How to Conduct High Net Worth Individual Research

//How to Conduct High Net Worth Individual Research
How to Conduct High Net Worth Individual Research 2017-04-07T00:22:33+00:00

How to Conduct High Net Worth Individual Research

HOW TO CONDUCT HIGH NET WORTH INDIVIDUAL RESEARCH

The Challenge:

High net worth individuals are generally busy people and do not need incentive payments to give their views for financial services, automotive, luxury retail and food brands, and travel and tourism firms. Given our experience for over 30+ years of successful recruitment for these clients, we recommend the following:

Do’s:

  • Conduct these interviews at an upscale location for qualitative research
  • Offer these respondents something of more value than cash incentives, e.g. coupons for an upscale restaurant, tickets to a cultural event, etc.
  • Offer them the opportunity to give their advice to the client to improve their level of service, e.g. in a luxury hotel, etc.
  • For tracking of high net worth individuals who are engaged in financial services, offer them a large enough incentive to secure their participation in the survey
  • Ensure that the supplier has recruiters that can “speak” to high net worth individuals

Don’ts:

  • Avoid venues that are not attractive to high net worth individuals
  • Assume that all people in a panel were “confirmed” to be high net worth individuals

Summary

Sophisticated analytical tools should be for used high net worth research e.g. New Promoter Score, Conjoint Analysis, Discrete Choice, etc.

The supplier needs the resources, databases, and personal network to “triangulate the respondent data” in order to ensure the respondent profiles

For further information, contact Ruth Stanat at restanat@sisinternational.com or +1 212 505 6805.