The aim of marketing is to know the consumer so well that the product sells itself. This idea, courtesy of Peter Drucker, is deceivingly simple, yet sometimes hard to execute — especially for high-end brands trying to connect with affluent consumers.
From time to time, I hear marketers refer to their existing and potential customers simply as “affluents.” As in, we are simply going to aim our messaging at a demographic target with an above-average household income.
What this flawed viewpoint fails to take into account is that affluent consumers can’t be targeted using a “one size fits all” approach, any more than the mainstream mass can be. I’ve written about the differences in affluent segments, ranging from how younger and older affluents view the world, to the higher-multiple spending by c-suite affluents, to how a person’s tenure of wealth dramatically impacts his or her purchase behavior.
I was reminded of these critical distinctions recently when I read a piece from the smart people at Ipsos on “Affluencers,” their segment of consumers who are essentially affluent key influencers. If you are a marketer of high-end home brands, this is a pretty strong segment for you to consider.
According to Ipsos, Affluencers transact more, spend more, and spread opinions via word-of-mouth and social media, creating a multiplier effect. Almost all of the respondents to the Ipsos poll — 95 percent — say that “people often ask my advice.” And compared to that of “regular” affluents, the purchase intent for Affluencers is up to 22 percent higher.
With regard to spending on the home, Affluencers index 156 percent higher than affluents on plans to renovate a kitchen in the next 12 months — and a whopping 237 percent higher on plans to purchase smart home appliances. They are nearly twice as intent on designing or building a new home in the next 12-24 months.
It didn’t go unnoticed that Affluencers index at 198 percent in agreeing with this statement: “Products that have great advertising are usually of higher quality.”
Is there such thing as the perfect target in terms of propensity to buy high-end home brands? Probably not. But digital audiences such as Ipsos’ Affluencers go a long way toward helping you know your consumer so well that the product sells itself.
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P.S. I just launched an interview with my client and friend, Eric Deng, co-founder and president of Hestan Commercial Corporation. I would love for you to check it out if you haven’t already!