The affluent are just like everyone else, but with more money. Which is to say that they are not one homogenous group, but a collection of different individuals with different interests, needs and wants. If your target audience is the 22% of US households classified as "affluent," understanding how to engage them is key.
Affluent audiences can be broken down into additional segments, like these:
- Aspirational Mass Market - Trendy individuals with average jobs and bank accounts but aspire to live above average lifestyles.
- Rising Middle Class - Middle-class background but high-paying jobs.
- New Money - High net-worth individuals that earned every penny themselves.
- Old Money - High net-worth individuals that inherited their wealth.
- Beyond Money - High net-worth individuals that seem to have a complete indifference to status and displays of wealth.
Many affluent consumers show a proclivity towards a few common themes, which can be tailored to their specific interests. They are:
- In search of life experiences
- Looking for value over price
- Wanting to establish relationships with people and companies they trust
Throw away your stereotypes and the mental image of the Monopoly Man. Looks can be deceiving - appearances rarely reflect a consumers' spending ability or personality.
In order to engage your affluent target audience, you must identify their specific demographic segments, learn what motivates their purchasing decisions, and define how your brand can further empower their lives. Only then you can truly and meaningfully engage them.