2007 Glencrest Inland Empire Wealth Study Campaign
Introduction
The biennial Wealth Study is the primary awareness campaign used by Glencrest Investment Advisors Inc. The purpose of the 2007 campaign, similar to the 2003 and 2005 campaigns, was to generate awareness of Glencrest among its target audience of high-net-worth individuals in the Inland Empire region of Southern California (e.g.: those with $1 million or more in liquid net assets excluding real estate) and encourage them to participate in this one-of-a-kind research about their unique wealth management needs, attitudes and behaviors.
Research & Planning
Based upon previous Wealth Studies we had conducted for Glencrest, we determined that generating pre-survey buzz about the 2007 Wealth Study was critical in order to increase participation.
In addition, we beefed up our incentives for participation by adding additional strategic partners based on the findings from the 2003 and 2005 Wealth Studies.
Because the Wealth Study campaign had gained some credibility with the 2003 and 2005 iterations, we were able to expand the 2007 survey to include questions we researched and found on similar surveys administered at the national level. These additional lines of questioning would allow us to make comparisons of our regional target audience to their national counterparts.
Our specifications for list criteria included income requirements, asset requirements and zip code specifications, among other criteria. In addition, we re-qualified these individuals by asking for this same information in the first section of our 2007 survey.
This awareness campaign had two main objectives:
- To encourage significant participation in the survey for the purpose of obtaining statistically-valid results
- Target Audience: High-net-worth residents living in the Inland Empire region of Southern California to obtain participation
- Metric: Obtain a minimum of 400 completed surveys from individuals again qualifying themselves as high-net-worth residents of the Inland Empire as indicated by their responses to specific survey questions.
- To position Glencrest as a thought leader in its industry through an awareness campaign of the Wealth Study
- Target Audience: the Inland Empire wealthy and its media
- Metric: Obtain 100 or more positive story placements (including Wire distribution pick-ups and pitched stories), focusing on findings specific to Inland Empire geographies with large concentrations of wealthy residents.
Execution
The 2007 Glencrest Inland Empire Wealth Study was conducted from December 2006 to June 2007. The actual survey was administered in February 2007; results were released in April 2007. Our team included our agency’s account service, research, creative, production, traffic, public relations and media departments, our client, vendors and sponsor partners.
Evaluation
The 2007 Glencrest Inland Empire Wealth Study received over 675 completed and qualified survey responses, rendering statistically-valid findings. These results allowed for geo-specific reporting of findings in seven regions of the Inland Empire exhibiting a high concentration of wealth – an admirable result.
In addition, press coverage for the 2007 Wealth Study netted 172 positive story placements, an increase of 290% over the 2005 Study’s coverage.
In late June 2007, Glencrest also informed us it had received numerous leads off the Wealth Study -- added evidence of a successful awareness campaign.
“The Right Solutions
at the Right Moments.”
