• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer
  • Home
  • Subscribe
  • Your Membership
    • Edit Your Profile
  • Services
    • Advertising
    • Case studies
    • Design
    • Email marketing
    • Lead generation
    • Magazine
    • Press releases
    • Publishing
    • Sponsored posts
    • Webcasting
    • Webinars
    • White papers
    • Writing
  • Shop
    • My Account
    • Cart
  • About
    • Contact
    • Privacy
    • Terms of use
  • Events

Robotics & Automation News

Market trends and business perspectives

  • News
  • Features
  • Video
  • Webinars
  • White papers
  • Press releases
  • Featured companies
    • AMD Xilinx
    • BlueBotics
    • Elite Robot
    • RGo Robotics
    • SICK Sensor Intelligence
    • Vicor Power
money face

Robots are taking over the world. Run for the hills now, or cash in quick – the choice is yours

April 29, 2017 by Sam Francis

money face

In this guest article, supplied by SKS Media, the spectre of high-net worth individuals teaming up with robots offer a terrifying vision of the future, with some hapless humans finding themselves in the nightmare situation of having mountains of money but not enough opportunities to spend it 

The word exponential is often used to describe the pace of technological change which has come to define the world we live in. And with new technologies such as artificial intelligence, 3D printing and virtual reality only just warming up, the pace is unlikely to let up.

In this environment is it easy to become convinced that, when competing in a global marketplace, speed is the greatest of virtues. Indeed, in The Great Acceleration, author Robert Colvile argues that speed has become the defining feature of the modern economy, the driving force behind wealth creation in the 21st century. 

The High Net Worth marketing space – there is such a thing, apparently – is no exception and here also, the trend is towards speed, automation and algorithms. Some companies now use machine learning and natural language processing to target their HNW marketing. Even HNW financial advice is now being automated by companies looking to stay ahead of the technological curve and increase market share.

Rise of the robots?

The question for those working in the HNW space however is, when will clients hit saturation point and want more of a personal touch?

A recent survey from the UK Chartered Financial Analyst Institute found that, contrary to prevailing trends, while 70 per cent of respondents agreed that automation would bring benefits, a majority still preferred some degree of human interaction.

Automated marketing can also sometimes find itself on the wrong side of the fine line between mass electronic communications and spam. While approaches based on machine learning and other emergent technologies can be useful in building initial relationships, the simple act of clearing cookies has the potential to reset the system – in effect undoing any relationship and sending a marketing campaign back to square one.

There are also policy dimensions to consider. Recently a whole host of organisations have pulled advertising from YouTube following the discovery that the marketing campaigns into which they have poured a great deal of time, energy and finance, are running alongside extremist videos which have been uploaded to the site.

To a large extent governments and policy makers are engaged in a constant game of catch up when it comes to new technologies. For a HNW marketing campaign that finds itself promoted alongside a video glorifying extremist causes however the damage is already done, irrespective of whatever the government policy might be towards managing these issues.

A diverse audience

Another problem posed by the one-size-fits-all approach to HNW marketing is that those who fall into the HNW and Ultra-HNW categories are an increasingly diverse and transnational demographic. There is now a broad spread of HNW individuals, spread both geographically, generationally and socially.

Whether it’s industrial magnates from China, energy bosses from Russia or 20-something tech entrepreneurs from Silicon Valley, the days when HWN individuals could be easily categorised or understood as a homogeneous mass are long-gone.

The tastes and habits of this group are just as diverse and as a result patterns of luxury consumption are changing. The trend is away from mass produced items and towards individually created and bespoke products. Indeed, as Margaret Wolhunter of luxury brand strategists The Partners has argued: “Luxury can begin for the individual with a special interest which can become a passion – investing which can focus more on craftsmanship, limited editions and one-off items.”

A personal approach

Is there a balance to be struck then between making the most of what new technologies allow when it comes to HNW marketing, while also remembering that those you are targeting are diverse and discerning individuals?

For example, SKS Media says it has built a business around a granular, one-by-one approach which treats each campaign and each client individually. The focus of each campaign always remains very simple: return on investment. While the trend in HNW marketing is often towards expensive events and brand awareness campaigns, the returns on these significant expenses can often be ephemeral.

This is why an established agency remains focused on tangible returns which actually grow a client’s business. And while, in a sped-up and interconnected world, this might feel like swimming against the tide, there are growing numbers of people willing to question the narrative that tech is always best. Snapchats recent $29 billion IPO (despite the company having never made a profit) have led many to speculate that we are in the midst of a tech bubble akin to the dot-com bubble of the late 1990s.

John Winters, Director at SKS Media’s Singapore office, says: “Technology gives anybody working in the HNW marketing space a whole range of exciting tools with which to better develop and reach out to new audiences. The HNW market is increasingly diverse and increasingly global however and this makes it increasingly difficult to develop systems or approaches which can be applied to this audience as a whole.

