11 Nov Affluent Marketing: Tips and Tactics
Marketing to affluent consumers is a profitable opportunity that presents its own unique challenges. The wealthy are well-equipped to avoid typical marketing efforts, whether they’ve purchased streaming subscriptions and satellite radio to skip over broadcast advertising or have a personal assistant to screen incoming calls and sort through mail. This high-end demographic is also more difficult to pin down through traditional marketing efforts because it’s currently experiencing a generational shift, with the influence of digitally-savvy “millennials” and “generation Z” continuing to increase. In fact, according to Deloitte’s latest study, by 2025 these two social groups will represent more than 40 percent of the luxury goods market.
At United Landmark Associates, our team has more than 30 years of experience offering luxury marketing services and speaking the language of well-to-do consumers. When developing a campaign that successfully reaches the crème de la crème, we understand the importance of playing “the long game.” These consumers require high levels of trust in and familiarity with a product, and typically need to interact with at least eight campaign touch points before they can be brought into the sales funnel.
Explore a few of ULA’s top luxury marketing tips and tactics below. These approaches can help establish the foundation for strong marketing campaigns that “pull” affluent consumers into the fold rather than “push” them to make a decision.
Join the Club
When it comes to establishing a successful connection with an upper-class audience, it’s important to know them. A successful luxury marketing campaign is rooted in a comprehensive understanding of the target demographic’s motivations, passions and interests. For instance, how can a super yacht broker promote their products if they don’t know which publications the average super yacht owner or prospective purchaser reads, what boat shows they are most likely to attend, or what’s trending in the marketplace?
This familiarity can be effectively integrated into campaigns in a variety of ways, from leveraging advertising and sponsorship opportunities at upscale events and trade shows where the desired demographic is a “captive audience,” to running advertisements in niche publications.
Satisfy the Craving
Luxury consumers seek goods and services that set them apart from the crowd, so it’s important to ensure they feel special at every turn.
In the real estate business, this may mean hosting private appointments where a prospective buyer can experience the product in an exclusive, one-on-one setting tailored to their unique desires or interests. It can also mean offering select prospects or buyers invitations to private“VIP” events, such as a sales gallery opening or a “sneak peek” party that activates their future residential amenities and emphasizes the project’s extravagant lifestyle. The Laurel, a United Landmark client based in Philadelphia’s prestigious Rittenhouse Square, is doing two special activations for their prospective buyers – one will have the sales team coordinating a display in the esteemed Boyd’s department store, and the other features a private helicopter ride to Manhattan for a private dinner.
Place the Product
The luxury audience appreciates a good story – they’re a lot more likely to trust a company and product with a well-established, successful background. Don’t be afraid to give these affluent purchasers some “historical” details about the company or the product throughout the campaign.
For example, our real estate client at Kolter Group experienced remarkable sales success with their first Tampa Bay condominium tower, ONE St. Petersburg. Campaigns for the company’s all-new developments in the Tampa Bay region continue to reference and leverage the ONE tower’s success as part of the developer’s “Kolter Story,” which is incorporated in everything from the on-site brochures to the website.
Set the Scene
The significance of social media marketing for the luxury audience cannot be overstated. As mentioned earlier, the affluent demographic is experiencing a steady trend toward younger, more digitally savvy purchasers and more than 40 percent of this audience will make luxury purchases based on what they see online. Striking and well-executed social media campaigns help set the stage for a company or product, showing the target demographic the lifestyle they’re looking for and providing more detailed content and “behind the scenes looks” into the product.
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United Landmark Associates is a Tampa marketing agency serving clients within the luxury real estate, marine, banking and aviation industries. Over the last three decades, ULA’s integrated campaigns have ensured client success and established a well-earned reputation for delivering results that transform city skylines and exceed expectations. The experts at ULA are always ready to leverage their knowledge of marketing within the luxury space to support existing and new clientele – contact us today for more information.