21 Apr Reaching UHNW Customers Doesn’t Happen Online
One of the biggest selling training courses we do is teaching our clients how to better reach UHNW or Ultra High Net Worth individuals. It’s no easy task as these people are extremely busy and don’t waste a whole lot of their time on Facebook or Twitter. This should come as no surprise to brands already marketing to this segment although I wouldn’t dismiss it all together.
We here at Luxury Branded do spend a lot of time building social target lists for clients comprised entirely of UHNW individuals who do have a social presence. This is obviously a younger crowd and a smaller percentage of the overall “ultra rich pie”.
The respondents in the traditional luxury subsector of the luxury industry had the strongest digital presence, with almost 70% of respondents using social media and almost 100% using digital marketing campaigns to
increase brand awareness.
Despite this involvement with digital marketing, in-person interaction with UHNW individuals was the dominant strategy
The luxury industry has been a lot slower than other industries to adopt social media despite catching on rapidly over the past few years. This report showcases that experimental marketing strategies play a big role in capturing UHNW customers, but what does that boil down to?
For us this means networking events and charity functions as a prime example of in person UHNW marketing. These events typically involve companies and provide the right setting to get your brand in front of these clients. 2014 and beyond will continue I imagine with this face to face prominence, but don’t give up on digital marketing just yet to reach UHNW individuals.
It’s kind of funny to me because we started out mainly as a digital marketing agency, but we’re starting to do events for clients. This brings our clients the the best of two worlds; melting real world marketing in with the social layer on top to hit the digital scene at the same time.
The data and survey was conducted by luxury industry leaders WealthX and we cannot thank them enough for the public data they provide year after year. I highly recommend you subscribe and follow them via newsletter and social media to stay at the top of your game.