SOURCE: Luxury Institute

February 21, 2008 11:00 ET

Luxury Institute Releases Customer Engagement "Best Practices in Channel Interactions" WealthSurvey

NEW YORK, NY--(Marketwire - February 21, 2008) - The Luxury Institute just released its latest WealthSurvey to the members of their Luxury Board online community (www.LuxuryBoard.com); nearly 200 individuals representing an elite group of luxury goods and services organizations.

-- Sales Associate Best Practices

-- Online Transactions Best Practices

-- Mail/Catalog Shopping Best Practices

-- Telephone Customer Service Best Practices

Below are some best practices and best practitioners from the voice of wealthy consumers:

Sales Associates Best Practices

Wealthy shoppers rate product knowledge 9.13 out of 10, making this far and away the most important characteristic of a great sales associate. Nordstrom sales associates are indisputably pleasers of the wealthy crowd. Nearly ten percent (80 of 832) of wealthy consumers volunteered the Nordstrom name (unaided) when asked for a company with sales associates who are tops in luxury goods.

Online Transactions Best Practices

Being upfront about delivery charges and making sales quick and easy to complete are key to pleasing wealthy customers online. Delivery charges that are clearly stated prior to entering personal information earn the highest (8.93) overall importance rank among online shopping considerations.

Mail/Catalog Shopping Best Practices

The biggest consideration for a successful luxury mail order operation has nothing to do with order fulfillment. What wealthy consumers care about ferociously (9.14) is that their address not be sold to other companies. Neiman Marcus, L.L. Bean, and Nordstrom all earn 18 mentions from the wealthy for providing the best mail order experiences in luxury goods due to their deep roots in the catalog business.

Methodology

A national sample of 832 wealthy American consumers, with an average income of $338K and average net worth of $3.5 million, was surveyed online. Survey results are weighted to match demographic and net worth profiles of the same audience according to the latest Survey of Consumer Finances from The Federal Reserve.

This latest WealthSurvey, plus ten best practices surveys per year, a database of dozens of other consumer surveys, the Wealth Report newsletter, plus select networking with trusted qualified peers, are all available to members of the Luxury Board, an online community for Luxury Professionals who wish learn how best serve luxury consumers, for only $995.00 per year.

About the Luxury Institute

The Luxury Institute is the uniquely independent and impartial ratings, research and executive education institution that is the trusted and respected voice of the high net-worth consumer. The Institute provides a portfolio of proprietary publications, research and courses that guides and educates high net-worth individuals and the companies that cater to them on leading edge trends, high net-worth consumer rankings and ratings of luxury brands, and best practices. The Luxury Institute also operates the Luxury Board (www.LuxuryBoard.com), the world's first global, membership-based online community for luxury goods and services executives, professionals and entrepreneurs. To reach the Luxury Institute, please call 646-792-2669 or go to www.LuxuryInstitute.com.

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