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For years there was an unspoken suspicion among some high-net-worth marketers that the rich weren’t online, and even if they were, the digital environment was too wild, too unreliable, too dynamic a place to support a sustained, controlled marketing campaign. The wealthy, it was argued, may use the Internet, but would never trust it for transactions or reliable information. We are all wiser now. But a recent survey by the Interactive Advertising Bureau shows just how far we’ve come. Not only are the wealthy using the Internet; they are more comfortable performing transactions and sharing personal information with trusted businesses online than are other consumers. The IAB surveyed more than 2,000 individuals, half with incomes less than $100,000 annually and half with incomes over that mark. That’s a relatively arbitrary demarcation, and doesn’t necessarily define affluent or high net worth as the financial services industry traditionally describes them. Still, it’s a large sample and a good indication of those groups’ behavior, and it jibes with our own research and observations. Additional points of interest from the study:
But when they share personal information, they expect something in return. More than three in 10 said they are comfortable sharing personal information online if it means a more personalized Web experience. Only two in 10 of the nonaffluent consumers said the same thing. That’s not a dramatic number, but it demonstrates that the affluent are more comfortable with technology than other consumer groups. The lesson for wealth marketers is that when it comes to channels, online and digital initiatives can no longer be seen as extensions of “traditional” campaigns. Digital should be a primary driver for reaching the affluent and the high net worth. But it is crucial that marketers be confident in the quality and usability of the online environment they have created—it’s the only thing keeping their brands from disappearing at the click of the little “x” in the upper corner of a consumer’s browser. Read about the study here. Click here. Download the study. Click here.
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In Vino Veritas Pop the champagne corks: The wine industry has recovered—for the affluent drinker, at least. Sales of $100-plus bottles are brisk and topping pre-recession levels. Wine writer Tom Warks argues that this will continue, given underlying trends in the economy for the affluent.
Fantasy Island? We are amused by the extremes to which the uber-wealthy will go to realize their ambitions. Peter Thiel, the San Francisco billionaire venture capitalist behind PayPal and Facebook, is helping a group buy an empty island in international waters, with dreams of turning it into a libertarian paradise.
Brands Need Social Media Some interesting research from Unity Marketing on how the wealthy use social media as a point of reference and advice when making luxury purchases. It applies equally to all brands—high-net-worth consumers are referencing social media before making big decisions.
A One-in-a-Million Chance? Few Americans really believe they could save $1 million. Many in the U.S. feel a sense of frustrated expectations for their financial future, so the usual approach of speaking to consumers’ aspirations for wealth may not resonate as clearly. |
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