Creating a Digital Strategy to target High Net Worth Individuals - Showtime Digital

Creating a Digital Strategy to target High Net Worth Individuals

16 April 2019 Read 353 times

This is the second in a series of articles which will give you clarity on defining a digital marketing strategy to engage High Net Worth Individuals (HNWI’s) over digital channels. You’ll receive clarity on who the audience is and how you should communicate with them. In this article we’ll discuss how to go to market with your offer. To assist you, along the way you’ll be able to download more in-depth information on some of the following subject matter.

  • Buyer Personas (why do your clients buy from you?)
  • Go-To-Market strategy (where do I find them?)
  • Branding (what do we stand for?)
  • Digital assets (what environments should be created?)
  • Marketing automation (long sales cycle influence?)

 

Defining an appropriate Go-To-Market Strategy

In Image1 you’ll see the process taken to create the Go-To-Market strategy. First the Business Objective needs to be understood. After completing the Audience Discovery, we can determine the Category Challenge. This client wanted to find growth opportunities in new market audiences. 

In this article we’ll elaborate on the Go-To-Market Strategy. Its cohesiveness across both online and offline touchpoints and how it unifies common consumer truths.



Image1

 

Who are High Net Worth Individuals?

The common attributes of HNWI’s are, amongst others, personal performance and how they view their time and money.

Here we’ll explore Diane as a high net worth individual. After looking through the CRM Diane was identified as a one of 5-6 buyer types. Buyers like Diane make up 37% of the database and 22% of revenue.

Buyers like Diane could be applicable to a Stockbroking firm, a financial advisor or an SMSF funds provider.

The information you see here on Diane is part of a marketing process we call the Audience Discovery. This is where we build fictional representations of each buyer, or buyer persona.

If you want to create a buyer persona for High Net Worth Individuals, download “How to create buyer personas” eBook here. 

Image2

 

For each buyer we need to think of them in terms of a) Known information and b) Unknown motivations. Image2 gives a definition of the Known Information.

Pinpointing the needs, pains and gains of each buyer (Unknown motivations) is the key to engaging them authentically and improving your initial conversations and future outcomes.

Rather than go into detail on the unknown motivations of your buyers you can download this Go-To-Market Strategy eBook. This eBook is also specific to High Net Worth Individuals.

 

The channel strategy

Through conducting research such as a client survey, you can determine where Diane is during her day (Image3) and what media she is influenced by.

Image3

The larger the circle the greater amount of time she spends in the medium.

It’s here (Image4) where you need to determine your available budget and the channels which fit within this.


Image4

 

You need to be prepared to acknowledge you may not have the marketing budget to be everywhere Diane is. Remember you may also need to consider the channels of 2-3 other buyer types.

As a first step, you should find the common channels of each buyer and focus on those. Your goal should be to develop these specific channels over a set period and build out the channel strategy as your budget allows.

 

5 key considerations with your digital strategy

In Image5 we see the 5 key considerations to finding HNWI’s over online and offline channels.

Image5

 

Buyer indecision – You won’t hear this often (it’s not in anyone’s interest to do so) but expect 50% of your enquiries may go nowhere. This can often happen for two reasons, A-they simply don’t know what they want. B-They don’t want to fit into the product box you’ve created.

Buyer diversity – While the age groups of HNWI’s are diverse (22-65+) and this can pose a challenge, there are common traits which bind them as a group. Focus on what unites them and build the story out from there.

Channel diversity – If you’re targeting new or upcoming HNWI’s in the 22-28 age range the places of influence for them will be different to the 55+ age group. This may mean you’re targeting people over more channels than you can handle. Once again come back to what binds the audience.

Asset quality – If you look around at your competition you may be forgiven for thinking your website is not important. This couldn’t be further from the truth. Good communication and clear, concise messaging are critical when you only have 10 seconds of their attention. Also, because this may be a considered purchase use your website first and a microsite as a minimum, avoid stand-alone landing pages.

Length of sales cycle – Be prepared for a longer sales cycle with expensive and considered purchases. Ie. for some up and coming HNWI’s engaging you may be aspirational, and they can come back to you when funds allow. In any case it may be best to provide a download (white paper or case study) as a first interaction and keep connected eg. through relevant articles you’ve written.

If you’d like to discover the process to create a Go-To-Market Strategy you can download this Go-To-Market Strategy eBook. This eBook is also specific to High Net Worth Individuals.

 

Steve Palmer

Steve Palmer is the Joint Founder and CEO of Showtime Digital. Steve has been in B2B sales since 1997 but influencing people and behavioural science has been a long-term passion.

The magic he brings to his clients is in knowing how to engage their audience. His goal is to help businesses understand the deeper reasons of why consumers convert online with them.