How to Conduct High Net Worth Individual Research
Reaching the world’s wealthiest people presents many opportunities for brands.
Understanding their attitudes, behaviors and purchasing habits can boost your company’s performance. However, reaching wealthy people can be a 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:
- 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
- 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
Reaching Ultra-Wealthy People
Qualitative Methods include Focus Groups, In-Depth Interviews, and Online Insight Communities. Quantitative Research methods include phone, app and mobile surveys. Various analytical tools can be used such as Net Promoter Score, Conjoint Analysis, Discrete Choice, etc.