The hunt for the elusive “affluent” or “highly affluent” consumer is not as difficult as you might think.
Affluent consumers account for 10% of all American households, as well as 50% of retail sales and 70% of retail margins. The affluent market is typically categorized as an individual or family with $250,000+ in liquid assets. (Source: eMarketer)
These consumers are a natural target for marketers because of their buying power and disposable income. Most business owners believe the internet is not an appropriate channel to reach them, but according to the facts turns out to be incorrect. According to several studies, the affluent tend to be online more than the average consumer. They typically are online checking stock prices, managing investments and watching for market news and fluctuations. They are also on social media sites.
Consider the below statistics:
- 98% of Affluent Consumers go online. (Source: eMarketer)
- On average, they spend 26 hours online per week. (Source: eMarketer)
- Affluent Consumers are the heaviest users of digital media. (Source: IAB)
- Affluent Consumers are 12% more likely to make an online purchase than the average internet user. (Source: Nielson)
- There are 19 million affluent men online, nearly half of whom spend more than $4,000 a year shopping online. (Source: iProspect/USA Today)
- LinkedIn and Twitter attracted affluent internet users at nearly double the rate of the general population. (Source: Affluence Collaborative)
So with the above facts in mind, inbound marketing becomes a viable option for your business to attract, convert, close and delight the affluent. Below are a few tactics to consider.
1. Create a strong product service based on the affluent buyer persona
Any attempt to reach the affluent must begin with a strong brand foundation that underlines a unique product or service offering. Develop your brand offering, messaging and expertise to attract the affluent consumer. Take time to understand your customer by identifying their problems and how to solve them. Understand where they spend their time online and how best to reach them. The affluent are not immune to recent consumer behavior shifts. Typical outbound methods (direct mail, cold calling, print ads etc.) have lost their effectiveness and will leave you with little to no ROI.
2. Make it look like a million bucks
I think this goes without saying, but most affluent buyers will be expecting your branding (website design, logo design, collateral, etc.) to be top notch. This is the standard for most any buyer and the affluent are no different. Take the time to develop an appealing and engaging brand.
3. Create relevant and valuable content
Utilizing blogging, whitepapers, ebooks, webinars and videos, create content that attracts your prospects to your website. By optimizing your content for search engines and distributing it through social media, you expand your digital footprint to attract more potential prospects. Create offers that solve their problems and then convert them to leads through CTAs, landing pages and online forms. By utilizing a tool like HubSpot, you’ll be able to segment your leads to have a more meaningful conversation with your prospect based upon website intelligence.
4. Win over the influencers
Another method is to target your content to the people who have already earned the affluent consumer’s trust and admiration. According to Forbes: “It’s becoming increasingly critical if not absolutely essential to win over the key professionals advising the super-rich.” This doubles down on the perceived notion that rich people only talk to rich people. Truth is, word of mouth and referrals are still the best way to market—no matter how much money you have. By utilizing inbound marketing to establish thought leadership you can essentially influence the influencer through your content.
5. Delight them after you’ve closed them
If you adhere to the inbound marketing methodology, your marketing doesn’t stop after you’ve closed your customer. You must plan to continue to offer valuable and relevant content that continues to solve their problems after you’ve closed them. Plan social events with other like-minded clients/customers. Identify ongoing services to add value.
6. Test and measure everything
Inbound marketing takes work and time. However, when done correctly, it is one of the most cost effective ways to build your brand and establish expertise to reach the affluent. Here is what inbound marketing can do:
- Prove ROI
- Month over month organic traffic increases (net-net gains)
- A steady flow of leads
- Qualified affluent customers based on your buyer persona
- Higher search engine rankings
- Establish thought leadership—essential to winning over influencers
- Gain more followers on Twitter, Facebook and LinkedIn
- Preempt your competition
In conclusion, the hunt for the elusive affluent customer is not as difficult as you might think. Because the affluent are online more than the average internet user, you have ample opportunity to make inbound marketing work for you. By creating a unique product or service-offering based on the affluent buyer persona, engaging creative, relevant content, targeting the influencers and continuing to delight them after you close to turn them into promoters of your brand—you’ll be able to effectively reach your affluent customer for less and be able to have a more meaningful conversation with them.
Interested in learning more about our Denver Inbound Marketing services? Contact us today or sign up for a free, no hassle, no-haggle inbound marketing assessment to see if your brand and business is ready to attract the lucrative affluent consumer.
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By Josh Claflin, Brand Development, Inbound Marketing & Creative Strategy
Josh helps brands who are struggling to develop their brand; grow, stabilize or increase profits through their websites; increase revenue through online channels and enter the digital era of marketing.