One of the first things you learn as a digital marketer (or even as a traditional one) is that you have to know your audience well. This becomes even more crucial if you’re in an industry that seeks to attract high-net-worth individuals (HNWI) and ultra-high-net-worth individuals (UNHWI). This audience is so small that anything you do has to be carefully planned out and strategized because when you do get them as a client, the pay-off will be huge.
Who Are HNWIs/UHNWIs?
In a nutshell, HNWIs and UHNWIs are who economists often refer to as the one percent. Their net worth is between $1 million in liquid assets (sub-HNWI) and $5 million (Very-high-net-worth individual). On the other hand, UHNWIs have at least $30 million in investable assets. These are the types of individuals who could afford to go on more than one luxury holiday a year, hire private car transport when touring and own more than one piece of real estate in various parts of the world.
As a consumer, they are more inclined to make their purchases based on how luxurious a brand is, how fine the craftsmanship, or how impeccable the service. They would not fuss about how much they would have to spend, as long as it passes muster. A true one-percenter is discerning with the brands they associate themselves with.
Key Marketing Strategies
As mentioned earlier, attracting HNWIs to your business can be challenging and risky, but you can be sure that once you’ve captured their attention, they will be your loyal customers.
Personalize What You Have to Offer
Millionaire clients like bespoke products and services. So it makes sense for you to do the same in how you interact with them. If you have created a detailed buyer persona, you would already have an idea of how you would want to approach any high-net-worth client, but be prepared to tweak or customize your approach based on their individual preference and needs.
Optimize Your Website for Mobile Use
High-net-worth individuals are early adopters when it comes to technology. It is not uncommon for them to have more than one mobile device. According to a report by professional services firm, PwC, for wealth managers, more than 60% of HNWIs utilize online or mobile banking technology. Given this information, you need to optimize your website for mobile use. Furthermore, you should have a blog on your site filled with content that is relevant to this audience. Pro tip: steer clear from subjects that are centered around current trends and luxury. This can be what you are selling, but HNWIs are more commonly interested in legacy topics, philanthropic ventures, and investment news.
Be Visible on Social Media
As with any marketing campaign, having a social media account for your business is essential. The only difference is that you have to fully utilize the demographics on these platforms so you can target HNWIs locally. You can target based on their careers, ensuring that they can afford your products and services. Look at their education as well. An excellent place to start would be to target individuals who graduated from expensive and prestigious schools.
Selling your products and services to HNWIs or UHNWIs could potentially require some financial investments on your part, e.g., outsourcing to a content marketer or hiring a web designer. However, these are minor expenses when you consider the ROI brought about by netting such big clients.