By Sherri Brennen
How small business can reach out the the most desirable consumers?
As a group affluent consumers are the least affected by price and the most likely to purchase. This top 20% of US households earn well over 50% of all US income and control the majority of consumer wealth. If your product is appropriate, marketing to this group is a smart strategy. Why? They are twice as likely to buy and they are willing to spend more than 3 times the average consumer. Here’s what you need to know to reach them.
A subset of affluents, sometimes called HENRYs (high earners not rich yet, $100K-$249K) are somewhat more price sensitive and are more discriminating than the very rich at each stage of the buying cycle.
When developing your marketing plan keep in mind that affluents are represented by all age groups. Approximately 20% Millennials, 33% Gen X, 39% Boomers and 8% seniors 68+.
Value is the top priority for the entire group of affluents. They are much less price sensitive than the average consumer and believe you get what you pay for. Only 18% tend to make buying decisions based on price.
Coupons work. Even though they are less price sensitive everyone likes to save money including Affluents. 71% reported using paper coupons once a month and 54% used online coupons. Interestingly, there is little to no drop off of coupon use with the richest segment of this group.
Give them a place to research your product including a high quality, informational website. The vast majority research before they buy and are strongly influenced by online reviews. Keeping up with your online presence is imperative if you want to sell successfully to this group.
Make sure your marketing delivers a message with emotion. Like most consumers, emotion is the top purchase trigger for Affluents. This does not mean sentimental. Emotion messages can range across the spectrum from fear to pride to happiness.
As in most economic groups, affluent women control 85% of buying decisions. As a group these women are very active online. Market accordingly.
Traditional media is very effective. A recent study shows that while Affluents are actively engaged online, they are also strongly influenced by traditional media including print and television. TV, newspaper and magazine advertising can be a very important part of your marketing plan.