Study Their Online Habits
Unarguably the easiest way to reach a broader audience of millionaires across the globe is through your web advertising efforts. The wealthy are no strangers to the Internet. In fact, according to reports from the Luxury Institute, the average wealthy person in the US spends 3.2 hours per day every day online. The younger portion of the wealthy who have a net worth of more than five million are reported to be the heavier users of the Internet. Studying the wealthy’s habits when it comes to web usage is key to knowing where to post your content and what format it should be in.
Email Them
Rather than take an hour drive to the Hamptons to visit Michael Loeb or any of the other millionaires taking residence there, you can email them instead. Even as new digital trends have surfaced and consumer behavioral patterns have changed, email remains a tried and tested method of connecting with people, particularly the wealthy. 92 percent of millionaires interviewed by the Luxury Institute say that they frequently use the web to send and read email messages. Other common reasons for going online as cited by millionaires include checking the weather and news. Most millionaires have their own website or social media accounts where you can find an email address.
Target the People Around Them
Millionaires may be tough and heartless when it comes to making business decisions, but they are also influenced by family. Study what the spouse and children of wealthy individuals want. For instance, if you are selling and marketing clothing, what colors and fabrics does their spouse like? What packaging materials and hues appeal to their children? Knowing not just what your target market wants but what the people around them also want can make it less difficult to market to a millionaire.
Have All the Information You Need Beforehand
When pitching to a millionaire, like Michael Loeb, you can’t afford to not know the answer to their questions, especially technical ones. If you don’t know what your product is made of or how much it will cost for them to subscribe to your service for a full year, then you’ve just lost a customer; one that just happens to be worth at least a million dollars. Make sure you know your business from head to toe. Practice your pitch with the help of your family and friends. They could shine a light on concerns you may have overlooked or value propositions that you should be focusing more on.
Go Where They Go
Perhaps the simplest way to market to any millionaire is to be where they are. And no, that doesn’t mean you should stalk them or pay them a visit at their family home in the Hamptons. Instead, attend formal events and casual gatherings where they are expected to be in attendance. Most millionaires update their social media accounts whenever they are attending an event. If not, you can just try out all possible watering holes where they may be found, such as five-star hotels, tech conventions, and art exhibits. Being at the right place at the right time is all you need to market to a millionaire. It may not work every time, but the more you apply it, the better chances of actually signing in a millionaire as your customer.
Work on Your Product
A good product doesn’t need marketing. A smartphone or computer, for instance, doesn’t need a lot of marketing for people to actually buy them nowadays. They need it, so they buy it. The same logic applies to the wealthy. If you have a product that is worth purchasing, you don’t need to exert that much effort and resources into marketing it.
Final Thoughts
Marketing to millionaires is a challenging endeavor, especially for low- to middle-class individuals earning less than a six figure salary a year. Nonetheless, bear in mind that the wealthy are still only human beings whose behaviors can be predicted and whose decisions you can influence. Use the six tips above to help you target your market more precisely.