Are you looking to deploy your high net worth individual marketing strategy soon? Here are our top tips to cut through the noise and connect with this popular target audience.
Be where they are
For your marketing strategy to be truly effective, you have to be where your target audience spends most of their time on, from your paid advertising media plan to your social media posts. According to our latest data on HNWIs in South Africa, 74% say that professional success is their main source of income, so it's likely that most of them are on LinkedIn. 67% have internet in their home, and 90% own a smartphone, so digital should be your main priority.
Since there are few HNWIs, marketers should also consider advertising or publishing sponsored content on niche and luxury websites. Approach publishers who attract your audience.
Exclusivity is appealing to HNWIs, so whatever you are marketing shouldn't be accessible to your everyday John or Jane - whether it's the scarcity or pricepoint angle you use. For HNWIs, the products and services they are willing to spend on sell them a lifestyle they aspire to. Leverage this in your creative assets and advertising copy. And as with everything else, pay close attention to the details!
Have beautiful branding
Similar to the point above, your branding has to attract and align with the image that HNWIs embrace. Depending on your product or service, you might choose certain colours, images and language for all your customer-facing output from your website to your digital advertising. Choose images and graphics for your advertisements that depict the lifestyle that HNWIs seek to live.
Above all, your brand should invoke an emotional connection from HNWIs. Typical examples of this include using celebrity as brand ambassadors and associating products with a certain activity, like Lacoste and Golf, and Ralph Lauren with sailing and horseriding.
Speak their language
There are specific words and phrases which hone in on the values and desires of the HNWI, and several successful luxury brands have embodied this in their marketing. Maybe it's the timeless Rolex that will be a family heirloom or the holiday house that will be passed down from generation to generation. Maybe it's the understated but quality leather loafers made in Italy by skilled craftsman.
It is worth testing your advertising copy to see which words resonate the most with the HNWIs you're targeting.
Make them feel special
Customer service that is personalised and truly exceptional goes a long way with the HNWI. That is what drives loyalty. From luxury hotels to the skilled tailor with a handful of high profile clients, the common retention tactic is making their customers special. There are several digital marketing tactics that you can use to do this, including personalisation tokens in your email marketing, personalised thank-you emails, retargeting campaigns and more.
Even though this does take significantly more time and effort, as marketers we know that a happy customer can lead to several referrals.
Delve deeper and discover demographic, behavioural and attitudinal data in the High Net Worth Individual in South Africa 2017 Report.