I was recently asked to write an article providing insight into marketing to wealthy consumers. Just as advertising and promotion overall these days has changed, so, too, has how you reach specific audiences. The following is just a sample of the advice I gave.
- Do your homework. Time after time, companies aiming at rich consumers get distracted by dollar signs dancing in their heads. Decide what income brackets you’re trying to reach. Understand the definitions, too, of affluent, high-net-worth, and ultra-high-net-worth consumers. Then research the things they spend the most money on year after year.
- Provide an engaging experience. “Experience” is key. These consumers want to immerse themselves in what makes a brand, and its offerings, special. It’s why Porsche lets select customers pick up their car directly from the assembly line in Germany—and, in the process, receive a guided tour of the factory, plus a one-on-one session about the car’s features.
- Exclusivity is king. Exclusivity means you need to have an exceptional, distinctive product or service, tailored to their specific passions or needs. Consider arranging a limited, invitation-only event for them to learn about what you offer or to sample your services. Any sponsors or co-sponsors you bring in need to fit the exclusivity image, too.
- The wealthier they are, the harder they are to reach. As just mentioned, with so many marketers vying for a piece of the luxury consumer pie, the more affluent individuals don’t want to be bombarded. Related to this, the more they have circles of individuals around them. Therefore, you need to target these people as much as the consumers themselves. These influencers can range from private-wealth advisors to family-office managers, even to personal assistants. Regardless of their job title, they help the wealthy make decisions when it comes to spending their money.
Above all, remember: Wealthy people can literally afford not to spend their money. It’s all the more reason that your messaging needs to speak to them on an emotional level. Furthermore, everything you do, starting with your branding, needs to convey prestige and high quality.