We live in a forever-changing marketplace, whether that be through technological advancements or new and emerging innovations. It is imperative to continue to find innovative ways to stand out and engage with your UHNW audience to win, grow and maintain these often-inaccessible prospects.
Privacy, time and experience is key to winning the 2019 HNW and UHNWI client.
The challenge therefore is getting into these circles and positioning your brand at the forefront of these individuals’ minds. Hosting exclusive events is one way and most of the time this becomes the fail-safe for luxury brands and companies. Let me ask you five questions:
- Did your prospects enjoy the champagne and caviar?
- How was your event experience different or memorable from the previous event the night before or that following evening?
- Did you see a real return on your investment?
- How many clients do you currently have vs how many did you want to get by the end of the event?
- What was your follow-up strategy and did it work?
Events are a great platform to interact with your customers on a social level. However, the majority of clients I speak to now, are simply looking for alternative avenues to engage with their current and prospective clients. They are realising they must change their approach to remain competitive and relevant within their target markets.
The HNW and UHNW client is changing, and in 2019, here are my 7 Steps to keeping it simple and effective:
- Focus on key markets – Is there a concentration of your client base in this market?
- Build consistent brand awareness over a period of time – commit to a minimum of 12 months to build your message.
- On-board HNW & UHNW influencers and connectors to promote your message – Find the right influencers and connectors in the UHNW space and utilise their referral relationships to your advantage. Ensure they are educated on and are present in your target location. Do they have the capacity to visit clients personally and convey your brand message? It is important to review this from a commercial perspective. Is it more commercially viable to have a dedicated influencer or connector in the area than setting up a physical store or employee?
- Brand Equity – Commit to a long-term marketing approach to increase your brand equity and message within this demographic.
- Create interactive and memorable luxury experiences where clients can socialise with other like-minded individuals, whilst enjoying the brand experience. Keep it small and discreet.
- Get personal – Take your brand message directly to QUALIFIED individuals rather than a ‘shotgun approach’.
- Relationships – Follow up and show appreciation to your clients – be discreet, reward and remind them that they are valued throughout the year.
Daily I am speaking with UHNWI’s, companies and luxury brands to develop strategies to effectively engage with their target audience and successfully position them better in this exclusive market. Therefore, if you are serious about positioning your brand in this market and growing your client base in Monaco, you know whom to call. My favourite quote that I live by is “Do something today your future self will thank you for”. What are you going to do differently in 2019?
Charlotte’s vision is to create extraordinary experiences for her clients as well as advising global businesses and brands on how to position and create brand awareness within the UHNW and luxury community across Monaco.
Contact Charlotte Easterbrook at firstname.lastname@example.org
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