How to Market to HNW and UHNW? Biggest No-No is Treating Them Like Everyone Else. Part One

When it comes to targeting the wealthy, you can’t make the mistake of thinking one size fits all. Just like the general population, the high net worth crowd has its own unique needs and desires.

Summary

Introduction

Demographics. Data Behind HNW and UHNW

Internet and Social Media Use

Top Challenges to HNW Marketing

Marketing Strategies

Introduction

In general, since the colossal growth of social media, instant gratification has become the norm and benchmark rather than just a straightforward exception. Consumers expect responses to their questions or concerns with immediate effect. With access to Facebook Messenger, Instagram and LinkedIn direct messaging, and the many other communication platforms-such as WhatsApp, Telegram, Viber, LINE, Snapchat, Goggle Hangout, HeyTell, Voxer- that most businesses use today.

Demographics, sometimes casually overlooked, affects all the choices a business makes in developing a marketing plan. Using demographics gives a head start in understanding your marketing strategies, applications of technology, lowering costs, identifying new opportunities, creating unique selling points. And most importantly increasing company sales.

When it comes to HNW, marketing is a totally different ball game. Companies, which are guessing which form of marketing strategy will appeal most to this segment of the population, constantly run into hardship. Why?

Because HNW many hide behind their advisers and gate-keepers, they live on guarded estates and they make their purchasing decisions based on totally different values than other demographics.

So what is the top strategy for attracting HNW clients? How can you building relationships with the trusted advisers and pass the gate-keepers? Here’s how to do it right.

Data behind HNW and UHNW

In 2018 on the 32nd list of world's billionaires of Forbes, which has been ranking net worth of the wealthiest since 1987, there was a record of 2,208 people on the list with total wealth of $9.1 trillion, that included 259 newcomers mostly from China and the U.S. There were 63 people under 40 and it had a record number of 256 women. The average net worth of the list came in at US$4.1 billion, up US$350 million from 2017. In 2018, the gap between the top 1% and the rest of the billionaires continues to widen. For the first time, Jeff Bezos, CEO of Amazon was listed as the top billionaire due to Amazon's rising stock price that resulted in one person's biggest one year gain in wealth since 1987 The U.S. continues to have the most billionaires in the world, with a record of 585 while China is catching up with 476 (when including Hong Kong, Macau and Taiwan).

In Part Two Internet and Social Media Use and Top Challenges to HNW Marketing …..