Archive for March, 2014

Wealthy Millennials and Boomers Are Two Completely Different Animals

Monday, March 31st, 2014

marketing to wealthy millennias and boomers

Are you marketing to a lion (Boomer) or a panther (Millennial)?

It used to be that there was old money and new money and the methods of marketing to both was relatively similar. The nouveau riche aspired to be just like the upper class. They wanted to look like them. Act like them. Be them. Everyone of means lusted after the same status symbols of wealth.

Not so today. Affluent Boomers, or today’s wealthy establishment continue to seek and display the trappings of their wealth. Today’s new rich? Not so much. Just take a look at their role models—the hoodie-clad Mark Zuckerbergh vs. famous faces of mature money, say, the buttoned-up Bill Gates.

The conspicuously consumptive Boomer millionaire is vastly different than the more modestly prosperous Millennial. They are two very different animals—like a lion (The Boomer) vs. a panther (The Millennial). The King of the Jungle struts around in full mane to appear larger and put on a display of intimidation. The panther on the other hand is the stealthy Ghost of the Forest.

Are you marketing to a lion or a panther?

If it’s the lion you seek, traditional methods of direct mail continue to work extremely well. Give it a big juicy catalog rich in photographs of luxurious products, 5-star amenities, and other ways to show off their obvious wealth.

But if it’s the panther you’re after, you need to be a little more stealth yourself. This creature is accustomed to quietly consuming personalized content relevant to their interests. You see, Millennials expect the companies they do business with to be smarter about their marketing. Marketers need to recognize the changing tastes of the younger rich and communicate accordingly. This group is more about the brand experience than putting their brands on display.

To be sure, multichannel marketing is a given in our current media jungle. But the allocation of budget in the media mix must be adjusted accordingly. Heavy up on print, supported by email and digital when tracking down rich Boomers. Go a bit easier on print and stronger in the digital and email realm when setting your sights on Millennials. Timing can be tested too. Serve digital and email messaging to Boomers by day and to Millennials by night.

Successful luxury marketers are quickly taking note of these differences in both creative approach and in the media mix. Boomer money craves status and Millennial money seeks experience. This needs to show not only in where you deploy your communications, but also in how you speak to these wildly different audiences of affluence.

Therefore, the age of your high-income luxury audience plays as big of a role in the success of capturing market share as does net worth. You can still sell the steak of your luxury brand to both generations, but it’s all in how it sizzles for each is what will make the difference.

Play to Win When Targeting the C-Suite Consumer

Friday, March 14th, 2014

targeting marketing to affluent executive consumers at home and business

Targeting affluent executives at home and business is a winning game plan for luxury brand marketers.

Luxury brand marketers can take a page from the big ticket B2B playbook in capturing the attention of busy, high-level executives. You can find a few choice pointers in this article on How to Reach the C-Suite:

 

I agree with all of the above, and I see exactly how this can play out in upscale consumer marketing. After all, if you follow the money in big-ticket consumer spending, it’s in the hands of the highest paid executives.

Three Big Plays You Can  Make Now  to Acquire C-Level Customers”

1) Add Multi-touch to Multichannel

C-Level executives are running and gunning 24/7 at work, at home, on the go. A well-laid plan to break through to them requires contact information at multiple touch points and channels. You need to address them where they live and where they work. Follow up with email. Then follow them wherever they go on the web with digital display and video.

2) Get Your Hands on Need-to-Know Data

In today’s world of relevancy, your marketing is only as good as your intel. Is your C-Level prospect married? Does she have children? Where does she work? What’s her job function? What’s does her company  do? Company sales? Company size? Her own personal net worth?  Hobbies and interests? This is need-to-know personal and business information if you want to be hyper-relevant.

3) Reach Out to Their Connections

C-Level executives seek the advice of others. Makes sense. Family members, friends, colleagues, neighbors. Wouldn’t it be smart to include these influencers in your campaign to create some buzz? This works both ways. Once you land a heavy hitter who wields a lot of clout, he will likewise influence those close to him. You need to penetrate your prospect’s inner circle and get the message out to his group of influentials.

Targeting the working rich directly at both home and the office, via postal, email, digital display, mobile marketing and through their connections is a game plan that gives you the best chance to win the elusive C-Level executive as a new customer.

I hope I’ve kept your attention long enough to deliver this timely, succinct, actionable insight on marketing consumer brands to high-level execs!

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