If your products are geared towards a wealthier set, don't let your branding send mixed messages. Here's how to brand for luxury.
Most companies would love to attract affluent customers, as they see money as no object. For many companies, this may seem like a pipe dream.
To be an affluent company, many think you have to know some secret to be a part of the elite club. However, with the Internet, you can present the aesthetic needed to attract affluent customers.
Psychology of the Affluent
One of the keys to marketing to the affluent is just like marketing to other groups: psychology and timing. The rich typically buy on emotion more than other groups. So it’s important to be present in the buyers’ minds and eyes when their wallets open. You need to have your product in their minds with the right emotional attachment and sensory perception when the mood to buy strikes.
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Another interesting part of affluent psychology is the idea of sensory perception. Companies that have marketed to the affluent say that it’s not just enough that their product performs its job. The product needs to convey high quality and strive for an appeal to all senses. They want it to look beautiful, feel great, taste right, and sound wonderful. If all senses are pleased, customers are more likely to buy.
One more part of the psychology behind your marketing is to make your product not so easy to buy. If your products are easy to buy, they’re less valuable to your affluent customers. Bragging rights are the name of the game, and less accessible items are what they desire.
Affluent Web Preferences
Research has shown there are a few preferences across the board when it comes to affluent buyers:
- Younger affluent buyers prefer mobile devices. Your web content should be easy to access from a variety of devices.
- Affluent buyers do research and prefer pre-purchasing. Content marketing can show them that you’re an industry expert they can trust when buying.
- Online research is extremely and very important when booking things such as vacations and hotels or purchasing a car, tablet, or smartphone.
- Affluent buyers prefer the “buy” button. These people don’t like to waste time, so make your checkout process easy.
- Relevant marketing is crucial. Many affluent customers are more interested in online advertising if it’s targeted to their needs. They’re also more interested if the advertising is funny or entertaining.
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What Does This Mean for Me?
With the internet, it’s easier to market to the affluent than ever before, if you know what you’re doing. Here are some ways your website becomes the next go-to site for affluent customers:
- Have some personality. Affluent customers want a go-to expert. Adding videos, photos, and quality content builds your relationship with the customer and solidifies your standing as that expert.
- Credibility. Things that add to your credibility include having media presence, being involved with industry associations, or authoring a book. A simple tip: have a recognizable logo.
- Testimonials. Customer testimonials add tremendous credibility. In addition to the credibility boost, affluent customers are always looking to “keep up with the Joneses.”
- Get others talking about you. Part of affluent psychology is that the rich want to get products that have a buzz. See if other industry partners will write about you to add authority to your brand.
- Provide current, relevant content. Again, they want you to be the expert. With current, relevant content, you showcase your expertise. Also, current content helps with SEO.
- Try geo-fencing. Geo-fencing and geolocation is the next wave in marketing. This technology allows companies to put a radius around their stores. When a customer comes in that perimeter, they receive a reminder or offer. This helps get the timing right when marketing to local customers.
- Imagery is key. When advertising through email campaigns, social media, or content, include visual appeals. Content that includes images is more likely to be read and acted upon.
- Tighten customer relationships through transparency. Showing your affluent customers production highlights gives them a better understanding of the company and your product. This generates interest and highlights your expertise.
- Retarget marketing. Since affluent customer purchases are the marriage between emotion and timing, try to keep your brand and your image in their mind. Emails with striking images can help. Targeted ads also keep your products in their minds.
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The Internet has helped create a level playing field for companies. You no longer need an office in a certain part of town. However, there are some things that have remained the same. Make your product buzzworthy and exclusive, convey high credibility, and appeal to all the senses.
In addition, if you keep the product in their minds, you’re more likely to find that perfect marriage between timing and emotion that results in a sale.