The affluent market is commonly associated with designer brands, from fashion to automobile. It’s truly undeniable that they tend to seek out all things luxurious. According to market research company GlobalWebIndex, 69% of the affluent consumers value well-respected brands that can elevate their status, while only 6% patronise value-for-money brands.
If you’re a new independent brand targeting the elite society, chances are you’re only going to attract the 6% lot, and it’s going to take extensive work to appeal to the 69% and more.
One easy way to reach out to this market is to know the e-commerce platform they trust. Magento, for example, is known to be used by both medium-sized and big-time enterprises. Work with a reputable Magento agency from London or any other posh area to launch your e-commerce website, and be seen by your target market.
But of course, marketing to the affluent shouldn’t stop there. Here are more ways to successfully pitch your brand to this exclusive group:
1. Find a Niche
A target market isn’t identified simply by sorting a population according to their level of income, net worth, gender, educational level and profession. The market you will form from those criteria is still too general. To appeal more strongly to your target market, you have to find a niche in your base market, in this case, the affluent.
Apart from their level of income and other criteria mentioned, filter them out further according to their lifestyles, ambitions, goals, interests, spending habits, overall affluence and so on. You can always add more criteria as long as they’re relevant to your product or service.
So if your niche turns out to be the 69% image-conscious group, then you’re lucky. But even if it’s just the 6% budget-conscious shoppers, it’s nothing to fret over, because, either way, finding your niche enables you to tailor your products based on what exactly that market is looking for. The only advantage you have with the 69% is their volume.
2. Build a Relationship
You have to be in the good graces of your market to get them not just to patronise but advocate for your brand as well. Over half of the affluent stated the quality of the products as their primary factor for advocating; rewards come second at 41%, followed by great customer service at 37%. Thus, by crafting your products according to their preferences and offering perks for first-time and repeat purchases, a relationship can be forged.
But to establish a deeper bond, getting to know them more personally is key. Finding out their goals, passions and interests will make them feel special, and that’s just what they’re after. Seventy-six per cent of the wealthy said that they’re motivated to be the best versions of themselves, hence their preference for brands that elevate their social status. Seventy-one per cent named career advancement as their key ambition, and 64% aimed for financial security. By knowing which among these groups can your products or services satisfy, you can expect loyalty and trust from them.
3. Act Like Your Market
The adage “bird of the same feather flock together” applies to business owner-to-client relationships. If your market can identify with you, they’ll naturally be comfortable doing business with you.
Other than performing extensive research about your target market, develop your personality to suit theirs, too. Immerse yourself into their world by seeking out the same experiences as them, such as dining in the same fancy restaurant, hanging out in the same neighbourhood and shopping at the same upscale district from time to time.
To sum it all up, you don’t only have to be an entrepreneur catering to the rich but also a posh person yourself to market to them effectively. It takes hard work and a bit of getting used to, but it will pay off in the end, quite literally.