In this case study, we explore the strategic approach designed by experience architect, Kevin Ou (The Lumenere Group) and UltraLuxe Global for CIMB Preferred Bank to engage and expand their high-net-worth client base during a meticulously planned 10-day experience.
The Ultimate LuxeScape initiative was designed to deepen existing client relationships and attract new ones by leveraging targeted psychological strategies to deliver personalized and exclusive experiences. This detailed analysis examines the successful application of consumer psychology principles, including exclusivity, personalization, and emotional engagement, that not only enhanced client loyalty but also significantly increased the bank’s ROI. Through this strategic endeavor, CIMB Preferred Bank set a new benchmark for luxury client acquisition in the banking industry.
Industry
Preferred Banking / Finance
Client
CIMB Preferred Bank, UltraLuxe
Customer Profile
CIMB aims to attract discerning customers who value an exclusive and luxurious lifestyle, targeting those aged 40–60 years. This group comprises affluent professionals, successful entrepreneurs, and savvy investors who appreciate sophisticated design and high-quality living. As frequent travelers and culturally informed individuals, they seek unique experiences and premium amenities. CIMB’s preferred banking suite of services, available across ASEAN, is designed to meet the high standards and detailed-oriented preferences of these ideal clients.
OBJECTIVE / GOAL
Our objective over a 10-day period is to actively engage and acquire both new and existing High Net Worth (HNW) clients — both local and regional — who perfectly match the bank’s ideal customer profile. This concentrated effort seeks not only to solidify and enhance their existing relationships with current clients but also to strategically expand their client base through a thoughtfully designed experience.
We aimed to connect with potential customers who not only embodied the financial stature necessary for high net worth categorization but also those whose lifestyle and values were in harmony with the ethos and offerings of CIMB bank. By doing so, we deepened the loyalty and satisfaction of the current clients through tailored, high-value interactions and simultaneously tapped into a wider pool of potential clients.
This dual approach leveraged both direct engagements and strategically designed in-person opportunities to foster meaningful connections, reinforce trust, and demonstrate CIMB’s commitment to exceptional service and exclusive benefits that aligned with the sophisticated needs of HNW individuals.
EXPERIENCE DESIGN
In partnership with CIMB Preferred Bank, Kevin and the team from UltraLuxe Global orchestrated an exclusive, invite-only 10-day experience tailored for Ultra-High and High Net-Worth individuals. Our goal was ambitious: to engage over 860 guests while maintaining an intimate and personalized experience. To achieve this, we designed each encounter for small groups of 20, enhancing personal interaction and deepening the impact of each moment.
Our strategy focused on creating a multi-brand space that offered something truly unique. We incorporated design elements from luxury builder Goodrich, bespoke furniture, BertO by Recasa Living, cutting-edge touch-screen display technology, and curated a collection of rare artifacts from around the world through our various jewelry partners. Additionally, we showcased rare timepieces and provided personal insights from the CEO of GUESS, all tied together with experience design from TLG.
Understanding the unique psychology of our elite clientele was crucial. These were individuals for whom exclusivity meant more than just high price tags; it meant accessing the inaccessible. Our approach went beyond conventional luxury, aiming to stimulate both emotional and intellectual engagement by curating items and experiences that were not just lavish but also rare and emotionally resonant.
The highlight of our collaboration with CIMB Bank was the creation of truly unparalleled experiences. Guests were treated to rarities such as Albino Caviar, a 56-Carat Canary Diamond, the world’s Largest South-sea Pearl, amongst many others. These items, emblematic of ultimate luxury, were part of a curated journey that included a Michelin-starred Jewelry pairing, among other unique experiences.
By prioritizing intimacy and exclusivity, we succeeded in creating a series of memorable, once-in-a-lifetime experiences that resonated deeply with the attendees, aligning seamlessly with CIMB Bank’s philosophy of providing exceptional service and unparalleled offerings to its clients.
INSIGHTS
Our keen insight into the sophisticated tastes of high-net-worth (HNW) individuals enabled us to craft experiences that encouraged intimate conversations and connections, laying the foundation for client relationships and acquisition. In partnership with UltraLuxe, we introduced an exclusive VVIP section, elevating the event’s luxury quotient.
This initiative not only achieved but surpassed CIMB’s goals for engagement and client acquisition, underscored by personalized and exclusive interactions.
The essence of our strategy lay in understanding that for our elite guests, true exclusivity extended beyond mere expense to the realm of the rare and emotionally stirring. We curated not just opulent, but also unique and intellectually stimulating experiences, transcending traditional definitions of luxury.
Our innovative approach and meticulous execution were recognized with a nomination for the Markies Marketing Award for “Best Experiential Campaign in 2023”.
