Marketing to the Wealthy: Taking a Mature Product and Supercharging Response and Profitability
I am one of the few specialists in this field who has worked on more than 400 campaigns to this group.
What have I learned?
Let me give you an example.
Marketing to the wealthy—those with a net worth of more than $2 million—is a special art.
Wealthy prospects love to respond, but not like everyone else. The direct response copy and art have to be different.
The wealthy require a different touch and presentation in your advertising. They respond to self-interest like everyone else, but are a little more reluctant … and require different strategies and tactics.
Let me give you an example.
For over 15 years, the firm Barry Kaye & Associates (BKA) was helping protect the assets of Accredited Investors, who have assets of $3 million and above.
While very successful, they needed help to be able to generate more quality leads and turn those leads into clients.
His efforts he used over 50 years were not working. He need a fresh new approach.
So I consulted and critiqued his efforts. He liked what I told him, and then he decided to take on my approach: “Let’s do it!”
To tackle this project, I created a 7-point marketing plan to improve their response and supercharge their growth.
The integrated campaign included:
- Accountable Advertising – I wanted to make sure that everything that was done marketing wise could be assigned a cost per lead and cost per sales. This way we could prove the success of any part of the progress.
- Scientific Marketing – I wanted to make sure that we could test various creative versions of our marketing materials and verify what the marketplace would respond best to.
- Direct Response Copy & Art – Direct response copy & art are essential to increase response. General ad agencies, editorial and content writers cannot write quality direct response copy. The wealthy must be persuaded with enough information, including proof and facts, to convince them your product is in their best interests. They also have to feel that you personally are talking to them.
- Advanced Direct Mail: Magalog – BKA had been using traditional postcards. While cheap, the postcards produced a very low response. He would send the postcards out and hope the prospects would come to one of his seminars on asset protection for the Accredited Investors. What I proposed was to create a magalog that looked similar to Forbes magazine. This magalog had 20 pages, side bars and articles that would present a powerful presentation unlike any of the competition. Plus, enough room to tell his story in a complimentary and interesting way. It was a persuasive infomercial in print. See video brief below to see a magalog and its strategies.
- Direct Response Ads – My agency created ads that could be used for Forbes Magazine and other publications. Full page ads had an advertorial look to them like native advertising, which dramatically increased the response.
- Direct Response TV – We ran 30 sec & 60 sec direct response television commercials on financial stations … and tested several versions.
- Infomercial with a twist – We created a powerful 30-minute infomercial for BKA. But unlike most infomercials, since this was for a targeted audience of only wealth people, we did a special campaign where we would only run the TV commercial on the cable channels in an affluent area where Barry Kaye would be running his seminar. And we created a direct mail piece that would go to cable subscribers before and after the infomercial to drive them to the seminar or to generate the lead.
This powerful integrated marketing approach more than tripled his leads and his conversion rate.
In fact, one of the key tactics to marketing to the wealthy is using a powerful conversion series. This has dramatically helped increased the number of leads which turn into clients.
Barry Kaye and Associates dominated its marketing niche, becoming the most successful insurance agency with high-end solutions for the wealthy.
For the video brief on magalogs, click here.
For a sample of set of CDMG’s TV commercials and infomercials, click here.
For an article on the successful use of the JOBS Act in a campaign, click here.
Marketing to the wealthy? We can help you succeed. Contact me at 310-212-5727 or email at [email protected].
