High net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs) are a very attractive and lucrative target audience. Despite being very lucrative, they are a hard target audience to try to sell to. High net worth individuals are hard to sell to because they are a few. They represent less than one per cent of the world’s population. It is also very hard to gain access to them and get their attention.
To market to high net worth individuals you need a different marketing approach from what you use to target the rest of the population. Traditional marketing strategies won’t work on them. On today’s post, we would be sharing experts from The Drum’s interview with Rumble Romagnoli who has a lot of experience marketing to high net worth individual.
About Rumble Romagnoli
He is the CEO of the award-winning digital marketing agency Relevance. Romagnoli together with his agency has been helping luxury brands reach some of the wealthiest individuals in the world for more than a decade.
On this post, he would be sharing some tips on how to target this very exclusive niche market.
Relevance is an award-winning full-service luxury digital marketing agency. It was founded in 2008 and has over 48 staff. They specialize in targeting UHNWIs and offer cutting-edge creative marketing concepts. They have offices in London, Geneva, Monaco or New-York.
Let’s jump into the expert from The Drum interview with Romania.
Why do you need a digital strategy to target high net worth individuals?
A recent report by professional services firm PwC found that 98% of HNWIs access the internet daily, with affluent consumers spending up to three hours of their personal time online every day. So, employing the right strategies when marketing to high net worth individuals can reap dividends.
Additionally, UHNWIs have traditionally been early adopters of emerging products, including digitally-delivered services and technology, meaning a mastery of digital marketing is essential.
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. And, since digital advertising is a lot easier to track, thanks to CRM and Marketing Automation, you can provide a healthy ROI.
It’s important to remember than targeting high net worth individuals and ultra-high net worth individuals is a highly specialized area of marketing as campaigns need to reach a completely different audience than the mass market. 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.
For the full interview, please click here.