Marketing is always characterized by conflicting ideas and best practices especially with regards to affluent customers. It is great to focus on value while building a distinctive brand. Your must appeal to a wide base, but you shouldn’t make the product too widely available. Today digital media companies are all up for competition. Everyone wants to make a name in the digital front. There are a lot of conflicts while marketing a product for high-income groups. Sometimes, it’s a tough road and it gets very challenging. However, there are a few basic rules that can help overcome these challenges and make your marketing stand out. These basic values shape a marketing effort. They define a product and appeal directly to the susceptibilities of high-income buyers in developed markets.
Understand the target customer on digital media
An affluent customer is unlike the average wage earner. These customers have a very peculiar style and taste. The way they want to get things done, is different from the way a regular brand would market them. They have a feeling that their hard work and greater ability to spend should enable them to enjoy exclusive brands. Those brands should not only be of great value, but it should be a symbol of class and excellence in itself. The brands that succeed in doing this are usually the ones that pass of as the real players in the market, unlike the conventional ones. These are the ones that showcase themselves as distinct, aware of trends and are ready to participate in the game of social stratification. Keeping this in mind, there are not many things that must be conveyed in a marketing campaign that targets affluence.
Quality matters more than price
Affluent customers are not very interested in the price of a product. Marketers, who wish to influence these buyers on basis of words like “affordable” or “value”, don’t tend to make it too far. On the other hand, high-income buyers want to hear about the quality and design of the product. They’re very less concerned with the price. They love attractive products that showcase their status. It is best to focus on the quality of the product instead of the price. This will capture their attention.
Creating a Viral Marketing Campaign should be the goal
Customers who earn way above the average income are quite cynical about the products that are mass-marketed on digital media. These customers are more likely to purchase a product if it has been suggested to them by a friend. The word-of-mouth does wonders here. However, this marketing doesn’t necessarily have to be in the traditional form. Companies can target their products to affluent customers using social media campaigns based on their common interests, zip codes, and careers. The act of sharing on social media now serves as word-of-mouth recommendation in virtually all demographic groups. Traditional mailing campaigns and direct marketing campaigns also work marvels on digital media.
Brand reputation is of utmost importance
We already know that the higher-income target groups are on the look for quality over price. These customers value quality and word-of-mouth recommendation. Apart from this, there is something that matter the most to this group. The brand status and reputation of the product matters the most. Luxury brands like Apple, BMW, and Jaguar etc. emphasize not only on the quality of the products, but also on the way these products fit into the affluent customer’s lifestyle. These companies position themselves as the ones that understand the like and preferences of their customers. Keeping this in mind, their products are positioned as superior in quality, fancy and extremely stylish in nature. This is the secret ingredient for satisfying affluent customers on the digital front. You have to showcase the product as better than the ordinary ones sold in the market.
Highlight success in the entire process
Success is the key word to most of the affluent customers. They have all achieved success at least at some point in their lives. These groups are proud of their achievements and they want their product to have the same touch and feel. They believe in the prestige and power of success as a value. Affluent customers would prefer doing business with a company that is already successful. According to them, successful companies are in a better position to understand their needs. Marketing materials should focus on the company’s victories in creating a product: How was the product effectively designed? How will it be successfully adopted? How will affluent buyers be more successful with the product? These things matter as they help higher-income buyers make a purchasing decision easy.
A unique marketing approach is required
These customers need a very different approach for their marketing needs. They don’t like to accept the regular and ordinary approach like the other brands. Instead of focusing on broad statements and sentiments that capture the attitude of all buyers, marketers need to think smaller. This group requires a tailored approach, a charm to their unique sensibilities, and a comparison of quality instead of a comparison of price. With these efforts, marketing success in higher-income groups can be achieved even by the smallest of companies.