Granted High Net Worth Individuals (HNWIs) are people and consumers just like the rest of us. They have wants, desires, problems to solve and questions to ask – just like us, they want to, resonate with a brand, feel understood, connected with on an emotional level, but ultimately, want a RESULT – a solution to their want, desire or problem.
Catching the attention of a high net worth client can be hard, even if you do wave your branded flag from the rooftop of every digital platform because stats have shown you that 98 percent of HNWIs access the internet and spend around 3 hours online every day.
What’s fundamental, is the-all-important strategy that some digital marketing agencies have mastered, they know how premium brands use digital marketing and are successful in targeting HNWIs.
Understanding why you need HNWIs?
Whether you are positioning your brand as premium or your product or investment dictates a HNWI buy-in-criteria that needs to be met – true of a number of commercial investment products.
For whatever the reason, you are aiming at a highly lucrative audience that represent less than 1% of the world’s population. The definition of HNWI varies with location. But, as a rule of thumb and quoting Investopedia, “the most commonly quoted figure for membership in the high net worth ‘club’ is $1 million in liquid financial assets.”
Appealing and Attracting Technology- Savvy HNWIs
For classic marketers and advertisers, the niche of HNWIs seems like a difficult target to achieve. Agencies need to re-consider traditional digital marketing ideas and focus on making heads turn while influencing the consumer group.
It’s important to employ the correct strategies, which assist in communicating with the target audience and provides better value for money than traditional marketing methods.
Jason Baker,who specialises in high net worth lead generation and PR and is CEO of the award-winning Digital Marketing Agency, Citrus Ornge, he explains, “There are several factors to consider when building strategies and campaigns to attract HNWIs. One of these factors is understanding their activity and behaviour associated with your type of product/service.”
Jason adds, “High Net Worth Individuals (HNWI) and Ultra High Net Worth Individuals (UHNWI) are different from other mass audiences. The group is an early adopter of new technologies and digitally-delivered facilities. So, when designing a bespoke campaign, a marketerneeds a distinct and targeted approach to influence the purchasing decision”
HNWIs are always evolving with their buying habits, preferences, and engagement with brands. These individuals are active on social media platforms and websites, which cater to luxury brands. PwC reported, 85 percent of the HNWIs opt for +3 digital devices. Therefore, the right strategies, targeting them at work, rest, and play, can assist a brand in reaping rich dividends.
Investing in PR can elevate your business and attract HNWIs to your brand
The value a published story in a magazine, newspaper or reputable blog can carry is 3x more than your Ad.
Complementing your content strategy with PR can increase your reach and revenue. With published editorial pieces that give the right on-brand messages, youcan encourage a very affluent readership.
PR agencies have an incredible opportunity in today’s digital media scene. Innovative tools, integrated strategies, and results-driven tactics have evolved an agency’s role far beyond traditional media relations.
PR agencies are aware HNWI are susceptible to risk, as per global economic considerations. PR personnel spend a lot of their time researching global events and their impact on potential customers, as this maximises the reach and value on this proven strategy.
The synergy between PR and digital HNWI investment lead generation
A PR agency needs to do in-depth research to understand the lifestyle and habits of high net worth clients. For those who have, correct timing, clear brand values and messaging, product benefits and/or services benefits, can gain direct access to an affluent audience through PR.
All HNWIs have one thing in common – lack of time. So, to convince them of an offering, companies need to cultivate knowledge, show brand values, build trust, and make HNWIs feel, see and understand the benefitsto them of their offer, service or product.
As Jason Baker explains. “Citrus Ornge use distinct methods, by thinking out-of-the-box it creates successful results, when it comes to targeting HNWIs. Well-planned and curated digital marketing strategies, with PR and a wide marketing mix, make the perfect combination for boosting credibility and revenue. It aids business growth and visibility and achieves success for the project or campaign.”
“We know within our business, that PR printed and digital articles in trade and national publications has given us credibility and a voice within our industry. Also with our customers, we have seen it. When a client is talking to a HNWI, that we’ve generated via a lead, and they show them a well-written trade or national article it instantly adds integrity to their product and business, and increases the propensity for that business to higher their lead to sale conversion.”
A successful digital marketing / PR agency understands how complicated and complex HNWIs are in terms of tax, planning, and holding structures. So, they need to have a senior person who can handle all these tasks in background:
- Someone who is familiar with the HNW client
- Understands the personalized attention required
- Knows how to solve the problems, while catering
HNW Investor viewpoint: Why is PR so important for attracting HNWIs and investment
Citrus Ornge launched “Citrus OnAir” in June this year and had the pleasure of talking to Jackie Waring who is the Founder and CEO of Investing Women.
It was interesting to hear Jackie’s viewpoint Watch Jackie’s full interview on Citrus OnAir as the HNW customer.
Jackie was asked her thoughts on; when advertising to HNWIs, what messages are important? And secondly, how important is PR for a company, particularly the link between PR and a high net worth client making an investment, Jackie explained. “What is fundamentally important to investors is the people. The people, founder, and the team around them. This ranks higher when making an investment decision.”
“People first, idea’s second. The more personal you are the easier it is to connect.”
Jackie continues. “Investing in PR is incredibly important. To have a digital footprint out there, where you’re known, increases the reach of your business. There is a fine line between getting the PR right and outputting the right messages and not just creating hype and overstating. It can be well-intended, but overstating is easily done and can be detrimental.
So, keep it real, come back to your core values and ensure they are reflected in your brand messages. When using a professional PR service – which is a sensible way to grow – still always protect your brand and ensure your messages are going out on point.