Building Brands For The Ultra Wealthy: Business Strategies To Attract High-Net-Worth Customers
Many people associate wealth with thoughtless spending and having an extremely flashy lifestyle. Think about reality stars and their penchant for luxury brands, or influencers who seem to spend a lot of time on yachts and private jets. But if we’re talking about the truly wealthy or High Net Worth (HNW) individuals, these people prefer high-quality and classic items over fleeting trends, and they make wise investments while affording the best products and services discreetly. Since a lot of brands targeting the ultra wealthy fail to distinguish rich people from HNW customers, they often miss the mark as they have no idea on how to engage them effectively.
According to Victoria Trimmer, client director for fashion and luxury at Times Media, many companies tend to underestimate ultra wealthy individuals. “[They] often treat them like a walking wallet, presenting them with a shopping list of the most expensive items just because they’re rich,” Trimmer explains. “The reality is they’re an incredibly sophisticated, discerning and curious audience.” Indeed, creating a product or service for the truly wealthy can be a challenge as affluent customers have high expectations regarding quality and authenticity. But by focusing on exclusivity, one can successfully build a brand that caters to high-income earners. If you’re a business owner, here are some strategies to attract high net worth customers.
Create Unique Experiences
If you’re about to establish a business that caters to the 1 percent, the first thing that you need to do is to build trust by having a strong and positive reputation within your industry. From day one, build your business the right way by getting all the necessary licenses and permits, and register your company as an LLC to boost your brand’s credibility. Use this coupon to get discounts on LLC formation services so you can get help from a professional to complete the registration process while you focus on other matters.
Once you’re done with the paperwork and the initial set up, think about creating unique experiences to set your brand apart from the competition. Need some inspiration? Take a cue from premium brands like DUX, a family-owned Swedish company that offers one of the most technologically advanced beds and mattresses in the market. This luxury brand is a favorite among HNW individuals, and one mattress can easily cost around $18,000 to $24,000.
To encourage wealthy customers to invest in their products, the company has a “Try at Hotel” program wherein they can sleep at a customized DUX bed at one of their partner hotels. If the customer loves it and decides to purchase a DUX bed, the brand will reimburse the cost of their hotel stay. The program is a smart marketing strategy since it allows a HNW customer to test drive the product in a luxury setting. Upon getting proof of the product’s premium quality, they start to trust the brand, which can lead to recommendations to high net worth friends and family members.
Offer Bespoke or Niche Services
Most high net worth individuals live busy lives, and it’s why they hire staff so they can take care of business or wealth-growing activities instead of doing everyday tasks like cleaning or cooking. But for certain occasions or events, a HNW customer may look for businesses that provide special or niche services. For instance, if they’re going on a vacation to a private island, they might look for a company that provides full concierge service for holiday rentals. Or perhaps if they’re about to store their yacht for the winter, it’s likely that they’ll search for a business that offers yacht cleaning and storage services.
To attract high network customers, think about offering bespoke services to meet the unique needs and preferences of wealthy clientele. For example, you could offer book curation services to build a customer’s private library. For this, you’ll be selecting and organizing books, focusing on genres and aesthetics to build an engaging and personalized collection. Meanwhile, if you’re an interior designer, think about expanding your range of services and offer to design playhouses for children. Affluent celebrities such as Beyonce and LeBron James have gifted their kids with extravagant backyard playhouses, and these have been expertly decorated to suit their little ones’ tastes. While it’s uncommon to hire an interior designer for a playhouse, it’s something that only the truly wealthy will consider as an essential.
Building a brand for affluent customers involves creating authentic exclusivity since they value quality, rarity, and discretion. Try these strategies to attract high net worth customers, and help your business gain a foothold in the luxury market.
















