Wealthy people – or ultra-high-net-worth individuals (UHNWIs), as sometimes they are referred to as – are not an easy group to market for. It is a relatively niche area of expertise for most marketing companies or efforts. Few digital agencies focus on it or know how to do it well.
Such wealthy individuals tend to have unique needs and preferences. Their purchasing decisions are also often driven by factors not relevant to what the general public has to deal with for the most part – on top of having more purchasing power and thus choice in what to acquire
In order to effectively market to UHNWIs, we should try to understand their behaviors, preferences, and interests, especially how they pertain to particular products or services we want to market to them. In this blog post, we will assess and give tips on how to effectively market the wealthy using cross-platform marketing.
What Is Cross-Channels Marketing?
Cross-platform marketing and advertising refer to using multiple channels for a campaign in order to create a logical progression for customers, crafting a clear message across various marketing channels.
These channels can include TV advertisement, paid search ads or PPC, social media postings, SMS, and more. It opens up the potential for a target audience to get exposed to an ad multiple times in different media and offer clients relevant content for where they are in their customer journey.
This form of marketing has many benefits and can be used effectively to target a wide range of customers, including the wealthy or well-off. It can improve conversion rates, when done right, allowing a company to present consistent messages across different channels.
A cross-platform campaign should start with a careful evaluation and planning of available channels to tap into. The key is finding the right mix of channels in order to find the intended buyers.
There is a certain level of consideration required when starting cross-platform marketing campaigns. By conducting research, marketers get insights into who exactly is the target audience, how to reach them effectively, and what channels they are most prevalent at. Making numerous media buys without such consideration or nuance in cross-channel advertising may make businesses risk spreading their dollars thin.
Diversifying a marketing plan is often essential to generate more overall leads and boost conversion rates in today’s digital age, where social media rules and multiple channels for potential outreach exist.
The Difference Between Cross-Channel & Omnichannel Marketing
When talking about cross-channel marketing campaigns, it’s essential to realize the difference between this strategy and omnichannel marketing. While the first model assumes crafting a unified campaign across many channels, this is usually not the intent of the latter.
In multichannel marketing, advertisers use various channels to reach customers, but these efforts are usually not connected. Most businesses nowadays, whether it is in a regular or luxury sector, benefit from omnichannel marketing strategies, but not all of them utilize the potential of cross platforms campaigns in which particular ads complement each other, working as a part of one unified strategy.
The Benefits of Cross-Platform Marketing
Besides having a consistent message you can spread across different channels or media when targeting affluent individuals, a cross-channels advertising strategy has other benefits as well.
One of the main ones is the fact that it allows you to not have to put all your eggs in one basket, as the saying goes, and risk overspending on a failed marketplace or channel, but find multiple ways to reach your customer segments.
Better Exposure and Increased Brand Awareness
Marketing your content across multiple channels also allows you to follow your affluent leads from channel to channel, thus increasing your exposure and brand awareness and having a greater impact on purchasing decisions of your customers.
It’s simple — the more channels are used to remind someone of your brand, service, or product, the more likely they are to remember it – rather than seeing it one time in a single channel, for example.
This type of advertising campaign can help you build a strong brand presence, increasing the viability of your products and services and building trust with your target audience.
Lower Client Acquisition Costs
The benefits of a cross-channel campaign also include a lowered acquisition cost per customer due to the fact that conversions tend to spike when advertising is spread across channels. When the conversion is higher, you pay less to acquire a customer.
Better Customer Experience
Cross-channel marketing tends to also be less intrusive and offers a better customer experience for your leads. This is because your ads will appear at places the customer decided to show up at or channels they rely on, rather than forcing them to see the ad where they would less likely want to even look at it. Of course, this depends on marketing teams having tact or knowing how to do it right.
Cross-platform marketing also increases engagement. A properly prepared and researched cross-channel marketing campaign offers a truly personal and almost customized experience for your audience. Through email newsletters and social media ads, you can deliver your affluent clients high-quality content that is tailored to their needs and interests, increasing its responsiveness.
They can like social posts, forward the content to friends, respond to, say, a Facebook post, etc. Engagement will not only open up the road to new leads, as it is being shared between users but also remove barriers between brands and users as a message gets seen multiple times.
Important Customer Data
It can often be difficult to predict what channels work for certain individuals, like the affluent unless you try a multi-channel approach and see what resonates with them. This alone is a reason to use a multi-channel strategy at first when trying to market to such individuals.
Because marketing to wealthy individuals is a specific niche area or not as widespread as marketing to the general public or average consumer, using a multi-channel strategy can yield the best results in terms of finding the right channels for the right types of ads or messages you want to get across.
Analyzing Ultra-High-Net-Worth Individuals
Wealthy individuals, or UHNWUs, are an attractive group of people to entice to a product, service, business, or brand. They have a large budget and disposable income that allows them to make purchases the general public could not. Wealthy individuals have different needs and spending habits than average consumers, which is essential to consider when creating a cross-channel marketing strategy.
Many of these individuals engage in social media as well as use online methods of shopping regularly. It is estimated that 99% of wealthy consumers spend around 90 minutes on various social media platforms per day (source). That is a potential that should never be overlooked.
Affluent customers tend to make fewer purchases or be more selective with their purchases as they also have more choices. It can often take more time for a brand to build trust with such individuals who may be already engaged with known and trusted brands.
In order to effectively target these individuals, marketers need to understand what makes them tick. This is why trying different things across channels can be beneficial in gaining such insight and using it in marketing strategies going forward.
