Selling to rich people
Selling to rich people is in some ways easier than selling to a mainstream audience, and in some ways, harder – but one thing is for sure, which is that if you want to target super-rich people, you need to find out first what rich people buy, where they buy it, and why they want it.
Wealthy people can be easier to convert to sales than people with an average income because they have less budgetary constraints and can simply purchase anything they like the look of without having to count their pennies. However, rich people also demand the very best, and will usually be quite discerning about where they spend their money. After all, no one ever got rich by throwing money away!
If you want to know how to find rich clients, need to learn about how to sell to the rich or are trying to find out what wealthy people buy, in this article we will share some advice and insights on marketing to the rich and selling to affluent people who have spare cash to spend.
Things rich people buy
Answering the question “what do rich people buy?” is both simple and complex – rich people buy anything that they want or need, just like anyone else, but without the constraints of budget. The sort of stuff rich people like can be really variable, and no two people are alike!
This means that theoretically, any goods, services or products you have might appeal to rich people – but a better approach than simply asking “what rich people buy” is “why do rich people buy,” or essentially, finding out how can you convince rich people that the thing you are offering is what they need or want, to achieve a sale.
Whatever you are selling and whoever you are selling it to, the key concept of successful marketing is convincing your prospect that they want to own your product – and so you need to combine knowledge of the sort of things rich people buy with how to sell to them.
Next, we will look at marketing to the wealthy and how to find rich people to sell to.
Marketing to the rich
Whatever it is that you are selling or promoting, marketing to the rich requires developing a good understanding of your target audience – who they are, where they hang out online, the sort of stuff rich people like, and what incentivises them to make a purchase.
Rich people have more options and opportunities than the average working person, which means that they tend to be discerning about what they want and how they get it, and will often be harder to please than other customers.
This means that marketing to the rich requires taking all of this into account, so that you can tailor your promotions, USP’s, and general approach to match what rich people want.
Your product or service itself needs to be presented in such a way as to appeal to discerning rich people, which means that your adverts, website and other promotional materials must reflect quality and a premium tone and style – shoddy artwork, poor spelling and grammar, or a lacklustre website design won’t wash with wealthy people.
You also have to make your offerings stand out from the competition and give rich clients a reason to purchase from you – and this may mean the exact opposite of running in a race for the bottom in terms of price point.
A higher price does not always mean better quality – but under-pricing your offerings or in some cases even offering discounts and bonuses can work against you when it comes to how to sell to rich people effectively.
How to find rich clients
When you are confident that your approach and your product or service is fine-tuned to appeal to wealthy people, next you have to know how to find rich clients, and people with a large disposable income that you can tempt into a purchase.
Think about stuff rich people do, and popular rich people products – the types of things that may be highly desirable, but that only the wealthy can afford. Fine dining, expensive holidays, luxury cars, designer clothing, and other premium products are all the preserve of the affluent – so think about where wealthy people go online to find out about these things and make a purchase.
This can help you to identify potential partner sites for advertisements and cross-promotions, as well as providing you with information on where rich people hang out online, and what sort of websites, social media pages, and forums they are likely to use.
This allows you to take your promotions and showcase your offerings to an audience who are by design the type of people who can afford to make a purchase and who you may be able to sway to do so – if you are offering something that they want, or can convince them that they want.
For instance, the Four Seasons affiliate program is designed specifically to allow affiliates to access products to target HNWI (high net worth individuals) with incentives and promotions that would be outside of the price range of most other people.
What rich people buy
So, what do the rich buy? Rich people like things that are exclusive, new or innovative, interesting, and entertaining – as well as things that are rare, unusual, valuable, and otherwise desirable. If you can convince wealthy people that your product or service ticks one or more of these boxes, you will catch their attention – and potentially, make a sale.
Many rich people are also avid collectors – and the sorts of things rich people collect can be diverse and varied, but will almost always be things that are unusual, expensive, or hard to find.
What do rich people buy online? Lots of rich people are cash-rich but time poor, which means that they may not take as long making a decision to purchase something as someone with a regular income who has the time to shop around and get the best deal, or compare alternatives.
Whatever you are selling or promoting, if you can make it easy to find by rich people and offer a persuasive and convincing soft-sell incentive to make the purchase, you will already have an edge over the competition, who aren’t targeting rich people where they hang out and making it easy for them to buy.
Additionally, rich people tend to have the best, most up-to-date technology and smartphones, and so, targeting HNWI with mobile apps and adverts can help you to reach your audience whenever and however they use the internet or shop online.
This provides the added advantage of offering discreet shopping and browsing options for rich people, for whom privacy is often very important. If a rich person is looking for a date or a site that will allow them to chat to women online – the type of things that they won’t want everyone else to know about – discretion, premium options and something that cannot be found elsewhere are all highly appealing.
Ultimately, when it comes to how to sell to people, the main takeaway is that “how” you sell is always more important than the “what” you are selling – and if you take the right approach, fine-tune it and are prepared to adapt and learn as you go along, you can convince rich people to buy more or less anything.
However, paying some mind to the type of things that rich people buy and offering something that falls within this niche will give you a real head start!