Marketing strategies and tactics are often defined by Segment (B2B or B2C), Channel (Email, Direct Mail, Social, etc.) or Industry. However, one of the most important categories to understand is Target Audience and one of the most commonly marketed target audiences are High Net Worth Individuals (HNWI’s)… also known as millionaires, rich or wealthy. HNWI’s have $1,000,000+ of investible or liquid income/assets (excludes Real estate, IRAs, durable/consumable goods, collectables) and represent 3.35 million households in North America*. These households collectively have approximately $11.4 trillion in investible or liquid income/assets and they account for more than half of all consumer spending.
So where do these people live and what is most important to them?
When developing your marketing strategies and tactics, it’s important to have a deep understanding of your target audience and then develop your product(s), brand, messaging, offers, etc. to resonate with the individuals who are currently or will become your best customers. HNWI’s are a key target audience for industries such as Financial Services, Travel, Non Profit and Real Estate. What other industries do you find targeting HNWI’s?
* World Wealth Report 2012 from Capgemini & RBC Wealth Management