Compelling Offers For High Net Worth Individuals
A Compelling Offer Generates Motion
A compelling offer will coax your prospect to take action. Imagine creating an offer that attracts your ideal customer profile and repels everyone else.
Your first task is to create an Initial Customer Profile. Answer these 5 critical questions to help you get clarity on who your compelling offer should be directed to.
- SELECT - Who can I serve better than anyone else?
- DIRECTION - What does this person move towards and away from?
- ORIENT - Where is this person in the customer journey?
- JUSTIFY - Why would this person choose your offer over every other?
- STYLE - How can you best communicate to this person (style, voice, medium)
Let's delve deeper.
Imagine Your Prospect Comes from a Paid Ad
Think ahead with me for a moment. You will create a landing page, where your ideal high net worth prospect will cheerfully visit, because you have laid out in front of them a compelling offer to do so.
They get there and do three things in less than 9 seconds.
They ask themselves where am I? Oh I'm on the webpage that corresponds to the ad just clicked. What can I do here? I can see information about the service that caught my eye in the search ad. And most important, they'll see arguments essentially for them taking the next step. That's the why should I do it? moment.
Who are they? (Select)
No one else in the world does what I do. Because, I'm the one doing it. My way. With my customer service, pricing, service benefits, etc. So, give yourself a minute and consider what your offer is going to be based on.
Above all, your offer solves a specific problem.
Example #1: The HNWI lady may want to purchase a Hermes bag. They're expensive, probably £25 grand. She can afford the bag, not least from the salary and bonuses she receives as a top lawyer, and years of successful investments. This lady may well be looking forward to the admiration of her peers when she rolls out her exquisite purchase. But, why buy from you?
Example #2: High net worth individuals often have diverse portfolios and may hold significant investments in stocks, property, and other assets. They are likely to be business owners or top executives, with a strong focus on wealth preservation and growth. Demographically, they might skew towards an older age group (i.e. the over 50s), with established careers and grown families.
What do they need? (Direction)
What likes, dislikes does your selection have? Do they move away from risk? Or do they embrace risk, because they want the upside that goes with higher risk. Is your HNW individual a left brained accountant? Or a right brained creative artist? What your selected audience has moved toward and away from will often be very different.
Some people are drawn towards lots of detail and heavy logical reasoning and analysis. Others would be repelled by this. They might be drawn by a much deeper heart-connection.
Example: HNWIs typically need sophisticated financial advisory services, including estate planning, tax optimisation, and investment advice that's tailored to their risk tolerance and financial goals. Privacy and security are also paramount, as they tend to be more cautious about how their personal and financial information is managed and shared.
Where are they in their customer journey? (Orientation)
Orientation goes beyond just knowing the customer's needs; it dives into the psychology behind how they fulfill those needs.
For HNWIs, decisions are rarely impulsive. They are often based on a mixture of logical evaluation and emotional response, shaped significantly by their experiences, values, and the counsel of trusted advisors. Understanding orientation means recognising these layers and aligning your marketing and sales process to fit.
For instance, HNWIs might prefer:
- Direct Referrals: They might place more trust in services recommended by their peers or trusted advisors within their network.
- Detailed Documentation: They may require comprehensive, well-presented portfolios or case studies that demonstrate past success stories or investment returns.
- One-on-One Consultations: Personalised attention and the opportunity to ask detailed questions directly might be preferred over standard sales presentations.
Breakthrough Marketing - State of Awareness
Eugene Swartz in his book Breakthrough Marketing told us that your prospect's state of awareness determines the way you would communicate. He saw it this way...
1. What is the MASS DESIRE that creates this market?
2. How much does your HNWI market know about the way your offer satisfies this desire?
3. How many other products/services have been presented to them before yours?
State of Awareness Examples
Example #1: Decision-making processes for HNWIs usually involve a detailed assessment of potential ROI, risk evaluation, and a longer deliberation period. They might also rely on consultations with trusted advisors or a family office. In-depth, credible information and assurance of confidentiality are crucial to influencing their decisions.
Example #2 Consider a luxury estate agent that specialises in exclusive properties. The orientation of their high net worth clientele might include a preference for highly personalised, discreet interactions rather than through broad, public marketing channels. Their decision-making process may involve considerations such as:
- Privacy and Exclusivity: How the property offers a unique living experience not readily available to the general market.
- Investment Value: Whether the property is likely to appreciate over time or offers particular tax advantages.
- Lifestyle Alignment: How well the property fits with their personal or family lifestyle, including amenities, location relative to business interests, and community prestige.
