How to target ultra-high net worth individuals on social media
Ultra-high net worth individuals (UHNWIs) use social media differently compared with the rest of us. Here, Relevance's Lily Power reveals how to entice the 1%.
Certain social platforms typically attract the world's wealthiest users / Laila Gebhard
Social media is a powerful marketing tool for reaching ultra-high net worth individuals (UHNWIs), but it requires a tailored approach and a thorough understanding of this exclusive audience.
This group represents less than 1% of the world’s population and has specific expectations regarding digital marketing.
UHNW consumers frequently use social media platforms, with 99% using social media and spending close to 90 minutes per day browsing them. Brands can use these platforms to engage and build meaningful relationships with this audience.
What social media platforms do UHNWIs use?
Each social platform serves a unique purpose and typically attracts different users – including several social platforms used exclusively by the world’s wealthiest.
For example, Best of All Worlds is an invite-only app designed to ensure that members don't find themselves ‘overwhelmed with irrelevant connections’. Rich Kids is a quasi-Instagram, with membership costing US$1,000 per month.
Yacht broker Northrop & Johnson’s UHNW clients are highly active on LinkedIn, Instagram, and niche investment communities such as Wealthfront and AngelList. Nearly seven in 10 of them use social media regularly, with LinkedIn (36%), YouTube (35%), and Facebook (34%) each cited by about one-third of respondents.
Here are five tips for reaching this powerful audience on social.
1. Create a targeted strategy
It takes more than just creating a social media profile and posting content; you must understand the individual and their goals to target UHNWIs effectively.
UHNWIs are often highly skeptical of marketing messages and will not respond to traditional marketing tactics. When targeting them through social media, focus your efforts on the correct channels. It's imperative to understand their lifestyle, interests, and values to develop content and messaging that resonates with them.
Once you have identified the right platforms, create a targeted strategy focused on UHNWIs’ unique needs and interests. They are accustomed to being presented with tailored offers, so your message must stand out.
2. Find out what content resonates with your target audience
UHNWIs are seeking content that fulfills their needs beyond purchasing a product or service. For the world’s wealthiest, luxury is a baseline, and nothing is a ‘dream purchase’. Brands can engage them with crafted, strikingly beautiful content and by creating events or experiences tailored to their interests.
This higher-quality and bespoke content develops trust and helps build ongoing relationships while increasing loyalty and adding value to engagement. Create a sense of exclusivity through your brand messaging and content to ensure success.
This group is protective, valuing privacy and security. Instead of being sales-led, you should focus on sharing aspirational content. UHNWIs are a common target for various online crimes and intrusions due to their lifestyle. Privacy and security should be at the forefront of your strategy.
3. 'Genuinfluencer' marketing
There is a fine line between promotion and saturation, especially for ultra-luxury brands. Many luxury brands are using ‘genuinfluencers’ due to their high-quality and authentic content, engaged communities of followers, and actionable insights. This makes genuinfluencers valuable partners for luxury brands seeking to reach and engage with UHNWIs.
Genuinfluencers work on establishing trustworthy relationships, making them a highly effective brand partnership. UHNWIs relate to people who are similar to them, so they will be influenced by genuinfluencers only if they are carefully selected. Self-made UHNWIs might relate to self-made genuinfluencers, whereas heirs and heiresses might be influenced by people of similar background.
Executing campaigns over a social platform where your target audience is most active is essential. The right geninfluencer can help you reach UHNWIs and drive engagement, if they're similar to your target demographic.
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4. Targeted ads on social media
Luxury brands can use social media ads to target UHNWIs based on their interests, demographics, and other factors, as well as targeting custom audiences and lookalike audiences.
Paid ads on LinkedIn, Facebook, and Twitter have layered and targeted options, which brands can use to target UHNWIs based on their demographic information like industry sector, interests, high-powered job roles or even income level. There is ample opportunity to connect and build relationships with this exclusive audience by sharing content on existing social media groups and pages.
Start by researching UHNW profiles and identifying their interests, hobbies, and lifestyle. This will help you create ads that are tailored specifically to them. Use language that resonates with their demographic and include a strong call to action.
Leverage retargeting; it allows you to advertise to users who have already interacted or had some level of engagement with your brand, ensuring higher conversion rates.
These highly educated individuals embrace emotional intelligence principles such as trustworthiness and empathy, which is why some platforms may perform better than others. For example, LinkedIn is an excellent platform to share thought leadership and research pieces.
5. Track campaign success
Keeping track of your efforts will enable you to understand what is and isn't working and adjust your strategy accordingly. The best way to know if you are reaching and resonating with your audience is to track business metrics such as leads generated, quality of leads, cost per lead, conversion to sale and overall revenue.
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Relevance is a strategic and creative digital marketing agency specialising in profiling and targeting Ultra-High-Net-Worth-Individuals for the world's most exclusive brands and companies.Find out more