PREMEX AT I-HAMPTONS

PREMEX AT I-HAMPTONS

Premex Co-founder Ben Segal presented to a group of entrepreneurs at the I-Hamptons event Thanksgiving weekend. (Panelists from left to right: Bion Bartning, Founder of EOS Products; David Bohnett, Founder of Geocities; Jeff Brodlieb, Partner at Centripetal Capital; Kathleen King, Founder of Tates Bake Shop). The presentation focused on Premex as a data-first disruptor in the luxury digital advertising industry, similar to other digital first companies disrupting entire industries, such as Uber, Tesla, Airbnb, and Gilt Groupe.

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Long-lost da Vinci painting sets auction record of $450.3 million

Long-lost da Vinci painting sets auction record of $450.3 million

Leonardo da Vinci’s painting, “Saviour of the World,” sold for $450,312,500 Wednesday at auction, Christie’s said. The price, which includes a buyer’s premium, makes it “the most expensive painting ever sold at auction,” the auction house said in a statement.

But in the weeks leading up to the auction, some 27,000 people, including Leonardo DiCaprio, Alex Rodriguez, Patti Smith and Jennifer Lopez, flooded into viewing halls in Hong Kong, London, San Francisco and New York for a chance to glimpse the highly anticipated treasure.

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Penta-Millionaires the new rising class tops 1 million households

Penta-Millionaires the new rising class tops 1 million households

Researchers with Boston Consulting Group had found that the number of households with more than $5 million in investable assets crossed the one million mark. This article verifies what we have seen in the Premex WealthGraph data. 

From a targeting perspective, it makes sense that wealth intelligence should be used to inform machine learning algorithms.  

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Top 0.1% of American households have the same wealth as the bottom 90%

Top 0.1% of American households have the same wealth as the bottom 90%

The income gap in the US has risen dramatically in the last 20 years. In fact, the disparity between the top and bottom households is now at an alarming level. Ray Dalio, the founder of Bridgewater Associates, shared a chart his LinkedIn post which analyzes the share of US household wealth by income level.  To put it in perspective, he showed that the top 0.1% of households now hold the same amount of wealth as the bottom 90%, a level that is akin to the wealth gap in the great depression of 1935 to 1940. 

Rather than focus on the socio-political-economic policy considerations, it is important to understand how wealth or lack thereof can inform our marketing efforts.  Digital marketing has an unprecedented ability to target based on highly detailed audience attributes from gender, to location, to age, to content affinity and drumroll....wealth.

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Ad Fraud and Luxury Digital

Ad Fraud and Luxury Digital

One of the big reasons that more luxury brands have been slow to adopt programmatic marketing is inventory quality and brand safety. Reading through a recent article in Digiday reminds me of all the measures that we put in place to prevent fraud tactics. 

It is essential to carefully curate your supply to ensure that you are getting real inventory and not spoofed domains and bot net clicks. 

Private marketplaces like Premex PMP are strong alternatives to open exchange-traded media. PMPs can help ensure that our clients are buying from the publishers who are who they say they are. For example Facebook inventory appears on exchanges that have no rights to resell their inventory, but might get some in-app inventory.

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Lessons from Burberry - Getting your digital house in order

Lessons from Burberry - Getting your digital house in order

At Salesforce’s Dreamforce 5 years back, Angela Ahrendts of Burberry explained that the online digital ecommerce experience should match the offline. And that is precisely what they did, using service cloud to deliver the same world class customer experience online that customers would receive walking into a retail store. You can hear their video story below. 

Similarly, Dell established a social media control center to deliver similar capabilities. This was dubbed a “social enterprise” transformation. The truth is that back then, short of social listening through the Radian6 platform and a light connector to move a social comment into a sales lead or service cloud case, there wasn't much more to execute on. 

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Orchard Mile upends luxury retail with new model

Orchard Mile upends luxury retail with new model

Orchard Mile’s approach, unlike that of Net-A-Porter/Yoox or Farfetched, allows customers themselves to hand-pick their stream of designers, which allows them access to those brands’ entire collections. That upends one of the web’s most prominent points of differentiation, especially in luxury, which must find a way to replicate the high-touch level of customer service that high-spending shoppers find in stores. To do that, Farfetch, Yoox, and others have turned to style influencers and technology to smooth communications with their customers.

Orchard Mile hasn't left its customers completely on their own: The site features a slew of content with fashion news, highlights on trends, stories of global locales and plenty of advice to spark discovery beyond users' comfort zones.  In practice, the site appears to resemble a virtual department store. It’s not clear, however, how comprehensive the options are. While Prada Beauty is listed as an option on the Orchard Mile site, clothing, leather goods and footwear for the Italian luxury fashion house are not featured.

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Apple's newly designed store may give glimpse into future of LUXURY retail

Apple's newly designed store may give glimpse into future of LUXURY retail

Apple's newly designed store in Chicago may give glimpse into future of LUXURY retail. In the company's most ambitious store design yet, the all-glass storefront called Apple Michigan Avenue on the Chicago River will for one month offer visitors free sessions to experience augmented reality, design artwork, learn coding and tinker with robots.

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Porsche Launches Passport, a new sports car and SUV subscription program

Porsche Launches Passport, a new sports car and SUV subscription program

Porsche Cars North America, Inc. (PCNA) today introduced Porsche Passport, a new sports car and SUV subscription program, which provides members flexible access to Porsche vehicles via a mobile app.

This month-to-month subscription program offers frequent vehicle exchanges, unrestricted mileage, and on-demand access for up to 22 different Porsche models. In a new relationship with Clutch Technologies, LLC, Porsche Passport will conduct its pilot program in metro Atlanta, which is home to both companies.

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Co-Founder David Friedman Interviewed on HighDriveTV's "Entreprenuer's Playbook"

Co-Founder David Friedman Interviewed on HighDriveTV's "Entreprenuer's Playbook"

Russ Capper Interviews David Friedman. "The final key area where I think innovation is going to happen based on wealth data driving is in the ad technology world.  The reality is up until now if you were a luxury brand or private bank you were unable to target someone who is ultra-affluent online from a digital advertising technology standpoint.  The whole ecosystem is based on scale, not based on targeting.  So Premex is a company I’ve co-founded where we’re going to take all I’ve learned on the data side and integrate it into the existing ecosystem around ad technology and allow people to be targeted; allow brands to be targeted to really engage high net worth and ultra-high net worth individuals...[however, since] the existing ecosystem with ad agencies and everything that’s been built is geared against that, we’re [also] going to build a completely new ecosystem in technology infrastructure around that."  

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The Digital Marketing Funnel is Not a Funnel

The Digital Marketing Funnel is Not a Funnel

The New Sales Funnel is Not a Funnel. If digital marketing has taught us anything, it is that the modern marketing funnel is no longer a funnel but rather a non-linear path to purchase.  Understanding the new stages in the purchase decision process will help evolve modern marketing to match the customer journey. The ability to fluidly move audience between various temporal states is the future of marketing.

Only through a strong data-first strategy can brands execute a modern sophisticated approach such as this. 

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