Marketing Strategies - How to Market to the High Net Worth
Sunday, November 24, 2013
Affluent customers are on the radar of most marketing professionals; landing them can help to push a marketer to higher pay scales, improve credibility and increase exposure to additional highly valued targets. According to Richard Becker, vice president of marketing strategy for Equifax, consumers considered to have high net worth make up about 10 percent of the U.S. population, representing close to 12 million households. This group accounts for nearly 50 percent of retail purchases that total about $4.1 trillion a year. It’s their attitudes, aspirations and lifestyles that drive their purchasing decisions.
1
Design promotions specifically reserved for your elite target market. Make the promotion sound exclusive, with different characteristics and requirements than the services or products you sell to the majority of your customers. One-of-a-kind offerings and invitation-only sales play into wealthy consumers’ needs to stand out from the rest of the buying public.
2
Explain the value of your products or services in a way that the wealthy can understand and appreciate. According to Becker, wealthy consumers are fiscally conservative and are not susceptible to get-rich-quick schemes or sounds-too-good-to-be-true offers. They want to know their money is being used wisely and will provide exceptional benefits worth the price they pay.
3
Provide consistently excellent customer service. Follow up on every sale to ensure the customers' satisfaction. Give wealthy clients access to a private line for customer service that is operated by well-trained staffers who can solve problems instantly. Send salespeople on deliveries to make sure everything goes smoothly and to serve as a liaison or concierge.
4
Set up a reward system for successful referrals using a gift that is recognized as having a high value in and of itself. For example, clients who receive a gift such as a Tiffany wine glass in the recognizable blue box may appreciate the gesture and seek to get more glasses with more lucrative referrals.
Tags:
Marketing, Marketing Strategies
1
Design promotions specifically reserved for your elite target market. Make the promotion sound exclusive, with different characteristics and requirements than the services or products you sell to the majority of your customers. One-of-a-kind offerings and invitation-only sales play into wealthy consumers’ needs to stand out from the rest of the buying public.
2
Explain the value of your products or services in a way that the wealthy can understand and appreciate. According to Becker, wealthy consumers are fiscally conservative and are not susceptible to get-rich-quick schemes or sounds-too-good-to-be-true offers. They want to know their money is being used wisely and will provide exceptional benefits worth the price they pay.
3
Provide consistently excellent customer service. Follow up on every sale to ensure the customers' satisfaction. Give wealthy clients access to a private line for customer service that is operated by well-trained staffers who can solve problems instantly. Send salespeople on deliveries to make sure everything goes smoothly and to serve as a liaison or concierge.
4
Set up a reward system for successful referrals using a gift that is recognized as having a high value in and of itself. For example, clients who receive a gift such as a Tiffany wine glass in the recognizable blue box may appreciate the gesture and seek to get more glasses with more lucrative referrals.
