November 4, 2019
Conducting research amongst the wealthy
Savanta will therefore provide you with research designed to fit"
It is important to understand that researching the wealthy is different from mainstream consumer research.
Good research practice is more acute when it comes to conducting research amongst the wealthy. This is driven by at least three characteristics:
- This audience has less time to participate in research exercises
- Their influence means their thoughts and opinions are more valuable
- They carry higher expectations of institutions they choose to engage with
We also believe that industry knowledge is nothing without a firm and clear understanding of how High Net Worth and Ultra-High Net Worth consumers behave. This is derived not only from what they say they do, but what they actually do, and investigating potential discrepancies.
These attitudes and behaviours can then be examined to appreciate them in their rightful context, developing an understanding of the motivations of and influences on your clients.
It is important for any research firm to understand that researching the wealthy is different from mainstream consumer research: it is not simply a case of adjusting mass market research programmes. Here’s what you should consider when conducting research amongst the wealthy.
5 ways to conduct research amongst the wealthy:
- Derive what is truly important, influential, required and compelling about the service you provide; eliciting the true nature of your clients’ relationship with you, from their perspective and including the relative strengths and weaknesses unbiased by the research itself
- Segment clients in a way that is relevant to your requirements, use evidence-based framework provided by clients themselves
- Look at the full picture with techniques such as cross-generational interviewing, to examine the strength of account inheritance opportunities
- Use experienced, expert interviewers who are aware, sensitive and concerned with your clients and the personal and professional relationships that exist between an institution and its clients
- Speak to clients on their terms – the fundamental tenet of our approach in helping you to understand your clients. Practically this can mean everything from an acceptable location and time, through to providing clients the opportunity to offer their concerns and opinions within the research in a manner that is comfortable, honest and professional
The wealth team here at Savanta has more than a decade of experience focusing exclusively on researching wealthy consumers and has developed specialist research approaches and skills to access, engage and understand them.
We have market knowledge that includes trends, external threats and share of wallet, that allows us to provide you with a considered market perspective.
However, this is not enough. Before speaking to any clients or even designing what client research may be required, we will engage with internal stakeholders to develop this understanding.
Savanta will therefore provide you with research designed to fit; for example we don’t use a standard ‘private banking template’ but we do bring best practices, in our extensive expertise in speaking to wealthy consumers and our market knowledge to each project.
The research will be bespoke to the needs of your organisation and the findings and outcomes relevant to your business and your clients.
Get in touch to find out more.
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