It took three years and cost more than $1.5 million, but after surveying more than 4000 wealthy individuals, Premium Knowledge Group, an international marketing research and consulting company told us they had broken the “affluence code” and can now anticipate the behavior of the wealthy based on their lifestyles.
Marketing to the wealthy
We looked at their information and agreed that they not only had a new research-based approach to marketing to wealthy individuals, it was information that could give luxury home agents a new marketing tool to leave their competition in the dust. So, we have negotiated the exclusive rights to this information for the real estate industry. Here’s what we plan to do with it -- develop an advanced training program for our members and create a special white paper report on Affluent Lifestyle Marketing™ (and the six distinct wealthy lifestyles).
We given you one sneak preview of the information in a previous article and offer more information here. This information cost us a bundle, so we hope you’ll find this snippet interesting and understand why we think it can provide lots of insights when marketing to the wealthy.
According to Affluent Lifestyle Marketing™ there are six different affluent American LifeStyles™. In a previous article we looked at the Unmistakable Affluent -- the flamboyantly wealthy who “live large” -- and compared them to the Understated Affluents who not only don’t flaunt their wealth, they strive to be low-key. This time around, we thought we’d give you a sneak preview of Tasteful Affluents along with some ideas for how to use the information.
Martha and Ralph
If we want a “poster person” for the Tasteful lifestyle group, we can’t go wrong with Martha Stewart. Ralph Lauren would be another good choice. Interestingly, each of these successful individuals has built a business around interpreting taste for the consumer.
Members of this group pride themselves on being a bit different. They want to show good taste, but it’s more important that the things they have be distinctive and set them apart from the crowd. Fitting in isn’t important to these folks. Instead, they wish to be distinct personalities and typically look the part.
A primary motivator is how they feel about themselves. Tastefuls enjoy shopping and don’t always make decisions based on price. The written word is important to this group. They read magazines focused on the home, dining, fashion and travel. You’ll frequently find them Online. They like the beach and are typically interested in wine.
A desire to be different
In short, this wealthy market segment is always looking for something that reflects their sense of being different, their individuality. This difference is often best demonstrated through a sensibility for and knowledge of wonderful design, great workmanship and very high quality materials. Connoisseurship is very important to Tasteful Affluents.
If you are showing homes to a prospect who exhibits these characteristics, don’t talk about the popularity of granite kitchen counters as everyone’s must-have feature. If everyone else loves granite, this group will want something more distinctive. Instead, point out the unusual grain and the craftsmanship exhibited in the way the edges of the granite slabs have been shaped. Talk about the uniqueness of the cork kitchen flooring. Highlight what is unusual, tell stories that focus on the workmanship and quality of things, acknowledge that they may have seen the high-end European dishwasher in Architectural Digest. Ask which aspects of the home “are them.” Understand that they are looking for a home based on how it will make them feel about themselves. Remember, they view themselves as having good taste and pride themselves on being a bit “outside the box” with regard to their style. They also want to be connoisseurs.
Expect Tastefuls to have “Shopped” for homes Online. They do like to shop and may want to actually see more homes in person than some other lifestyle groups. Price will not be the primary decision factor in their buying decision, but they will want to feel that they are getting value and functionality – as well as something distinctive for their home buying dollar.
