High Net Worth Individuals – Marketing To Them

High Net Worth

It’s fairly common knowledge that an entirely different marketing approach is necessary when dealing with high net worth individuals, as opposed to all other consumers in the world. High net worth people tend to also have a high level of digital literacy, accessing their devices quite frequently, with virtually all of them online very often.

While you would certainly be missing out if you fail to reach out to these individuals, it’s certainly true that marketing to high net worth people has to be done correctly if it’s going to be effective at all. Since these individuals are accustomed to having high access to perks and special considerations, they usually expect to be provided with services and products which most people have no access to.

When you prepare a marketing campaign to reach out to these individuals, you’ll need to take that into account and feature it in your messaging. As an example, you may want to consider marketing VIP perks or high-level services which are not made available to others, members-only benefits, and other considerations that are only offered to the elite. High net worth people also value their privacy, so you need to incorporate this into your marketing strategy as well, assuring them of confidentiality and personalized treatment.

When you prepare a marketing campaign to reach out to these individuals, you’ll need to take that into account and feature it in your messaging. As an example, you may want to consider marketing VIP perks or high-level services which are not made available to others, members-only benefits, and other considerations that are only offered to the elite. High net worth people also value their privacy, so you need to incorporate this into your marketing strategy as well, assuring them of confidentiality and personalized treatment.

Personalizing your marketing

As mentioned above, individuals in the high net worth class expect personalized attention and care. This might sound easy enough, but in the actual execution of it, you might find that it’s a little more difficult than you thought. When you’re personally working with an individual, it’s not all that difficult to tailor your activities to that person. However, when you’re trying to develop an online approach, this can be a whole lot more difficult to put in execution.

Data driven marketing can be a big help in this regard. You can develop campaigns which are focused on high net worth individuals and monitor them to make sure that your strategies are having an impact. If they aren’t, you should adjust them at the earliest opportunity and retry. You are not at all likely to reach a high net worth individual through any kind of mass campaign like email or direct mail, because most of these individuals feel they are a cut above such attempts, and will ignore them.

You’ll be far more likely to achieve some level of success with a personal approach, as long as you can also keep in mind what your clients truly value and need.

Difficulties with reaching high net worth individuals

One of the real problems with crafting an effective marketing campaign for high net worth individuals is that there is so much diversity in the preferences these people have. Something which strongly appeals to one ultra-rich individual may not resonate at all with another one. This can make it extraordinarily difficult to market to such individuals, because as a group, they don’t really have a generic need or desire which can be targeted.

Many high net worth individuals have a special affinity for electronics and mobile devices, and all the latest technology. Even this however, cannot be said to be a universal preference among the ultra-rich, because many of them eschew such devices in favor of being more private and unapproachable.

As a kind of counter-balance to some of the most recently developed technology, some ultra-rich individuals prefer to become involved with immersive luxury experiences in which several people can share a brand experience. This is a trend which is currently gaining a great deal of traction in North America and Europe, and which will probably begin to spread across the globe very shortly.

Marketing to private individuals

Sometimes individuals whom you might think would be prime targets for luxury products simply don’t want to be found or engaged by marketers. When an individual prefers a high level of privacy rather than learning about any kind of luxury products which might be appealing, a somewhat different approach must be taken.

In situations like this, it will be important to find really creative ways to win over prospects who might be curious but are generally inaccessible and unapproachable. One way you might go about this is to create an appealing offline experience for people who are targeted for luxury products and services. Sometimes the best way to do this is to arrange for engaging events which can establish and cultivate brand loyalty, and which can also provide a unique social experience for attendees.

The most successful of these kinds of events will help to establish relationships between attendees, at the same time that they create product awareness and brand recognition. If you can find just the right event to arrange, with a unique venue, a fascinating guest list, and the right sponsors, it could leave your high net worth individuals with a strongly positive view of your brand.

Marketing online to high net worth individuals

high net worth prospecting

While it’s important to have an offline component to your marketing strategy for high net worth individuals, you can’t overlook the online component either. In any of those channels or platforms where you know the ultra-wealthy are active, you have to reach out to them with your relevant message. This could be on social media platforms which cater to luxury, or it could be niche websites, channels, blogs, or publications which have an elite audience.

All this doesn’t mean that you should abandon the lower strata of individuals on social media, because even the ultra-wealthy are known to routinely spend time on Twitter, Snapchat, Facebook, and YouTube. Whenever you discover platforms which are regularly used by the ultra-wealthy, you should be there too with your tailored message to reach them.

When you have discovered the specific channels used by your ultra-rich target audience, you have to be sure that the tone of your messaging reflects those attributes and values held dearest by that group of people. Whatever product or service you’re offering, it needs to be presented to them in a way that fulfills their emotional needs, and will contribute strongly to their preferred lifestyle.