Affluent Insights: Understanding Affluent and High Net Worth Consumers

Through work in the financial services and retail sectors, Media Logic has developed a defined and meaningful sub-set of expertise: marketing to affluent and high net worth consumers. Due to their high discretionary spending power and lifetime value as customers, these audiences have become a highly sought-after target market. What defines an affluent or high net worth consumer? Most often, the categorization comes down to liquid assets.

Many other traits set these consumers apart, as well, and communicating effectively with them requires care, research and strategy. While we can’t divulge everything from our vault, we can share several insights for developing programs to reach affluent and high net worth consumers.

They are smart.
Their success didn’t arrive from a lack of intelligence, and they expect that you will remember this when communicating with them. Be transparent and honest, and speak in terms of value, rather than price – as they will be doing the math while they review your offer.

They are busy.
Affluents place a high value on their time. For this reason, marketers should quickly and compellingly convey the reason the communication is worth looking over or considering. Get to the point sooner rather than later.

They appreciate exclusivity without pretentiousness.
Old luxury is out; modern luxury is in. Specific advantages should be addressed while indicating that privileges are earned and deserved. Make them feel special, but avoid stuffiness.

They are untethered.
Affluents are routinely on-the-go, and no longer can it be assumed that traditional media will reach them effectively. Always consider which other channels – mobile or social, for example – are appropriate for the audience and type of messaging.

First impressions are key.
Because they are sought-after consumers, marketers need to break through the clutter. They make the decision to engage or not in an instant. Design and visuals must be compelling while avoiding clichés, use the appropriate voice and frame the offer relevantly.

If you’d like to learn more about how Media Logic can help you reach the affluent and high net worth consumer, contact us or schedule a meeting to get to know us better. And stay tuned for the next in our series of “Affluent Insights” posts which will arrive shortly on our blog and in the next edition of FS Insider.

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