The Luxury Institute today announced the launch of the Affluent Analytics Lab (AAL), the world’s most advanced data and analytics firm dedicated to brands that serve the affluent consumer. In dozens of luxury and premium goods and services categories the top 5% of clients account for 40% of revenues, while the next 15% of customers account for 30-40%. These unique customers are affluent households with incomes above $150k, and/or high net worth.
This relationship constitutes a classic 20:80 Pareto relationship of percentages of customers to revenues. At the same time, the bottom 80% of the customer database is comprised of a mix of low and high potential customers who need to be accurately identified and nurtured according to their potential lifetime value.
Up to now, the analytics services firms serving the luxury and premium brands have lacked luxury category domain expertise, rich data access, advanced analytics tools and skills, and legal and ethical expertise. Affluent Analytics Lab (AAL) solves for all those luxury and premium brand challenges.
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AAL is the first ever data and analytics firm that provides a true 360º view of a company’s affluent customers plus rich, actionable insights into the category, competitive set, brand and products. AAL delivers the following previously unattainable benefits:
- On-demand access to over 400 global premium and luxury category experts to enhance the analytics process with deep domain expertise, if needed. AAL supports the company to ask the right questions, access the right data, and correctly interpret the analytic results for clear, bold, successful actions.
- Legal, unique, direct-from-the-consumer access to the most descriptive and predictive consumer data (Google, Facebook, Instagram, etc…) to enhance a company’s first party data resources. The consumer digital platform data is accessed via Luxury Institute’s Advanced Personalization Xchange (APX), powered by DataLucent. AAL data aggregation methods include access to a social media and digital platform data exchange, customer surveys, research, market analysis, and other customer insight aggregation resources. These macro and micro-level data sources build a 360º view of consumers. Using AI on a wealth of diverse data sets, AAL generates unique consumer insights that reveal lifestyle, mindset, motivations, and top-of-the-marketing-funnel predictive behaviors that build mutually beneficial long-term customer relationships.
- Access to a team of top-tier data scientists skilled in dealing with massive data sets who are experts in separating data noise from rich relevant data. AAL experts deliver the descriptive and predictive recommendations brands need to innovate and optimize results. The Affluent Analytics Lab’s proprietary analytics platform, along with its team of data scientists, offers a tailored brand experience and customer journey that focuses on what customers truly value. AAL generates consumer insights that generate brand consideration, customer acquisition, valued experiences and profitable loyalty in the ever-evolving luxury and premium marketplace. This expertise delivers revolutionary consumer insights.
- An in-house legal team comprised of experts in privacy, copyright, and licensing law that supports in auditing and optimizing legal vs. questionable data sources in a rapidly evolving regulated data world. AAL attorneys formerly worked with government, at top-tier digital platforms, and at intellectual property firms. They are experts in privacy and data-related legal issues in Europe, U.S.A. as well as most other major legal jurisdictions.
The Affluent Analytics Lab (AAL) is the most advanced consumer analytics company for enterprise premium and luxury consumer brands that provides true 360-degree prospect and customer insights. AAL’s advanced data and analytic methodologies and practitioners have innovated a game-changing, revolutionary way to gather product and consumer insights to improve customer lifetime value in 2022 and beyond.
“The Luxury Institute is committed to pure innovation,” said Milton Pedraza Luxury Institute CEO and DataLucent Chairman. “Over past 18 years, Luxury Institute has innovated global luxury trends research, digital luxury research, luxury brands ratings, social responsibility surveys, and breakthrough neuroscience-based emotional intelligence techniques, among other unique innovations, that others have attempted to imitate.
We will continue to up the ante so our beloved industry can continuously raise its horizons and standards to higher levels of customer relationship building and real personalization performance. Through Affluent Analytics Lab, we up the ante on luxury data ethics, access, and advanced analytics.”
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