Making sure that you are implementing the right targeting strategies is so crucial when it comes to connecting with the wealthy. As revealed in a previous blog: Top Secrets of Working with high-net-worth individuals, today’s elite are comprised of a very different audience when compared with the demographics as little as 10 years ago.
These are our top five tips for things you can do to start creating and targeting a custom audience today.
Create a Defined Luxury Database
The first step in connecting with the right luxury audience is to build your database. Having a comprehensive and clearly defined database will allow you to build a targeted campaign that connects with these potential clients and achieves the maximum benefit for your efforts.
Though there are many ways to do this, The Institute makes it easy with our Wealth Engine tool. The We Prospecting tool allows our members to create a custom mailing list of precisely targeted and qualified affluent prospects, based on the criteria they choose.
Network to Build Relationships
Traditional methods of networking are still a key component to connecting with your audience and building your database. People like to do business with people they know and trust.
Make sure you attend events that the ultra-wealthy are likely to be actively involved. Charity events and galas are always a good choice as wealthy individuals are highly philanthropic.
Attend luxury networking events that facilitate the opportunity for you to connect and network with leaders within the real estate industry. It is critical to learn the techniques, insights and strategies that will keep you at the forefront of working with the wealthy.
Social Media for Luxury Experts
The golden rule is to ensure that you are consistently providing relevant information about the luxury real estate market, positioning you not only as an expert but offering a true depth of knowledge, insight and expertise about your local high-net-worth community.
The biggest challenge with social media marketing is the time and effort it takes to find and create content that positions you as a luxury real estate expert.
We recommend our members take advantage of our “Web of Influence” program, designed to provide personalized, high-level content that will be directly uploaded to your social media accounts.
Direct Mail Geographic Targeting
Another great way to make sure that you are connecting with these elite buyers and sellers is to target geographically. While social media has proven to be effective in reinforcing your brand and an effective method for marketing a listing, it is not the only platform that should be integrated within your strategy to create a target luxury audience.
In fact, studies have shown that the ‘right’ direct mail marketing campaign has proven to be 7 times more effective, although equally it is not a magic bullet and should be seen as a long-term strategy. The key to success is based on the principle of providing this sophisticated audience with quality, relevance and consistency in all your direct mail marketing pieces.
The Institute favors the mailing of Luxury Market Reports that provides sophisticated statistical data about the value of luxury homes, quality information about the specific community while showcasing your results, all of which go to providing these targeted homeowners with a sense of your level of expertise.
Don’t forget to Leverage your Luxury Listing
Once you have a luxury listing, take advantage of the opportunity and leverage it! Show everyone in your network – and the neighborhood just how great your marketing skills are. By showing off what you can do with one listing, you’re more likely to gain another.