Pairing a niche industry (home design) with a niche market (ultra high networth) is downright scary for most digital marketers. Not only are you attempting to target the upper 1% on the internet, but you are trying to drill down who has purchase intent for your products or services. Even though your goal is quality over quantity when it comes to website traffic, pursuing digital marketing for this niche can mean a lot of wasted impressions and clicks, which in turn means wasted marketing dollars.
Below, we have outlined 7 ways to use your marketing budget wisely to better reach the ultra high-networth audience online.
1. Prioritize SEO ASAP
SEO, or Search Engine Optimization, is the process of optimizing your website content to build visibility on Google search results. This is all about leveraging the content you already have to increase your qualified leads. Even though it is a long-term strategy approach to lead generation, most of our clients find that their most engaged website visitor comes from their Organic Search channel. Remember: engaged website visitors will have the lowest bounce rate, view the most pages per session and spend the longest amount of time on your site.
When your target audience is the ultra high-networth, quality over quantity should always be at the forefront of any strategy.
2. Include Geofencing Using Device ID Technology
If you have ever been served a digital ad after leaving Home Depot, you were probably a target of their geofencing strategies. Geofencing is essentially drawing a digital line around a specific location, giving us the ability to serve ads to people who enter those locations with their smartphones.
Including geofencing in your strategy can be your key to ensuring ultra high net-worth audiences are being targeted. Think exclusive golf clubs, ski clubs or country clubs. We might also consider adding in luxury furniture showrooms, exclusive communities such as Cherry Hills in Denver or the Yellowstone Club in Big Sky, or homes that are for sale valued over $5 million.
3. Get Creative with Programmatic Targeting
If you know the ultra high net-worth audience as deeply as we do, you know that they don’t actually have household incomes. The majority of people in this audience have a networth from investable assets and physical assets such as real estate or businesses. So what’s a digital marketer to do when setting up a programmatic display or video campaign?
We recommend targeting by net-worth percentage, investable assets and behaviors showing activity in real estate investing. Play around with behaviors such as luxury spender, spend like the rich, and ultra-rich. We also recommend layering in behaviors showing frequent international travelers. Lastly, you may consider looking at B2B (business to business) roles such as executives.
4. Look-alike Audiences & Dynamic Retargeting on Facebook
Facebook & Instagram don’t have the most granular targeting when it comes to the ultra high net-worth. Two ways to cut through the broadness: creating lookalike audiences from your current website traffic and setting up dynamic retargeting.
If you have solid website traffic, creating a lookalike audience using FB’s pixel will ensure that you are targeting people who are similar to your current traffic.
Dynamic retargeting, on the other hand, works to engage people who have been to your site and viewed a specific page. For example, if you are a luxury realtor, you can set up a Facebook catalog with all of your listings for a dynamic retargeting campaign. If a person goes to one of your listings, that specific listing will follow the user in their Facebook feed. This also works great for brands that sell products!
5. Narrow Down Geolocations to Most Expensive Zip Codes
Targeting by zip code is imperative when you want to reach the high net-worth or ultra high net-worth. In paid search, it can be even more vital to ensuring the right searchers are seeing your link. Use Google or another search engine to research the most expensive zip codes in your target market.
Keep in mind that both Facebook and Google have implemented new regulations for any advertiser in the housing & real estate industry and doesn’t allow household income or zip code targeting. One way to get around this is having your keyword strategy be locally focused on your market such as “Hamptons Real Estate”.
6. Invest in Video Production
Video is the most engaged medium and it accounts for 80% of all consumer web traffic on the internet. For the luxury brand, it allows a story-telling element that creates an experience for the viewer. The ultra high net-worth values different things than the average consumer; expert craftsmanship, unparalleled customer service, and unique or one-of-a-kind goods are just some examples.
Video is a medium that gives brands a chance to display these differentiators and why the ultra high net-worth consumer should choose them over anyone else.
7. Have a Mobile-First Approach
Even with Google announcing that their web crawlers are now prioritizing websites that are mobile-first, we still come across brands that haven’t prioritized their mobile websites or advertising strategy. Why is this problematic if the ultra high-networth is the desired target?
The ultra high net-worth have lifestyles that are inherently nomadic in addition to high-level executive jobs that require a lot of travel. With second, third and even eighth homeowners traveling from state to state or country to country, your brand must have an effective presence and user experience on mobile devices.
85% of ultra high net-worth individuals use more than 3 devices. Things to keep in mind when accommodating this are making sure your web design is optimized for mobile devices, tablets and browser formats, having a mobile SEO strategy, and optimizing digital advertising campaigns for mobile devices.
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