The affluent represent the wealthiest, most sought-after demographics in all of marketing. This was true when the economy was booming, but it’s even more true now as the middle class shrinks and the mass affluent segment emerges as the least affected by price, making them even more desirable than ever.
Who Are The Affluent?
• They are the top 21% of U.S. households (1 in 5)
• These households (24 million households/59 million+ adults)
are typically defined as having an annual income of $100,000 or
• They have 60% of total U.S. income and 70% of total U.S.
• 97% are homeowners; 25% own two or more personal residences
• High correlation between education and affluence
• They are twice as likely to buy, and when they do, spend 3.2
times more than the average household
The truth is it takes no more work to attract customers from the
explosively growing affluent population eager and willing to pay
What Do The Affluent Spend On?
90% of affluent annual spending is in 10 categories:
• Personal Insurance
• Home & Garden
• Apparel & Accessories
• Consumer Electronics
• Leisure & Entertainment
• Charitable Donations
Affluent Consumer Purchasing Triggers
Consumer purchasing triggers are events that cause a buyer to have a clear need, which usually converts into a sense of purpose and urgency in their buying process. They fall into several categories: emotion, value, referral, expectation, and need to name a few.
Emotion is the foremost reason we buy. Fear, passion, joy,
excitement, sadness, hate, and reverence all can lead to
purchasing decisions. How often have you ended up buying
something impulsively or at the spur of the moment? For instance, fear can bring emotion to a purchasing decision fear of gaining weight, fear of a future price increase, fear of growing old all can lead to buying.
Value is another of the strongest reasons that consumers buy.
Quantity and quality can excite and offer incentive for consumers to purchase.
Referral is a great contributor on buying decisions. Recognizing
someone they know or respect has used your product or service
and is happy with it can influence consumers. A buyer who is
happy with the outcome of the sale often can become your best
salesman and provide you with a powerful testimonial.
Expectation is another motivator that works well. Consumers
buy based on the end result of the product or service. They are
purchasing weight loss, not weight loss pills, or a romantic
evening, not a dinner for two at a waterfront restaurant.
Need is one of the most rudimentary buying triggers. (We go to
the supermarket whenever our need arises for groceries.)
Build Trigger-Specific Marketing and Sales Content
Your marketing should communicate your objective,
whether awareness, differentiation, or improving
perception. Your product's/service's Unique Selling
Proposition—is the most crucial step in determining
your marketing message.
Determine What Problem(s) Does Your Product/Service Solve?
What is truly unique about it (no one else has it) that is important
to selling (differentiated enough to make or break the sale) and
matters most to the consumer.
Why Should The Prospect Buy Now?
What action do you want them to take? Call, fill out a form, place an order, arrange an appointment, explore the website, etc. Give them a reason to buy now, but be aware that they may still be early in the customer buying cycle and provide them with a way to begin evaluating your product/service as a solution to their need.
Develop Advertising That Leverages Affluent Consumers Purchasing Triggers
Busy consumers decide within 2-3 seconds whether an ad is worth
reviewing or passing over. The affluent are no different; they don’t
want to search the ad for information or savings, so a clear and simple design is essential to drive response. In those seconds, the ad must communicate its product or service identity, create appeal (fulfill a desire) and motivate the consumer to respond.
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