quality of its attending guests. How do you get them to come to your party? How do you make them feel comfortable and not part of a marketing campaign?
Several introduced companies (section 3.3) have HNWI databases. The question is now what kind of relationship does the service company have with them? It can range from anonomys address lists (credit card companies), over customer databases that give legitimization to establishing contact (AdComm), to HNWIs that are themselves customers of the service company (as in the case of the private concierge services of the Ypsilon Group). But what about personal contact? What better legitimizing value for inviting someone could there be than to know them directly, having met several times, maybe even done business with them? Following the argumentation by Stanley (1997: Networking with the affluent) direct contact and acquiring up to date information on HNWIs demands personal contact. There is simply no other way to get reliable data. Asking affluents for their incomes does not produce accurate results, doing business with them over several years does. As HNWIs tend to value their privacy and only trust sources that are not directly motivated by business alone, what is needed is an intermediary, an agent, someone who can convincingly claim independence and objectivity. Such a person (or an agency) could invite HNWIs, preselect them and act in the interest of both the affluents and the companies who want to do business with them.
I talked to a CEO yesterday who is offering exactly such a service. A customer database of 6500 HNWIs and ultra-HNWIs, all of them selected in a careful process over the course of 7 years. All of them can be contacted directly without making them feel uncomfortable. I will meet with him next week again and further check the reliability of the data given to me.
Thursday, August 7, 2008
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