Reaching, and engaging with the country’s wealthiest individuals (i.e.: the top 1%) is imperative for some brands. With the latest figures from Credit Suisse showing there are approximately 685,500 Britons in the UKs richest 1%, with a total wealth of £2.8 trillion, it’s easy to see why this group is in high demand.
From wealth managers to corporate finance houses, there are a lot of brands vying for the limited attention of this exclusive audience, but effective engagement requires a nuanced approach.
Here we share some key considerations when trying to deliver your brand messages to the top 1%.
Understanding your audience
Before building a communications & marketing strategy, it’s crucial to gain a deep understanding of this demographic, as they tend to differ greatly from the average consumer.
From media consumption to buying habits, social media usage to their networks of influence, the first step is to acknowledge the vast differences in this audience’s behaviours. Detailed audience insight is essential to craft messages that will drive meaningful engagement.
Consider tailored messages
The top 1% typically value exclusivity and personalisation which means generic storytelling or blanket approaches will gain limited traction. Instead, campaigns should be built to deliver highly tailored messages to address the unique interests and aspirations of the audience. Whether it’s through curated content, bespoke campaigns, or VIP events, conveying a sense of personalisation and hyper-relevance is key.
Build credibility
The 1% have a lot to lose, and therefore arguably value brand authenticity more than others. Highlighting powerful case studies, showcasing an established track record and demonstrating sound industry expertise will be crucial to establishing credibility.
It’s also vital to deliver exceptional service and value to secure long-term client relationships. A client’s referral network is hugely valuable in this space, so it is worth investing the time and energy to turn your high-net-worth clients into your biggest advocates.
Using the right channels
A comprehensive digital strategy is crucial for reaching this audience, as it allows for granular targeting.
Given this audience is typically extremely time-poor, a sound organic and paid strategy is essential to serve powerful content at the right time and in the right format. While such a targeted approach can be costly, the conversion is often worth the upfront investment.
From a PR perspective, it is critical to understand which publications your audience consume & trust and develop a strategy accordingly. Leveraging high-end publications, and sometimes thinking creatively about the kind of lifestyle platforms your audience might engage with can be crucial to creating cut through.
Finally, it is important to think creatively about how to tap into this niche market. Leveraging endorsements or partnerships with reputable and established brands can be a useful tool to unlock valuable databases which grant access to this hard-to-reach audience too.
Quality over quantity
Marketing to the top 1% is not a numbers game. The challenge is to be personal, patient and to focus on quality over quantity.
This may see you investing in creating one high value asset like a report rather than a succession of articles.
Bear in mind that reach and engagement rates may be lower than they would be for typical campaigns, but the payoff at conversion is more than worth it.
Measuring your success
Clear and measurable KPIs are essential for any campaign, but perhaps even more so when speaking to such a niche audience.
At PHA we believe KPIs should be focussed on delivering tangible business impact, while measuring three key areas: brand equity, digital traction, and commercial impact. Our bespoke reporting tool PULSE, does just this, offering a smart bespoke data-driven approach to reporting.
Taking an iterative approach to measurement and being transparent and accountable in terms of what tactics are working and where additional gains could be made is also essential.
Reaching the wealthiest individuals can be a challenging task for any brand. However, through proper market research, a tailored approach to messaging and clear, measurable KPIs, you can effectively engage with affluent clients, create meaningful connections, and ultimately build your business.
If you’d like to discuss how we can support you with your niche communications strategy, get in touch with the team today.