CHINA – With China’s sustained economic growth capturing the attention of the world, there is growing focus on the lifestyle needs of the high net worth Chinese population. Although there are early signs of maturity in the Chinese economy, it is still Asia’s largest engine of wealth creation.
Research findings show as of May 2015, the number of high net worth individuals in China reached a new high of 1.21 million, 120,000 more than the previous year, an increase of 11% the fastest by far. The ultra-high net worth population grew 16% to approximately 7.8 million. At Aspire Lifestyles, we are constantly researching the market and keeping up with trends to find the perfect answer to “Building an effective loyalty program”. With our 30 year heritage and years of experience in creating custom solutions for our VIP clients, we are proud to share these Top 10 lifestyle innovation trends and loyalty solutions.
Market Insights: Top 10 Loyalty Program Features
Be a technology advocate; smart devices have already woven themselves so seamlessly as part of the HNWI segment’s daily living; bringing them convenience that they otherwise may not be able to achieve by themselves. However, it is of utmost priority to focus on how to deliver beyond what they can easily achieve with modern technology in order to add value to their lives.
HNWIs focus on service quality, proactive attitude and a higher frequency of interaction; frequency of interactions and an intimate level of care are never mutually exclusive. Today, personalized Concierge services aim to enhance modern living, providing customers with a single point of contact. This allows for the Concierge to gain a deeper understanding of the customer’s preferences, lifestyle habits and needs, in order to be proactive in providing advice and recommendations. Exclusivity in entitlements, that’s what most customer loyalty programs designed for this segment hopes to achieve – providing experiences or privileges that “money cannot buy”.
HNWIs expect brands to already know and understand their daily preferences; like most people, this segment also cares about the development of exclusive offers and benefits such as discounts, upgrades and value-added services; they expect brands to be able to still create surprises and exceed their expectations with every delivery.
“Experiential reward” is a term that loyalty programs should also be more familiar with. Successful programs are now providing more customers a higher value through non-traditional rewards in the form of experiences. These could also come in the form of travel experiences, which are fast becoming a must in our modern society. As global travel reaches new high, brands must also keep up with the need to build and customise travel itineraries and be able to meet the end-to-end travel needs of the consumer.
Innovative Solutions to Meet Needs
• Digital Solutions – Designed to Deliver Perfection
With the rapid development of digital, we are always looking for innovative ways to build meaningful connections for our clients’ brands and their valued consumers. Aspire Lifestyles China CEO, Keynes Chen, said: “We have found that, in the face of rising demand for customer engagement and brand loyalty, it is especially crucial for your brand to always be top-of-mind recall when the customer has a need.” The development of the “Pocket Concierge” by the Aspire Lifestyles Digital Solutions team aims to meet the many needs of this modern consumer. The features within the solution allow for quick and easy searches, multiple request entries, submission of enquiries and more. Thanks to our dynamic and robust analytics, we are able to help brands understand their customers’ usage behaviors and patterns. With these analytics, every customer journey can be tailored according to their profile and preferences, thus providing brands to offer relevant and personalized content and recommendations.
Our dynamic content management system is packed with engaging content, broad personalization and an optimized user experience. Seamless multi-channel integration across key lifestyle categories enables us to enhance your customers’ experience with your brand wherever they are.
• Private Health Management to provide peace of mind
In today’s fast paced society, many customers are increasingly turning their focus to health management and ensuring their medical needs are well met. However, we know that reliable care cannot be taken for granted with the shortage of quality practitioners, overcrowded hospitals and nearly non-existent patient privacy protection in some markets. Aspire Lifestyles China CEO, Keynes Chen, says: “Our HealthLine product is well supported by the International SOS medical team which comprise highly trained professionals providing expert advice within reach of customers. With international standards of medical services experience combined with our high-end health management platform, we have found the perfect solution that provides the best of domestic and foreign medical resources and networks, while maintaining customer privacy and allowing for program customization.” All you need is to dial in to HealthLine for a one-stop shop for all your VIP customers’ health needs and wants.