High Net Worth Marketing
If you market to a wide range of ages, how much weight are you giving to the high net worth over-50s? If you are ignoring these people, you are madder than a box of frogs.
Did you know that 35% of the UK’s population was born before 1965? That’s before England won the World Cup!
It is not just their numbers that will interest a marketer, it is their propensity to become your best customers, clients, supporters or patients.
The over-50s may not be your best bet for an online sale (just yet), but they are researching products thoroughly before making the purchase via other channels they are more comfortable with, like call centres. The last 15 years has seen this generation really reinvent and rediscover themselves like never before.
Years back, I was involved in the development and sale of a data service that purported to identify early adopters in selected markets, such as financial services. There was merit in the data model, but the key distinguishing variable in terms of being an early adopter? Age. The older you were, the less likely you were to try new products and services. For some over 50s this may still hold, but increasingly the over 50s are now much more likely to try out new services from the early stages.
Why is this? Follow the money.
Their share of personal wealth in the UK exceeds 75%. They are important individuals to the savvy marketer. They make ideal investors, super charity supporters, excellent high value and eco-efficient car buyers, luxury goods hyper buyers and frequent flyers.
Don’t mix up wealth for profligacy. They didn’t get where they are today by being reckless. They read upmarket newspapers, have strong interest in current affairs, antiques and gardening. You could say they are having the time of their lives.
How do you target them? Try direct mail. Email can follow, but this generation reads.
If your business wants to discover your High Net Worth and Mass Affluent over 50s customers and then market to more like them, then you should take a look at this page. http://www.finelyfettled.co.uk/high-net-worth-database