7 Ways to Market to the Wealthy
Wouldn’t it be nice to make over your business so that you are attracting wealthy clients who willingly pay your fees, refer you to other wealthy clients, and sing your praises to friends and associates?
This article focuses on the top five industries that benefit from targeting the wealthy, seven ways to market to the wealthy, and how you can change your thinking to attract wealthy clients.
This article is Part 1 in a 2 part series. Please review the companion article Attracting Wealthy Clients containing essential elements to understand these factors: who are the wealthy, the difference between wealthy and affluent, the main concerns of the wealthy, and what the wealthy want.
Top five industries that benefit from targeting the wealthy
- Financial services, financial planning, tax planning, estate planning, investment management, wealth management – the wealthy have complicated lives that need managing and planning (see my Marketing E-Course for advisors)
- Luxury travel – the wealthy want options that take care of all the details and they are willing to pay for it
- Luxury gifts – despite having the internet to peruse, finding good quality goods is not so simple
- Real estate – 40% of the wealthy plan to purchase a second or third home in the next five years
- Home design, arcitects, remodeling, and furnishings – since they need two or more of everything, they spend to acquire more things
Seven Ways to Market to the Wealthy
- 1. Use the correct language in your marketing. Don’t refer to the wealthy as retirees. They have redefined how they spend their time and many don’t plan to retire at age 60. Their idea of retirement is to do something meaningful with their lives well into their 70’s and above.
- 2. Use images of vital, healthy, adult people in your marketing. The wealthy don’t want to be catered to by twenty-something’s in skimpy outfits. Your front office employees should mirror the active demographics of your target client.
- 3. Be an absolute expert at what you do. The wealthy don’t want to waste money on inexperience. Certifications and credentials are a plus. Be an expert at travel. An expert at financial planning and investment management. An expert at saving clients’ money through tax planning. An expert in selling luxury homes. An expert in the latest ways to present home design. An expert in wine knowledge. An expert in the latest dental procedures. Own your expertise and don’t be afraid to say it!
- 4. Offer a money back guarantee. The wealthy want assurances that you offer the best product or service for the money. They don’t want to be taken advantage of. Most will not take advantage of the money back guarantee, but will feel assurance from the offer.
- 5. Use the services of the best quality designer you can possibly afford to design an amazing web experience. Have a top notch brand that’s well designed and positioned. Come on, admit it – you know when you see a quality brand. It makes an impression on you, whether consciously or subconsciously. Quality pays. Period. So be ready to invest in your brand.
- 6. Make sure your brand communicates a major benefit. If it’s not obvious, you are not doing your job. Set your business apart by using your brand to give wealthy clients a vision of the future if they chose you. This can only be done with AMAZING GRAPHICS and ILLUSTRATIONS. Ask your designer to use their creative skills to present a visual benefit in a beautiful way.
- 7. Offer concierge style options for the affluent. Many wealthy clients want privilege or options that others don’t have. Private membership with a limited number of members, luxury benefits, and special programs designed for them will position you as the right choice. One way to do this is to offer a Private Client Area on your website where your priviledged member clients can access special content available only for them. Guides, "how to's" and exclusive information just for them.
Here are 7 ways to change your thinking to attract wealthy clients:
1. Use your website effectively and reach out to clients via your company’s website. Make sure you are crystal clear about what you want clients to do when they get to your website. Tell them what to do next on every page of your website. Build your list and optimize your site for the search engines. Keep in touch with your clients regularly via an electronic newsletter delivered to their email inbox. It doesn’t matter what business you are in, you can use your website more effectivel, so incorporate this in your Business Plan for the coming year.
2. Think globally. We are an international culture that is on the move. Americans move every five years. There may not be many wealthy people where you live, but with the internet you can reach prospects all over the nation and the world.
3. Help clients make decisions unconsciously by upgrading your business. You will automatically upgrade the quality of your clients if you use quality, emotional, sophisticated design. Template business cards and template websites will attract unsophisticated clients. Upgrade your image and you will attract a better quality of clients.
4. Upgrade your thinking and improve your social intelligence. The wealthy are sophisticated and they enjoy a luxurious lifestyle. They lead busy lives and they need your products and services. Just because you have never targeted them before doesn’t mean that they don’t need you. To circulate in their group, work on yourself and your self esteem so that you present in a confident manner. You may need coaching to do this. Work on your expertise so that you can move easily in their circles.
5. Be willing to spend more to attract quality clients. Wealthy clients didn’t become wealthy by taking short cuts in business. Know the value of being open to market and advertise where you will reach quality clients. You may need to invest time and money in branding, marketing, materials, events, reports, technology, and lastly your personal image.
6. Be willing to do the work. There is no easy answer. There is no magic bullet. If you want to play with the big boys, you must be willing to do the work. In the early days of my coaching business I took on clients without realizing that they were hiring me to give them the one magic marketing technique that would solve all their problems. There is work to do folks. If a successful business was easy to achieve everyone would be in business for themselves.
7. Create a special referral program just for the affluent. At this level of clientele, you must coddle your clients. Make a BIG fuss when you receive a referral from an affluent client. You must create and manage a SYSTEM that measures referrals. Do you know how many referrals you have received year to date? If you don’t, you are not measuring adequately. Your system should tell you how many referrals per month and year and who they were from. You should have frank discussions with your clients about the type of person you would like to be referred to and you must figure out how you can get more referrals from those not giving them to you already.
Conclusion: It’s far easier to grow a successful business by targeting the higher end of the market rather than dealing with difficult consumers who care mostly about price. While your competitors are rolling around on the floor picking up pennies, make sure you are positioned for fabulous success by creating a new strategy that will target the upper end of the market. It’s worth it!
Other resources for Financial Advisors: