Archive for June, 2013

The Highest Earners are Your Lowest Hanging Fruit

Monday, June 10th, 2013

According to the Spring 2013 Affluent Market Tracking Study, “the wealthiest 10% of U.S. households account for almost half of all consumer spending.” And that does not appear to end anytime soon. Why? Because they will continue to spend at the same levels despite being hit with higher income taxes according to the study.

No surprises there. Our wealth trackers indicate that the rich are indeed getting richer and we are seeing a rise in net worth for individuals earning over $250,000 in annual income. They are increasingly going online to conduct product research and make high-end purchases in such categories as:

 

“How can I gain an audience with this high-flying jet set?” you ask?

Luxury marketers conducting a multichannel strategy with relevant messaging have the best success. Here are my recommendations after monitoring results of many recent campaigns in the wealth sector:

Digital Display Advertising — Get in front of them whenever they go online, wherever they travel the web with banner ads, video and other digital content.

Email Marketing — Send a preliminary email introducing your luxury brand and requesting permission to send relevant and timely news & offers.

Direct Mail — The use of QR Codes and Personalized URLs (PURLs) on printed mail that link directly to a landing page can play a key role in multichannel inbound marketing strategy.

Speak to their Connections — Reach out to their relatives, friends, neighbors and business associates. This way you can generate buzz about your brand.

Reach the Right Pockets of Wealth — Wealth comes in all forms: young affluents, mature philanthropists, aggressive self-trading investors, minority millionaires, staunch conservatives, progressive thinkers. Make sure to send relevant messaging to the right types of high earners.

The wealthy may still be ripe for the picking, but today you must harvest this market in a smart, thoughtful manner.

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