Romagnoli: Key strategies that you adopt will, of course, depend on the ultimate goal of the luxury brand, however specialised SEO landing pages, carefully planned advertising campaigns, and engaging social media posts are all tried-and-tested techniques to reach UHNWIs.Īdditionally, well written blog posts that truly speak to this elite audience, in addition to well researched and in-depth editorial articles are a great way to build brand awareness while creating a story around your brand. What are some key strategies to target high-net-worth individuals? Based on the PwC report “HNWIs and Digital” 85% of HNWIs use more than three digital devices, and 98% access the internet/apps daily.
In order to reach HNWIs and UNHWIs you need to understand what platforms they are active on, from niche social media platforms and websites dedicated to luxury brands and sumptuous lifestyles, to blogs, publications, and channels specifically aimed at resonating with this highly elite audience.Įvidence also points to the fact that most UHNWIS and HNWIs are more likely to use mobile search than desktop search, so with this in mind, you’ll need to make sure that all of your digital strategies incorporate sites that are optimised for mobile users when marketing to high-net-worth individuals. Romagnoli: How HNWIs and UHNWIs engage with brands digitally is entirely different from the average consumer, so digital marketing campaigns have to be very carefully thought out as they are aimed at just a very small group of consumers. How does this elite audience use the internet? Additionally, HNWIs and UHNWIs are increasingly seeking one-off experiences and exclusive previews, so this should be reflected in any digital marketing strategies that you adopt. With this in mind, you need adaptable and highly flexible strategies when marketing to high-net-worth individuals, ones that can be fine-tuned and adjusted as the world of luxury evolves and changes. With HNWIs and UHNWIs it’s all about creating a brand experience and fostering brand loyalty. Indeed, a recent Deloitte report pointed to the fact that until 2020, the aggregated net worth of global millennials is predicted to more than double compared to 2015, with estimates ranging from US$19 to 24 trillion.įinally, this lucrative consumer segment is far more likely to make purposeful purchases when acquiring a luxury item, rather than make spontaneous purchases, meaning that any digital marketing strategies have to be consistent in the long-term. While the definition of what a HNWI and UHNWI will vary from brand-to-brand they will always be defined differently from any other consumer group because their buying habits are completely unique.Īdditionally, the buying habits and preferences of HNWIs and UHNWIs is constantly changing and evolving, especially with the increasing boom in millennial HNWIs and UHNWIs, and what may resonate with one consumer, may not resonate with another. So, you need to truly understand what these are in order to craft engaging, and thoughtful digital marketing strategies that captures the attention of the world’s wealthiest. Increasingly, HNWIs and UHWNIs are seeking luxury brands that match their interests and passions. This allows us to profile UHNWIs, research and better understand their habits and therefore enables us to target them using bespoke digital marketing campaigns.
This database is split into 10 key groups, including sports professionals, celebrities, entrepreneurs, trendsetters and influencers, business owners, financiers, top-lawyers, partners of UHNWIs, politicians and the independently wealthy. Indeed, at Relevance we have created an extensive database of UHNWIs and HNWIs to better ascertain the buying habits of this unique consumer group. Romagnoli: Truly understanding what high-net-worth clients want is paramount to putting together a digital marketing strategy.
What are some of the buying habits of HNWI and UHNWIs? When putting together a digital marketing campaign designed to influence the purchasing decisions of some of the world’s wealthiest individuals you need an out-of-the-ordinary approach. It’s important to remember than targeting high-net-worth individuals and ultra high-net worth individuals is a highly specialised area of marketing as campaigns need to reach a completely different audience than the mass market.
And, since digital advertising is a lot easier to track, thanks to CRM and Marketing Automation, you can provide a healthy ROI. Indeed, the right digital marketing strategy can not only effectively communicate with your target audience, but it also provides better value for money than traditional marketing methods. Additionally, UHNWIs have traditionally been early adopters of emerging products, including digitally-delivered services and technology, meaning a mastery of digital marketing is essential.
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