Rory Brown Shares How to Target High-Net-Worth Individuals and Families

Rory Brown Shares How to Target High-Net-Worth Individuals and Families

Jan 21, 2019, 5:42:24 PM Tech and Science

As with any targeted marketing campaign, you need to identify your target market, ensure that the product or service you’re offering will be of interest to that market, and that your brand and marketing materials actually deliver a message that will resonate.

Why People-based marketing?

What is people-based marketing? Danielle Lee, Global VP, Partners Solutions at Spotify, explained in an article in Forbes from 2017.

“People-based marketing,” she pointed out, “is an industry shift, shift[ing] from targeting devices to connecting with the right people at the right time, with the right message.”

In the past (and as a matter of fact, still today) ads were targeted to individuals based on the cookies resident on their computers which indicated which websites they’d visited. That was rather a hit-and-miss strategy. 

In people-based marketing, marketers “reach people across the many devices they use, thanks to ‘persistent identity.’”

“Persistent identity” is a form of information-gathering for marketing purposes that does not rely on cookies, but rather on their use of their social media accounts, such as Facebook, Twitter, TripAdvisor, or even Spotify. Most people log into these accounts while they’re on the go via their smartphones or tablets, not on their computers.

Cookies still have their place, of course – in fact, cookies are actually a form of persistent ID, just a rather limited one.

Since a vast percentage of people perform their searches on smartphones, and their people and business interactions via social media, people-based marketing is a marketing technique that should be adopted sooner rather than later by marketing agencies and company’s marketing departments alike.

Choose Your Data Management Platform (DMP)

Now that we’ve defined people-based marketing, let’s discuss how we can use this to target high-net-worth individuals and their families.

The first step is to acquire a data management platform (DMP) that is actually optimized for the persistent identify metric. Not all of them are.

Targeting High-Net-Worth Individuals

The next step is to design a marketing campaign that will intrigue high-net-worth individuals, and encourage them to engage.

It’s a question of knowing your audience. High-net-worth individuals typically purchase top of the line products and are not interested in budget purchases. They are intrigued by ads that call to their wants, rather than their needs.

Ensuring Marketing Materials Communicate the Right Message

When sending out marketing material – via whatever channels you choose – your brand and your marketing materials must be consistent. Will high-net-worth individuals be intrigued by a budget travel advertisement? Probably not. A “connect to the real ‘country’ may be more intriguing.

By leveraging the segmentation power of people-based marketing to target your correct niche, and then delivering the appropriate message, you will find that your conversions increase exponentially.

About Rory Brown (Charleston, SC): Mr. Brown is a Managing Partner of NB & Co. and the Chairman of the Board of Directors of Ad Genius, Goods & Services, and Nearshore Technology Company. He works with management teams and experienced leaders on sales and marketing, technology, and strategic initiatives. Mr. Rory Brown is a Certified Public Accountant and received a Master of Business Administration from the University of Charleston, SC.

Published by Calida Jenkins

Comment here...

Login / Sign up for adding comments.