If you’re an entrepreneur or brand manager in the digital world, you’ll most likely be familiar with the term ‘Digital Marketer’ or D.M. For short. Essentially, a D.M. is a digital marketer who specializes in marketing to the ultra-wealthy customer, often referred to as the “affluent customer”.
If you’re reading this, it’s most likely that you’re already somewhat familiar with the concept of digital marketing and targeting the affluent customer. However, there are still many aspects of this ultra-niche market that you might not know much about. Below, we’ll discuss seven of them.
1. They Have Plenty Of Money To Invest In The Right Technologies
According to a 2018 report from MarketingCharts, the average net worth of an American consumer (defined as individuals with a household income of $100,000 or more) is $13.9 million. With such high average net worth, marketers can rest assured that these customers have plenty of money to invest in the best technologies available.
Indeed, this group is often referred to as the ‘digital well-heeled’ or DWH for short. These consumers are more commonly found in the fields of technology, business, and finance. And, for that matter, they’re often found in one field, rather than spread across many. For example, you might have a computer scientist who is also an entrepreneur in the technology industry. Or a business owner who is also actively involved in philanthropy and supports a number of causes through their financial contributions.
In other words, this group is often found to have a high level of expertise in one area. As such, they’re often open to try new things, as long as they feel that they can add value in some way. Plus, with their deep pockets, they can usually afford the best in class when it comes to technology.
In the marketing world, this group is sometimes referred to as ‘early adopters’. Marketers who want to succeed in this area should have a clear idea of what makes this group unique and how they can serve their affluent customer effectively.
2. They Love Experiencing Luxury
If marketing is an art form, experiential marketing is a science. According to MarketingCharts, 89% of American consumers say that they regularly seek out luxury experiences as part of their social media activities.
To prove the point, the marketing research company conducted a survey of 1000 American consumers and found that:
- 70% of respondents said that they follow brands/companies they feel have a sense of luxury
- 50% said that they follow brands/companies they feel have a sense of creativity
- 45% said that they follow brands/companies they feel have a sense of confidence
- 43% said that they follow brands/companies they feel have a sense of prestige
- 41% said that they follow brands/companies they feel have a sense of individuality
Simply put, if you want to succeed in the world of online marketing and targeting the affluent customer, you need to offer them luxury. Lots of it. And, for that matter, you need to make sure that they feel that they’re getting value from your product or service.
Marketers who want to succeed in this area should create marketing campaigns that are as luxurious as possible.
3. They Prefer Immediate To Qualified Feedback
Even if you’re selling a product or service that is of no practical use to people, like an MLM company selling face cream or a travel agency selling travel packages to nowhere in particular, you can still gain a lot from online marketing.
Specifically, you can use online marketing to gauge the effectiveness of your marketing campaigns. And, if you’re using platforms like Google Analytics, you can even get real-time feedback as to whether or not your marketing is resonating with your audience.
According to HubSpot Blogs research, only 13% of executives say that they regularly get qualified feedback as to the effectiveness of their marketing campaigns. But that number jumps up to 28% among marketers who use analytics platforms like Google Analytics.
As a marketer, you might think that you have to choose between getting immediate feedback and getting qualified feedback. But, in reality, you can have both. For example, you can use Google Analytics to track the success of your campaigns in real time and, at the same time, engage with customers via live chat or email to get feedback as to the effectiveness of your campaigns.
In other words, if you want to succeed in the world of online marketing and targeting the affluent customer, you need to make sure that you have the tools to engage with your audience. Qualified feedback is great, but so is the feeling that you’re directly influencing the people who matter most to your business.
4. They Watch Videos In Order To Learn
In a world filled with information, video content is becoming more and more essential. According to HubSpot Blogs, 90% of consumers use video content in some way to learn about a brand or product.
To attract this audience and make sure that they’re seeing your videos, you need to create educational content. But, rather than just teach your audience about your product or service, you can also use videos to showcase how other businesses are successfully serving this market.
If you want to be seen by this audience, you need to create video content that is both entertaining and educational. Plus, you need to make sure that the person watching your video content feels that they’re getting value from it. In other words, you need to tell a story with your video content.
This is especially important if you want to succeed in the world of online marketing and targeting the affluent customer. For example, if you’re marketing luxury goods and you want to target this audience, you need to make sure that your video content is of the highest quality. Otherwise, your video might look more like a cheap advertisement and the viewer might quickly tune out.
Indeed, if you want to succeed in the world of online marketing and targeting the affluent customer, you need to make sure that your video content is of the highest quality. For example, rather than using a stock image of a person posing with a product, you can use a real person to narrate and show how your product can be used. This not only adds a human touch to your content but can also make a lasting impression on your audience. Plus, you can always incorporate some cool tech features into your videos, like virtual reality or augmented reality experiences that let your audience ‘try’ your product or service before purchasing it. These features make your video content stand out even more.
5. They Love To Read About The Product Or Service In Detail
In a digital world filled with information, reading content is on the rise. According to HubSpot Blogs research, 62% of consumers read about a brand or product in detail before buying it.
This tendency is even more prominent among the ultra-wealthy, with 90% of respondents saying that they read about brands or products in detail before buying it. This makes sense, as people in this group are often subject to boredom, especially if they have a lot of money. Plus, detailed information, whether written or video-based, provides great value and can be extremely effective at attracting an audience and gaining traction.
To succeed in the world of online marketing and targeting the affluent customer, make sure that your content provides value.
6. Their Interest Is Fuelled By A Desire To Learn More
In the beginning of a brand development or marketing cycle, you’ll need to define your target audience. From here, you can start to craft a strategy, defined in part by a marketing plan that is both measurable and profitable.
However, even before you set the wheels in motion, you can begin to formulate an idea of what your brand will look like in the mind of your prospective customers. This will be informed by your research, as well as the feedback you receive from customers once you’ve launched.
To attract this audience and make sure that they’re seeing your work, you need to create content that is informative, creative, and attractive. But, rather than simply telling your audience about your product or service, you can use other types of content to show off your product or service in a realistic manner.