How To Implement Cross-Channel Marketing Strategy for Affluent Clients
When choosing a cross-channel marketing approach, it’s important to remember that it’s an ongoing process. Meaning, with time, you gain more and more valuable insights, and you are able to optimize your efforts and gain better results.
Here are a few important steps to take when implementing a cross-channel advertising strategy for luxury brands.
Create a Buyer Persona
Developing buyer personas is often how cross-platform marketing strategies begin. It is a way for businesses to capture ideal customers, which in our case would be well-off or affluent individuals.
Being able to reach the right audience through marketing efforts means making sure the marketing efforts are not wasted on individuals not interested in your products to begin with. Thus, this is where creating buyer personas comes in.
The marketing team, in this way, can analyze the habits and behaviors of the target audience and their buyer persona in order to find ways to reach them effectively. It would then be able to predict the way such individuals make purchasing decisions through the customer journey.
Sometimes, there will be several buyer personas that a company will come up with regarding the specific target audience they are trying to reach. This way, they can truly define their ideal customers.
A wealthy individual working as a business leader or a CEO could be one buyer persona. One who inherited money and is an influencer could be another.
The marketing team would analyze both of these buyer personas’ habits and behaviors, in order to find ways to target them. This could include the way they prefer to make purchasing decisions through the customer journey – such as whether they research on Google at all prior to making purchasing decisions and if social media, such as Instagram images, influence them at all.
Analyzing this data and delving into the customer journey for them informs cross-platform marketing campaigns and makes them more effective by lessening the likelihood of spending too much in one place and too little in another, leading to better budgeting for marketing campaigns.
Some buyer personas, or potential leads, may rely on digital ads and television spots for their purchasing decisions. Meanwhile, others like to see products in person or when walking by different stands at shopping malls and later research them on Google. Being visible on the right platforms at the right time can be a difference-maker in effective marketing.
Select Channels that Work Good Together
When choosing the channels to conduct your campaign with, you need to pay attention to which types of channels complement each other well. Remember, a cross-channel marketing campaign focuses on delivering a unified message through different means of communication.
It’s about crafting quality and valuable content and selecting channels that can convey it best and that your target audience is already using.
When it comes to tested and prevalent channel pairings in the luxury goods niche, we can name a few, like:
- Social Media + TV
- Social Media + Email
- Online Magazines + Printed Magazines
Choosing the best pairing for your campaign goals may take some time and trial and error, but by completing step one (which is getting to know your target audience really well), this process should be easier.
Organize Your Customer Data
To determine the effectiveness and direction of all your cross-platform campaigns, it’s imperative to unify the customer data you collect along the way. This can help you optimize your current efforts and create even better campaigns in the future.
To simplify this process, many businesses benefit from a customer data platform, which offers tools to gather and organize customer data in the most useful manner.
Then advertisers can track URLs, cookies and emails, among others, to see what actions individual leads took and how exactly they have interacted with campaign materials.
Craft Content To Match a Specific Buyer’s Journey
Content is the king and ruler of all advertising campaigns, and the same goes for cross-channel marketing efforts. In this case, you need to construct content that fits the place your customer is at in their buyer’s journey.
What we mean by that is that you should be there for your leads every step of the way. Did they make a purchase? Send them an email with a thank you and invite them to browse through your new catalog.
They visited your online store but haven’t made a purchase yet? Maybe a well-designed Instagram advert will change their mind.
Don’t hesitate to add some personalization elements, as clients tend to respond much better to them.
Don’t Ignore the Potential of Social Media Campaigns
Marketing channels through which brands and advertisers reach affluent customers differ. Luxury brands rely on traditional advertising in print to a much greater degree than brands that target the general public.
Still, we’re living in a golden age of digital media, the truth that cannot be ignored by businesses delivering luxury goods and services.
One crucial advantage of social media is the fact that they make engaging with customers much easier and practically instant. And, just like we’ve mentioned earlier in this article, most UHNWIs use social media platforms every day, which means that’s where brands and advertisers need to be as well.
A cross-channel marketing strategy can be incredibly effective in targeting the richest of this world. As affluent individuals are very active on social media and still rely on traditional media, like magazines and newspapers, to get their information and entertainment, it’s a receptive demographic for this type of advertising strategy.
Of course, the success of your marketing efforts will depend on the people. You need an experienced team of experts on your side to conduct quality research, build your buyer personas and implement your campaigns on your chosen channels.
At Luxe Communication, we have vast experience in carrying out cross-channel marketing campaigns for brands in the luxury sector. Contact us today to receive more information about our offer and increase the effectiveness of your campaigns on various channels.
What is the purpose of a cross-channel marketing strategy?
The purpose of a cross-channel marketing strategy is to create a consistent customer journey, utilizing various channels of communication. Such a model can be a valuable pillar in creating customer loyalty, increasing customer engagement and marketing ROI.
Why is cross-platform marketing important for the luxury market?
This marketing strategy is valuable for luxury brands because it offers them actionable insights into what their customers expect and how to most effectively advertise to them. Consistent messaging across different platforms and channels of communication helps to increase brand awareness and build relationships with customers, which translates to more sales and builds customer loyalty.
What is an example of cross-channel marketing?
A good example of cross-channel marketing efforts would be promoting your luxury retreat on your social media platforms, which gets followed up by sending your potential customers a newsletter that includes testimonials of clients who already took part in your retreat and now get to share their experiences.