In contrast to this, would you expect the same level of evaluation by the Hermes bag lady? Maybe not.
The big lesson here is if you dont understand where your HNWI is in their understanding of your type of offer, or even your specific offer, then trying to sell them through awareness, interest etc would likely slow their roll towards you. They might have alwready decided to buy. Recognise this, and my sales training told me to shut up. Stop selling. Take them straight to the order form.
Why would they need your product/service? (Justify)
This involves identifying and articulating the logical and emotional reasons that make your product or service the optimal choice for the your HNWI. It’s about providing a compelling rationale that aligns with their values, needs, and the outcomes they are seeking to achieve. Justification addresses the "why" behind their decision to choose your offering over alternatives.
Example #1: Imagine a company that offers exclusive, high-end travel experiences tailored to HNWIs. The justification for HNWIs to choose this company over others could be based on several reasons:
- Unparalleled Access: The travel company provides access to experiences that are not available through standard travel agencies or to the general public, such as private viewings of art collections, dinners hosted by influential figures, or stays at properties not listed on the open market.
- Personalisation: Every aspect of the travel experience is curated to the individual’s preferences, from the itinerary to hotels, ensuring that the entire journey aligns with their interests, desires, and lifestyle.
- Privacy and Security: The company prioritises the privacy and security of their clients, offering discreet travel arrangements and stays that ensure the utmost confidentiality and safety, which is a critical concern for many HNWIs.
- Expertise and Exclusivity: The firm's deep connections and expert knowledge in the luxury travel industry enable it to deliver exceptional, once-in-a-lifetime experiences that justify the investment.
Example #2: If you offer bespoke wealth management services, HNWIs might need your services to navigate the complexity of managing substantial assets efficiently. Your firm’s personalised approach, coupled with a proven track record of delivering exceptional returns and strategic advice for wealth preservation, sets you apart in addressing their unique financial landscape.
Where can you find them? (Style)
This is about how you craft your message, ad and interaction methods in a manner that resonates with the preferences, behaviours, and expectations of your HNWI audience.
Present your message in a way that aligns with the aesthetic, tone, and values that HNWIs appreciate and respond to. Style goes beyond mere visual design to encompass the entire customer experience, from initial contact through to after-sales service.
Example #1: High net worth individuals can often be found engaging with premium services and exclusive events. Digital platforms like LinkedIn, upscale private clubs, charity events, and exclusive networking functions are typical places where they spend time. They're also likely to be readers of high-quality financial publications and members of specialised online communities.
Example #2: You are a bespoke luxury furniture brand that caters to HNWIs. Style considerations include:
- Visual Aesthetics: High-quality images showcase the craftsmanship and details of the furniture, appealing to HNWIs’ appreciation for art and design.
- Tone and Voice: Your voice through your website, social media, or personal correspondence, employs a refined, knowledgeable tone. It speaks to the sophistication and discerning tastes of its clientele, using language that is both cultured and informative.
- Customer Experience: Every interaction is tailored to offer a personalised, white-glove service. From private consultations to customising pieces to offering exclusive viewing appointments in the showroom, you will ensure your HNWI clients receive an unparalleled level of attention.
- Packaging and Delivery: The final product is delivered with meticulous care, using premium packaging materials and a personalised note. The delivery process itself is arranged to suit the client’s convenience, further emphasising the bespoke nature of the service.
Style Summarised:
- Reflect Quality and Exclusivity: Ensure every touchpoint reflects the high standards and exclusive nature of your offer. This reinforces the premium positioning of your offer in the minds of HNWIs.
- Mirror Their Language and Values: Use language and imagery that reflects the values, interests, and lifestyle of HNWIs. This creates a sense of affinity and trust with your offer.
- Offer a Seamless Experience: The purchasing journey should be effortless, from discovery through to delivery and beyond. This convenience is highly valued by HNWIs, who often have limited time and appreciate efficiency.
- Personalise Where Possible: Tailor the experience to the individual as much as possible. Personalisation is a key expectation among HNWIs, as it demonstrates understanding and appreciation of their unique preferences.
In summary, style means delivering your offer’s message in a way that is meticulously designed to align with the tastes, expectations, and lifestyles of high net worth individuals, thus enhancing the overall appeal and effectiveness of your communications and offerings.
New Way To Test Your Offer to High Net Worth Individuals
For 10 years, Finely Fettled has helped marketers who would like to communicate with more high net worth individuals. We have crafted a low risk, low volume direct mail campaign where you can elicit the interest of a very small sample of HNWIs in a vicinity or across the country.
The offer is currently named: Small Scale Direct Mail to the Affluent