Defining a digital strategy for High Net Worth Individuals in Sydney and Melbourne - Showtime Digital

Defining a digital strategy for High Net Worth Individuals in Sydney and Melbourne

16 April 2019 Read 250 times

 

It’s been our observation High Net Worth Individuals in Sydney and Melbourne are different. In Sydney everyone wants to be a millionaire tomorrow, they’re busy, busy, busy. In Melbourne they appear to be a little more conservative.

The above comment may be a blanket one but many company’s Go-To-Market with assumptions based on gut feelings and cognitive bias.

Before you spend any money -

Your strategy must be anchored in truth. 

This truth is based on your client’s feelings, not yours.

 

Targeting High Net Worth Individuals

This is the first in a series of articles which will give you clarity on finding High Net Worth Individuals (HNW’s) over digital channels. You’ll receive clarity on how you should communicate with them and how to go to market with your offer. Along the way you’ll be able to download more in-depth information on some of the following subject matter to assist you.

  • 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)

Before we get ahead of ourselves let’s find out what HNW’s have in common.

 

The common ground

First the definition. The ATO defines high wealth individuals (HWIs) as wealthy individuals who control net wealth of $50 million or more and wealthy individuals control a net wealth of $5 million or more.

The common ground for these people is their attitude to time and money. While this sounds like good news, because financial wealth is not a respecter of age, you will find yourself targeting people as young as 22-25 to people through into their 70’s and beyond. Where this may present a challenge for you is when you take your product/service to market (we’ll come to this later).

Regardless of their stage in life they want to be educated and, despite the commentary within the digital industry, they still prefer face to face engagement.

 

The 5 keys of targeting High Net Worth Individuals

In Image1 we can see the 5 key considerations to finding HNW’s over online and offline channels.

Image1

 

Brand Importance - The key point of note is the importance of brand. Brand is important for credibility and for overcoming the mental hurdles consumers’ have with smaller, lesser known brands. However, with the constant influx of new financial products, what the consumer gets out of the exchange may be more important than simply being the incumbent brand.

Buyer Diversity – With ages ranging from 22 to 65+, each age group is influenced by different tactics and channels. We’ll expand on this further but for now, the age diversity of HNW’s presents an issue for many financial companies looking for this audience.

Channel diversity –Each age bracket consumes content differently. Some are influenced by industry experts on pay-tv, some read financial papers or listen to podcasts while others consume online content. There’s a lot to consider.

Asset importance – All buyers want more transparency, but the younger audience have come to expect better digital experiences and online user journeys which allow greater involvement from you. For an industry who are averse to stepping out, this may be your greatest opportunity.

Cost per acquisition – If you’re relying on one channel and neglecting supporting channels the cost of acquisition will be prohibitive. Building out a broader approach to acquisition will pay dividends sooner. It’s knowing where, and to what degree which is important.

 

Buyer diversity – Who are your buyers?

The common attributes of personal performance and how they view time and money are critical factors which help pinpoint the needs, pains and gains of this type of buyer.

In discovering what’s important you must first segment your buyers into groups. If you want to identify 2-3 buyers, you could run these off the top of your head but if you go to your CRM you may find as many as 5-6 buyer types or even more.

Here we’ll explore two high net worth individuals. These buyers could be applicable to a Managed Fund, investment property or to the self-managed super fund sector.
If you want to create a buyer persona for High Net Worth Individuals, you can download a buyer persona eBook here.

 

 

Meet Richard and Alan

Image2

 

The following is part of a marketing process we call the Audience Discovery. This is where we build fictional representations of each buyer, or a buyer persona. 

To make the task easier we’ll expand on Richard and Alan (our two buyer personas) and discuss them in terms of two columns: a) Known information and b) Unknown motivations.

The known attributes of Richard are shown in Image2 and Alan in Image3. This information could be concluded from a 10-minute chat over the phone. There’s no competitive advantage here as these are the same questions your competitor will probably ask.

There’s always a reason behind the purchase…they just won’t tell you.

You must identify your buyers Known information before you understand the Unknown motivations which sit behind the façade. This is simply because they don’t tell you why they purchase from you.



Image3

 

Sure, on the surface they may be looking for your product/service, but they won’t give their heart (insert-spill their guts) to you. Understanding your client’s goals and frustrations are the key to creating successful communications and improved outcomes in the future.

 

An Omnichannel approach is required

Targeting financially astute people across multiple age groups requires a multi-channel approach (Omnichannel).

Ego can play its part as well and how you represent yourself to each buyer within your content matters greatly. When Richard looks for a financial advisor, he wants the silver bullet while Alan is looking for the nugget of truth he hasn’t heard before.

While Richard is looking for stock tips on The Motley Fool, Alan may be influenced by editorials in the Financial Review. With property, Richard may look for residential property trends and be influenced by Free to Air TV, while Alan might have an established network of associates and focus on building retirement facilities.


Where you advertise and the information you supply each buyer will determine the value of the conversations you start.

 

The Go-To-Market Strategy

In uncovering the specific Go-To-Market Strategy for this finance client. After defining the Business Objective and completing the Audience Discovery, the Category Challenge was to discover pockets of growth opportunities in new audiences.

To find these new audiences the Go-To-Market Strategy needed to be cohesive across both online and offline touchpoints and be unified by common consumer truths. Some of which we’ve discussed in this article.

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.