The Tricky Balance of Marketing to the Affluent

diamond2Yesterday’s Marketplace radio program featured Andrew Sacks, president of AGENCYSACKS and The Affluence Collaborative (two companies that help brands target affluent consumers) speaking about how brands can appeal to the affluent customer. Sacks highlighted two critical points:

Create Brand Ambassadors — Sacks says, “When you’re buying a $500,000 diamond, you really don’t want to be the fool and buy the thing that’s the wrong thing.” That’s why it’s important to educate consumers on the brand’s heritage and history, as well as its value proposition. To do this, sales associates need to become impassioned brand ambassadors. They need to be able to speak the brand language and tell the brand story. (see “How to Speak to the Luxury Customer”)

Say “Thank You” — Affluent customers are not receiving the level of service they expect in return for the dollars they’re spending. Saks states that trying to appeal to the wealthy as a group is not a winning strategy. Luxury brands need to connect with the customer on a personal level, and they can begin by learning how to thank the customer. They need to turn customer service into a customer experience. (see “Moving Beyond Customer Service to Customer Experience”)

You can listen to the full interview here: “The Tricky Balance of Marketing to the Affluent”

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