Producing Strategic Experiences for Affluent Audiences
Marketing effectively to different consumer segments brings unique challenges which require deep audience insights and targeted channels for engagement.
For affluent audiences (household income of $250,000+), one impactful way to get their attention and leave them with a lasting impact from your brand is to provide differentiated “once-in-a-lifetime” experiences (that money can’t buy). For brands looking to break through with the affluent, you must connect with this audience on their terms with meaningful experiences worth sharing. Advantage, a sponsorship & brand experience agency, shares our key insights on creating strategic experiences for the affluent segment:
1. Multi-Passion Consumption
Consumers are moving away from one-dimensional, single-passion experiences. Look at the NBA, for instance, in driving growth through storytelling around the convergence of basketball, fashion, music tech and even eSports. Brands that can connect to consumers through multiple passions will further drive loyal fans. And this is true for affluent audiences as well. Key over-indexing passion points of the affluent within the United States include Culinary, Fine Arts, Performing Arts and Golf, while professional sports leagues tend to under-index with this audience. Travel and cell phone consumption are also key habits of this highly educated group, with 84.1% having flown domestically over the past year and 77.1% agreeing that “I use my cell phone in many different ways to get the information I need”. When developing partnerships or experiences, consider distributing investments across a variety of passion points and over-indexing consumption areas to maximize target audience impact.
2. The Where
Not surprisingly the highest concentration of affluent households are in major East Coast (New York, Washington DC, Boston, Philadelphia) and West Coast cities (LA, San Francisco), along with Dallas, Houston and Chicago. Out of the overall affluent audience, approximately 16% live in the greater New York City area, followed by approximately 9% living in greater Los Angeles. Focus marketing efforts on the key DMAs, using targeted media and events to drive an authentic message. When producing events, consider hosting at non-traditional locations to breakthrough as a brand and leave a lasting impression on this affluent audience.
According to Accenture, 81% of consumers want brands to understand them better and know when and where not to approach them. This affluent audience has the freedom to secure what they want, when they want it. Use available data to personalize communications and provide hyper-targeted experiences that are relevant to push the consumer further toward action.
4. Active Engagement
The US affluent are active and want to participate in experiences, not just be spectators. They are willing to spend time and money on experiences, while viewing themselves as influencers within their networks. When leveraging partnerships, capitalize on “access” to curate custom experiences that are differentiated, allowing your brand to be the Enabler to unlock those “once-in-a-lifetime” experiences (e.g. behind the scenes, influencer access, etc.). When building event programs to impact this audience, intimate and exclusive events are key to enhancing impact versus larger, mass events.