Archive for July, 2014

Meet HARRY – Highly Affluent Really Rich Yank

Thursday, July 17th, 2014

Targeting really rich consumer prospects for luxury brand marketing.

Targeting really rich consumers requires more than income data.

Achieving the status of earning that elusive six-figure income was once the telltale sign of truly making it. One-hundred-thousand-dollars! Sounds like a lot to me. But to those in the upper high-end market, that’s pocket change.

Luxury brands, exotic travel marketers and high net worth financial service providers all need really rich people to keep their businesses booming. However, finding viable luxury customers is not about how much they make. It’s how much they keep; how big their portfolios are. By definition “rich” means that you have an abundance of money or assets, not simply a high income.

Listen, a hundred grand is still a handsome sum, but when it comes to marketing to the rich, it does not mean all that much. According to the census bureau, 20% of American households currently earn six figures, but does that make them rich?

Fortune Magazine coined a name for those earning nearly half-a-million-dollars with not much to show for it after taxes, schooling, housing, and those occasional 5-star dinners: “HENRY”High Earner Not Rich Yet.

I say what you need to move the needle higher on luxury sales is HARRY Highly Affluent Really Rich Yank. And by “Yank” I mean American. (And yes, you heard it here first.)

So why the persistence of luxury direct marketers sourcing prospects solely through geo-demographic data? Why only request income level? Why not ask how the data is sourced? What do individual prospects own? How can you prove these folks are really rich?

Just because someone may make more than his neighbor does not mean they are worth more. But a rich person is secure in the knowledge that they have diversified assets in place to afford a lifestyle worthy of the rich and famous. They are the ones who can spring for a quick jaunt to Monte Carlo, a share in fractional private jet ownership or an investment in the next big thing.

You see Wealth Window does not only factor income as the determination of the wealth of an individual. We examine ownership, membership, investment, philanthropy, upscale activity and professional career data. Based on cross-verification of certain financial criteria, only then can a “HARRY” join the exclusive club that we call Wealth Window.

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