How Can You Effectively Market to High-Net-Worth Individuals?
High-net-worth individuals (otherwise known as HNWIs) and ultra-high-net-worth individuals (known as UHNWIs) are an incredibly attractive and lucrative audience that a number of different businesses try to market towards. That being said, it can be very hard to market to these groups due to the fact they represent such a small amount of the world’s population (less than 1%). With that in mind, how do you possibly get the elite to notice your brand and buy from you?
If you want to try and market towards HNWIs and UHNWIS, then you need to be sure that you reconsider some of the more traditional marketing approaches that you are aware of. You need to stop thinking about marketing to the general public and instead turn your attention to running more bespoke campaigns which are tailored toward getting the attention of a more niche consumer group.
Why Do You Need a Separate Marketing Strategy When Appealing to HNWIs?
Despite the fact that HNWIs are in the 1%, that doesn’t mean they don’t use the internet. In fact, in a recent report that was conducted by the firm PwC found that about 98% of HNWIs use the internet on a daily basis, and some of their most active consumers are on there for an average of three hours per day. As such, it is very important that you are using digital marketing to try and attract this niche, given they spend so much time online.
Not only that but people who have money to invest are usually on the lookout for new and emerging products. This means that if you are offering services that are industry disrupting or innovative then HNWIs will certainly be more than interested.
This means that you need to ensure you have a digital marketing strategy in place, but it can’t just be any standard strategy; it has to appeal to HNWIs and UHNWIs. As such, you need to make sure you are communicating effectively to this target audience, which will provide better value for money when compared to traditional marketing methods.
Targeting HNWIs is a very specialised area of marketing as your campaign is going to have to be altered to appeal to this niche rather than appeal to the mass market. There is no getting away from the fact that an approach out of the ordinary is needed when you’re marketing toward some of the richest people in the world.
The Buying Habits of HNWIs and UHNWIs
When you are putting together a marketing strategy, it is important that you have an understanding of what your HNWIs are looking for. As such, you should consider working with marketing companies that understand the buying habits of your niche. They can do this by gathering information on such clients and having experience with selling to them in the past.
You tend to find in the modern world that HNWIs are constantly seeking out high-end luxury brands that match their passions and interests. As such, you need to have a good understanding of these to begin preparing marketing strategies for them.
You should be aware that the buying habits of the wealthy are not constant and are forever changing, especially as more and more millennials become HNWIs and UHNWIs. This means that different ads and marketing methods will resonate with some more than they will with others. You need to ensure you are staying up to date on marketing trends by following blogs and reading the news in order to identify what trends will be the most effective for your campaigns.
Keep in mind that when someone wealthy is making a luxury purchase, they are going to be a lot more calculated in buying rather than opting for the spontaneous purchase. This means that the strategy you decide to implement should be long-term and consistent. This means making sure your strategies are able to be fine-tuned and adjusted as changes to marketing occur. Be sure to look out for strategies that you are going to be able to use in the distant future rather than those that will only be relevant for a few weeks.
The Best Strategies for HNWIs and UHNWIs
The best strategy is going to vary depending on what your goal is and what you’re selling. Specialised SEO landing pages are always a good option as well as advertising campaigns that have been carefully thought out and planned. Social media is also a tried and tested method that a lot of HNWIs and UHNWIs tend to use to buy different items.
When you are going down the SEO route, you should try and put together some well-written blog posts. Showing that you are a voice of authority and know what you’re talking about is a good way to win the trust and subsequent custom of the elite.
You should also consider the whereabouts in the world your target audience is located and, as a result, whether you should write your content in a few different languages. Again, this is something that marketing agencies are going to be able to help you with as a number of them will offer translation services.
If you are going to be taking advantage of SEO then you need to make sure you have knowledge of what your target audience is searching for. Once you understand this, you are going to be able to make content that uses these different keywords so that when people look up these terms, your business is shown first.
Do You Need Assistance with Your Marketing?
When you are trying to market to a more lucrative and elite audience, you need to stop thinking about using strategies that will give you a wide audience and instead turn your attention to strategies that the 1% will see. Doing this can be tricky, and as such, it could be worth enlisting the help of a marketing agency such as YouYaa. If you have any questions about marketing or would like to know more about what YouYaa are able to do to benefit your business then do not hesitate to get in touch.
