Marketing to the UHNW Consumer: What You Need to Know

In the world of the luxury and UHNW consumer, some think pure drive and persistence is the golden ticket to closing profitable deals. But what studies and those who are experienced and skilled in this field have to say is key is quite the contrary to the go-getter attitude.

Even in this digital day and age, consumers are still only seeking one thing: human connection. Although the internet and social media makes spreading the word much faster and easier, both millennials and the older generations alike still want to feel appreciated, respected, and most importantly, understood. Doing this in such a fast-paced society can prove to be an afterthought in most business settings, but time hasn’t changed the fact that a human-to-human connection is what sells.

By creating a personal brand and connecting with your clients or consumers in a personal and relatable way, like you would do in building a friendship, you will find more success in marketing to people of high net worth.

By creating a personal brand and connecting with your clients or consumers in a personal and relatable way, like you would do in building a friendship, you will find more success in marketing to people of high net worth.

Developing Your Brand

Developing your brand is extremely important when marketing to affluent consumers –but no longer can just the name or aesthetic of the brand do all of the work for you.

So what do we mean then by a personal brand? This is a term coined in the recent years of growing solopreneurs and social media marketing. Now, more than ever, if a brand cannot give the consumer what they want, anyone can easily take it upon themselves to create that brand or experience instead of relying on others to do it for them. With this mindset, it is crucial for brands to be able to connect with their buyers on a much deeper level and give the value that stands out amongst the competition.

Things to take into consideration when developing a personal brand include:

• Cohesiveness on your social media accounts – you want them to instantly be able to get a sense of WHO you are not just WHAT you do.
• A website that encourages a client to reach out or share with their friends – today’s luxury consumer wants to feel as if they have the inside scoop on the best-kept secret
• Constant open communication – whether you are utilizing social media comments and direct messages or emails and phone calls if you’re in a real estate or hospitality industry. This allows you to create a deeper level of understanding and relationship with your customers.

This is no longer a brand-to-consumer or brand-to-brand interaction but instead, it is human-to-human.

Catering to the Experience

The second most important aspect to remember when marketing to high net worth individuals is that they don’t really NEED another product, new house, or investment. They have all of these things already. BUT, they always need experience. That is something that no human, rich or poor, could deny, and as a brand or professional, you have to be able to cater to that experience.

This means selling them a home because they can achieve their ideal lifestyle through living there – whether that means throwing magnificent parties, hosting business meetings or even a place to grow their family. If you’re selling a product, HNW consumers want the experience of receiving something exclusive. Gone are the days of buying something because everyone has it. They want different, original, and limited.

Through developing your personal brand and being able to reach not just the pockets of the affluent, but also connect with their mind and heart, you will find success in the luxury industry. Remember, this is no longer about sales but about an experience and human connection. Regardless of what industry you’re in, you have to be able to offer both.