Emotionally Conncecting With Affluent Audiences

In order to connect with affluent audiences in an emotionally compelling way, it is crucial to understand what interests them and what the most effective media channels are, then determine key factors for encouraging engagement and trial.

Af·flu·ent
1. Generously supplied with money, property, or possessions; 
prosperous or rich, 2. Plentiful; abundant, 3. Flowing freely; copious.

They are two times as likely to buy and spend over three times more than other Americans on purchases.

DON’T NEGLECT PRINT.

Although the majority of the population is shifting away from print, the wealthiest 21 percent of American consumers are continuing to take the time to read hard copy magazines and newspapers. 93% read hard copy magazines and 86% read hard copy newspapers.

AFFLUENTS ARE GETTING SOCIAL.

The percentage of U.S. millionaires using Facebook in 2011 has nearly doubled to 46%, LinkedIn is also popular among wealthy investors, with 19% of millionaires, 26% of UHNW (Ultra High Net Worth) investors and 22% of the mass affluent are using this social media site. The reasons they interact with brands is different from the general population. Top reasons for following brands were due to a preexisting affinity for and a desire to be kept informed about the brand, and that the brand’s social media site provides them with value.

EMERGING AFFLUENTS AND MOBILE

With such sophisticated phones and mobile apps it only makes sense that the affluent population is finding information on their phone. According to Luxury Trend Report 2011, Younger affluents, age 24-44, are twice as likely as mature affluents, age 45-70, to use their mobile devices to form relationships with people, companies, and brands. Luxury marketers who wish to continue to stay relevant to the upcoming younger affluent target market can no longer depend on traditional brand channels to create the experience of shopping for a luxury brand or service. Using multiple channels to develop a consistent look and feel will help businesses target this luxury market.

AFFLUENT MARKET IS EMBRACING DIGITAL.

Luxury marketing requires finding a balance between old and new media. Targeting affluent Internet users means meeting both the expectations of an older audience who are still heavily dependent on print and to reach out online to the next generation of affluents who connect digitally. According to the study, conducted for the IAB by Ipsos Mendelsohn, 98% of affluent consumers use the Internet, as compared with 79% of the general population. They spend 26.2 hours online weekly.

CRAFTING A PERFECTLY TARGETED MESSAGE TO THE AFFLUENT CONSUMER.

In order to craft a compelling message, a marketer must understand what is important to the customer. When targeting affluent customers these three themes should be in every message:

1. Life Experiences
2. Value
3. Trust

Experience. In developing a message you want to show the customer the experience they could have while using the product/service. Would you rather go to a “theme park” or to “An Experience unlike any other, that takes you away from your everyday life, where you and your family can share in adventure and laughter at this Magical Escape.” Sell the experience.

Value. Also extremely important when messaging to an affluent market is what they will experience for what they will spend. Since price is not the ultimate factor, value is what the customer is looking for. They want to know that they will be getting the best service or quality.

Trust. The consumer wants to establish a relationship with the company or product. They want to feel like they are being taken care of and are in good hands. This also proves to be true when affluent consumers use of social media.

Carol Simas and Melissa Green of Sagon-Phior compiled this report.
*Luxury Market Source: “Luxury Report 2011: Ultimate Guide to the Luxury Consumer Market.” *Article Source: http://EzineArticles.com/1410351