What are the sexes telling us about brands? According to research from The Affluence Collaborative, 67% of wealthy men prefer owning brands that their friends recognize and appreciate. Women, on the other hand (70% of them), prefer it if only a very few people can tell what brand it is. Women think of brands in relation to their sense of themselves as unique individuals. But men favor the endorsement and guarantee of prominent badge brands. Ah yes ... go big or go home. Men are not so hard to understand after all.
Marketing to the most valuable prospect. Even today, after the most significant economic upheaval in decades, the top 10% of Americans control more than 70% of the wealth in the U.S. – and an even greater percentage of discretionary spending power. That means the affluent consumer is the most valuable prospective consumer. And make no mistake – today’s affluent are different. The Affluence Collaborative was created to help you understand the affluent customer and how to market to him or her. If you aren’t thinking about the affluent customer, you’re missing out on reaching a key segment that can support higher margins, bring better brand loyalty, and offer better word-of-mouth.
Put away that thesaurus please. In the world of luxury, overwrought adjectives are a dime a dozen. Gallons of ink have been spilled to make what’s good sound even better. Work from The Affluence Collaborative makes clear the affluent customers’ point of view on the subject: enough is enough. Authenticity and honesty trump hype. Keep it real. The eighties are long gone, and with them the need to gild every lily.
Finding your voice. With all the talk today about getting the message right — i.e., WHAT you want to say — figuring out HOW to say it is often overlooked. Tone and Voice are every bit as critical as messaging. Upmarket or downmarket? Elegant? Bold? Innovative? Warm and inviting? How you communicate tells a prospect volumes about your brand. Take the time to do a brand inventory and get your Tone and Voice right.
Educate to elevate. Much of today’s wealth is new wealth, and many of the affluent are learning to live with money. This tells us that there’s an important role for brands in educating consumers. Don’t assume that consumers grew up with your brand, know your story, or understand and appreciate what makes it so special. Your marketing efforts must educate them, and the affluent consumer is eager to learn.