Marketing to HNWI
Marketing to HNWI is different. A good deal of ink has been spilled quoting and interpreting this famous remark of F. Scott Fitzgerald. During the era of vast inherited wealth that Fitzgerald chronicled, those words may well have defined a divided nation and its attitudes. Today, while the wealth of the country is still sharply divided, the bulk of it is earned rather than handed on. That’s significant. Today Fitzgerald’s world of coddled layabouts has been replaced by a world of hardworking entrepreneurs, and how they approach wealth and its uses is different as well.
Understanding the difference.
Today’s affluent customer expects attention and plenty of it. He or she wants what is special, exclusive, off the menu, and not available to everyone else. Why? We call it “Earned entitlement.” In general, the affluent customer’s feeling can be summed up this way, “I worked damn hard to get where I am. And now I’m laying out a very considerable sum of money for your product or service. I want to be acknowledged in some reciprocal way.” The unspoken code is, “And if not, I’ll take my business elsewhere in a heartbeat.”
Doing what must be done.
What’s noteworthy here is that what the affluent customer is asking for should be well within the purview of any brand looking to reach the high end of the market. Special treatment in response to an attitude of earned entitlement is not something one will ever encounter at Walmart. But at the luxe end, the culture of special treatment and all it entails is a must.
If the very rich are indeed different, it is perhaps because they expect more. Those in a position to shape their experience and make it remarkable are well advised to deliver more. The return you experience will most certainly justify the effort.