This project stands as a testament to our expertise in marrying luxury with strategic insight to deliver experiences that not only captivate our high-caliber clientele but also significantly advance our clients’ business goals.
PSYCHOLOGY DESIGN
The acquisition experience designed for CIMB Preferred Bank by Kevin, Mike Gunawan (TLG) and the UltraLuxe Global team epitomizes the strategic use of consumer psychology to engage and acquire High Net Worth (HNW) clients. This meticulously crafted 10-day invite-only event targeted both new and existing Ultra-High Net Worth individuals, integrating exclusivity, personalization, and rare experiences to enhance client relationships and broaden the client base effectively.
Exclusivity and Rarity:
- Psychological Principle: Exclusivity is a powerful motivator for HNW individuals, often more impactful than luxury alone. It taps into the desire for status and uniqueness, which are pivotal in luxury consumer behavior.
- Application: The experience featured extraordinarily rare items, including the original 1980’s GUESS jeans launched by Claudia Schiffer, the largest pearl in the world, limited-edition rare Whiskies, priceless artifacts from the Thai Royal Kingdom, Albino Caviar, and a 56-Carat Canary Diamond. These items are not just luxurious but also scarce, creating a sense of exclusivity that directly appeals to the target demographic. By showcasing these elements, the bank positions itself as a conduit to the inaccessible, significantly enhancing its allure.
Personalized Experiences:
- Psychological Principle: Personalization makes clients feel valued and understood, increasing their engagement and loyalty. It is crucial for HNW individuals who expect services to cater specifically to their preferences.
- Application: By organizing encounters for small groups of 20, the experience maintained an intimate setting that fostered personal interactions and made each moment feel exclusive and tailored to each guest’s preferences.
Emotional Engagement:
- Psychological Principle: Emotional connections can significantly enhance brand loyalty and satisfaction. Engaging clients emotionally can lead to longer-lasting relationships and increased trust.
- Application: The inclusion of unique experiences like a Michelin-starred Jewelry pairing provided not only luxury but also emotional and intellectual stimulation, resonating deeply with the guests’ sophisticated tastes and interests.
Social Proof and Networking:
- Psychological Principle: Social proof is influential in HNW circles, where the opinions and actions of peers can significantly impact individual decisions.
- Application: The experience facilitated networking in an exclusive setting, allowing guests to see and be seen with peers, thereby reinforcing the bank’s status and desirability through social proof.
Commitment and Consistency
- Psychological Principle: This principle suggests that once people commit to something, they are more likely to engage in further actions that are congruent with the initial commitment.
- Application: By engaging guests in personalized and exclusive settings, the experience facilitated initial commitments, whether through verbal affirmations or small actions aligned with the bank’s services. This set the stage for deeper, more profitable relationships as guests were likely to continue acting in ways that reinforced their commitment.
Impact and ROI
The design and execution of this experience did not merely meet the set objectives; they significantly exceeded them, leading to heightened engagement and an expanded client base. The careful blending of rarity, personalization, and emotional resonance ensured that the experiences were not only luxurious but also memorable and impactful.
- Client Acquisition and Retention: The personalized and exclusive nature of the experience ensured that current clients felt valued, enhancing loyalty, while potential clients were provided compelling reasons to associate with CIMB.
- Brand Positioning: The bank effectively positioned itself as a premier service provider that understands and fulfills the unique needs and desires of the ultra-wealthy.
CONCLUSION
The CIMB Preferred Bank’s client acquisition experience is a great example in how private banks and companies can apply consumer psychology effectively within the high-end service market. By understanding the deep-seated motivations of their target audience and meticulously crafting experiences that cater to these needs, we helped CIMB bank and UltraLuxe Global have set a new standard for engaging HNW individuals.
This initiative serves as a benchmark for how luxury brands can use strategic insights and consumer psychology to create highly effective and successful marketing campaigns in the finance industry.
ABOUT: TLG
The Lumenere Group (TLG) specializes in crafting bespoke, high-impact experiences for affluent consumers, using cutting-edge psychological insights to elevate every interaction. Our unique approach blends expert knowledge of consumer behavior with innovative design to create experiences that not only captivate but also foster deep connections and brand loyalty.
From immersive luxury showrooms to exclusive VIP gatherings, The Lumenere Group transforms ordinary events into extraordinary moments that leave a lasting impression.
Note: This section highlights our expertise in experience design, demonstrating how we elevate each brand we work with.
Each case study reflects our strategic and experiential capabilities, offering insights into our processes and the impactful results we achieve. For privacy, some images are recreated with Generative AI technology, ensuring confidentiality while visually showcasing our work.
