Affluent buyers aren’t just your average market, and to advertise to them – you need to step up the marketing game.
Everything you do and say should be completed within the tone of voice and style that speaks directly to them. It won’t be the cost of the product, because typically it’s not the price of the product that will drive a purchase decision.
Although you still can’t discount it in your marketing.
One of the main things to keep in mind is that luxury buyers are different from the mass market. They have more money; they often have busier lives, they need a fresh framework for your marketing efforts.
The term ‘meet your customers where they are’ has never been more meaningful than now. Marketing to luxury buyers means talking to a subset of the population that is typically hard to access on a personal level.
So when you talk about marketing to affluent buyers, here are some things to keep in mind.
This doesn’t mean that you have to have graduated from Harvard or another top five school.
Instead, it means that you need to be highly educated in your market, and more specifically, your product.
Being confident in your product is the tip of the iceberg; of course, you need to be sure that your product or service can deliver – but that would be the case for any audience.
You need to take it up a level.
Understanding your audience on the most personal level and knowing precisely what they need and why the features of your product will impact their lives in the right way.
Your experience and credentials might be factored in – and while no one expects you to be squeaky clean, you should be in a respectable position – i.e., nothing in your past that could link products to scandals.
Your knowledge and confidence in the product isn’t something you should shy away from either. But remember, there is a fine line between being egotistical and cocky and being confident.
The products that affluent people buy are often created by people who have a vision, and often it reaches outside of the everyday norm. Wealthy people don’t always live in the same way as the masses.
They can afford to be more extravagant, invest in new artists and designers, and set trends.
When you create the product, services, or anything around it, you need to design and vision some of your most essential things.
Consider how likely it is that the most affluent buyers will purchase from an advert they see everywhere. Something that is everywhere doesn’t feel exclusive.
Something that is only marketed to a select few and feels exciting and exclusive is enticing. One of the fastest ways to garner that interest is skipping the lengthy copy. Opt for short, sharp, and intelligently made videos. Work closely with an animation studio to get something that quietly sounds the horn of a luxury and exclusive brand – only for the elite.
Pay close attention to the demographic – where do they consume media, what are they talking about, who are they buying from? All of that information can give you what you need to make a real impact.
Your reputation should precede you. Remember that while the affluent will like to have a status car, something luxurious and a symbol of status – according to leading experts, the wealthiest people typically drive Fords, Toyotas, and Hondas.
In 2012 the most affluent zip codes were driving Mercedes E-class, BMW X5’s, honda Civics, and Toyota Prius.
The reputation of these cars is outstanding, and while they won’t break the back for a millionaire, their reputation precedes them. The other vehicles are a luxury and are purchased to be an example.
Here we can see two things. The reliability and practicality of an item, even when a more expensive option is available, is typical. And the other is that the elegance, luxury, and symbolism of most costly items also hold weight.
Quality Over Cost
When you have enough money to not care about prices, you only care about the quality and symbolism of an item.
You need to use more inclusive language like budget-friendly, affordable, or great value with a mass audience.
You can simply talk about the product when you are speaking to people who aren’t watching the cents or the dollars. In some cases, this is more enjoyable and interesting for the marketing.
You can use the product or the service to engage the audience. What can it bring to their lives? What is the experience like? How does your product or service give them something that is premium, exciting and exclusive?
One of the most exciting things you can also choose to do is skip adding a price. Many designer websites offer high-end goods, and they simply don’t include a price – or the ability to order online.
This puts their products behind barriers before being purchased, which means a qualified audience will only buy them.
It’s About Success
Some people have been born into money; others have worked their way into a very fortunate position. One thing can be said for all – they swim in circles of success. Businessmen and women have worked their way into large homes and big cars, and those who have stayed at home and raised children.
All of these things can be viewed from the point of success.
As a business, it is your job to show that you respect success and that your brand is part of that journey of success. Consider how your product or service can become part of a successful story.
Is it a product that can be used to celebrate? Is it a symbol of good taste? Or is it a quiet luxury that has barriers before purchase, so getting hold of one is the success?
Your brand needs to speak to the affluent buyers on their level, and typically that level isn’t easily reached by traditional methods.
Ready to develop your brand? Read this: 10 Tips For Developing A Luxury Brand Business