“The key to HNW marketing is relationships and while working with new technologies needs to be part of the mix for anybody looking to make an impact, there is still a preference in this audience demographic for a more traditional approach focused on ROI, detailed bespoke campaigns and personal attention to relationships.

“Highly targeted campaigns, adapted for a range of mediums from broadcast, direct response, networking, events and digital, usually prove to be the most effective. So, when looking at tech trends and the possibilities they promise, the lesson for HNW marketers has to be, don’t not believe all the hype, but take it with a pinch of salt. Or is that silicon?!”

Print Friendly, PDF & Email

Share this:

  • Print
  • Facebook
  • LinkedIn
  • Reddit
  • Twitter
  • Tumblr
  • Pinterest
  • Skype
  • WhatsApp
  • Telegram
  • Pocket

You might also like…

Filed Under: Miscellaneous Tagged With: audience, hnw, individuals, luxury, marketing, tech

Join the Robotics & Automation News community

Primary Sidebar

Latest articles

  • The Impact of Automation on Digital Marketing: 5 Key Areas
  • Big Joe Forklifts launches autonomous pallet mover in partnership with Thoro.ai
  • Wingtra lands $22 million funding round for its commercial drones
  • DeepRoute.ai launches $1,000 ‘map-free’ self-driving solution
  • MobileDrive builds next generation ADAS with Siemens’ digital twin technology
  • Seegrid releases software to enable its warehouse robots to work together
  • Ambi Robotics unveils fleet management and business intelligence platform
  • Geodis almost doubles case picking throughput with Vecna Robotics solution
  • How to Automate the Mechanical Tasks in Your Company Better
  • What to Wear for Cycling in Cold Weather

Most Read

  • Best Fat Tire Electric Bike: The Ultimate All-Terrain Companion
    Best Fat Tire Electric Bike: The Ultimate All-Terrain Companion
  • Top 20 electric vehicle charging station companies
    Top 20 electric vehicle charging station companies
  • Stiga launches ‘world’s smartest’ autonomous lawn mower
    Stiga launches ‘world’s smartest’ autonomous lawn mower
  • Indian startup Unbox Robotics launches sortation robots in the US
    Indian startup Unbox Robotics launches sortation robots in the US
  • Difference Between Three-Phase and Single-Phase Power
    Difference Between Three-Phase and Single-Phase Power
  • Scientists have found more water in space than they ever knew possible
    Scientists have found more water in space than they ever knew possible
  • Top 20 programmable logic controller manufacturers
    Top 20 programmable logic controller manufacturers
  • Built Robotics launches fully autonomous solar piling system
    Built Robotics launches fully autonomous solar piling system
  • The Best Mechanical Engineering Design Software in 2022
    The Best Mechanical Engineering Design Software in 2022
  • ABB launches new version of its Swifti collaborative cobot
    ABB launches new version of its Swifti collaborative cobot

Overused words

ai applications automated automation automotive autonomous business companies company control customers data design development digital electric global industrial industry logistics machine manufacturing market mobile operations platform process production robot robotic robotics robots safety software solution solutions system systems technologies technology time vehicle vehicles warehouse work

Secondary Sidebar

Latest news

  • The Impact of Automation on Digital Marketing: 5 Key Areas
  • Big Joe Forklifts launches autonomous pallet mover in partnership with Thoro.ai
  • Wingtra lands $22 million funding round for its commercial drones
  • DeepRoute.ai launches $1,000 ‘map-free’ self-driving solution
  • MobileDrive builds next generation ADAS with Siemens’ digital twin technology
  • Seegrid releases software to enable its warehouse robots to work together
  • Ambi Robotics unveils fleet management and business intelligence platform
  • Geodis almost doubles case picking throughput with Vecna Robotics solution
  • How to Automate the Mechanical Tasks in Your Company Better
  • What to Wear for Cycling in Cold Weather

Footer

We are…

Robotics and Automation News was established in May, 2015, and is now one of the most widely-read websites in its category.

Please consider supporting us by becoming a paying subscriber, or through advertising and sponsorships, or by purchasing products and services through our shop – or a combination of all of the above.

Thank you.

Independent

Archivists

April 2017
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
« Mar   May »

Complex

Old-skool

This website and its associated magazine, and weekly newsletter, are all produced by a small team of experienced journalists and media professionals.

If you have any suggestions or comments, feel free to contact us at any of the email addresses on our contact page.

We’d be happy to hear from you, and will always reply as soon as possible.

Future-facing

Free, fair and legal

We support the principles of net neutrality and equal opportunities.

Member of The Internet Defense League

Copyright © 2023 · News Pro on Genesis Framework · WordPress · Log in

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT