How to Reach Ultra High Net Worth Women
Along with my sales books, buyer behavior reports, and business and economy magazines, there is one magazine I love looking at. It is aimed at people who are contemplating buying a private jet. ✈️
High net worth women buy differently.
I am not in the market for a jet. I am actually NOT ok with the way private jets pollute the environment, but I have to say this magazine has me pegged. Every image, every photo, every advertisement is carefully crafted to be modern and sophisticated.
I perceive myself to be modern and sophisticated, (also hilarious and nerdy, but mostly only my close friends know this!)
The advertisements & articles are enigmatic and timelessly cool. Am I timelessly cool? Do not ask my son. He will tell you that I am timelessly UNcool.
But I feel like I SHOULD be timelessly cool and if I read this magazine I could become cool and so I can’t look away. If it’s in the stack of mail for the day, I make a mental note to wait until I have plenty of alone time to peruse the pages while enjoying a cup of steaming, Earl Gray tea. This magazine is an EXPERIENCE.
As I flip through each luxuriously extra-large page—and read every opulent advertisement and article, I put together a little wish list in my mind of things I desire. This read is distinctly different from all others in the magazine marketplace.
There is no hype. No salesy based marketing. No need to sell the benefits of the Ritz Carlton or Rolex. Because if you are reading this magazine you don’t care about the benefits.
You want a dream.
The life I desire in those pages. All my intense, unspoken dreams I whisper to myself and don’t actually say out loud—for fear of judgment or guilt for wanting MORE. This magazine gives me permission to obtain THE experiences, the service, and the products I long for.
Regular “advertising” does not exist in the luxury arena. It's always about the dream.
Cultivating the eternal from the temporary. We long to buy from businesses who speak to our souls with quiet, exclusive invitations for us to share in the hero journey.
We long to be immersed in arrays of magic and myth. To buy from brands with inherent value, history and status.
If you can move yourself and your brand to the place where you provide not just inspiration, but captivation. This is what we want to buy.
We all have unspoken desires. And your unspoken desire might be, “where in the world are these High net worth women who can afford my highest offers and understand the value I bring. How do I reach High Net Worth Women?”
Who are high net worth women?
We think we understand wealthy women because we watch a lot of reality TV!
If you are tuning into Real Housewives, you might think you understand them. Many times the people are dead broke but living on credit to maintain the look of the lifestyle. The producers are inciting and instructing how they interact. (there is a seedy underbelly of these shows: they have been accused of promoting alcohol and substance abuse, so be careful where you pay attention. I am decidedly against watching shows that I know harm others. Make your own decisions here.)
Wealth doesn’t have to put on any airs. Ultra High Net Worth women are normally in three camps:
Women who have their own successful businesses;
Women who inherited their wealth or come from money, and
Women who got settlements in divorces.
How Wealthy Women Think and Buy: The Unique Buying Behaviors of High Net Worth Women
Wealth might be new or old, but regardless, those women will not respond to regular inquiries, advertisements, or content that looks like everyone else in your market.
They are normally not sporting Louis Vuitton bags because they actually desire more privacy, less attention. Although they might have a Chanel bag, or a Birkin they had to wait a year for.
Last year the term “quiet luxury” went more mainstream. What it looks like; celebrities or wealthy women carrying quality bags without logos, or understated clothing and shoes. They wear small necklaces made by Cartier and Tiffany, and invest in timeless watches like the Tank, the Cartier watch worn by Jackie O and Princess Diana.
Many of these women are also heavily involved in charitable endeavors, and I know several investing in the arts, theatrical productions, artists and artwork, even music. There are specific accredited funds dedicated to angel investing in the arts. They are also interested in philanthropy, making the world better, and even starting foundations.
So how do you start connecting with these high net worth women? Follow these nine key steps.
These women are more emotionally aware, loving, appreciative of art, and self transcendent. They resonate with companies with high degrees of emotional intelligence. Bring out emotional intelligence in your content and in conversations. Get into the rooms of galleries and into charitable dinners dedicated to the arts. Meet some people who own theatres and ask them who their biggest donors are.
UHNW women can appreciate and resonate with the plight of others and they have the power to do something about it. Focus on the collective gain of a product or service, rather than just the personal benefits.
Celebrate the causes they love, especially the causes doing the most good in the world. Make your brand align with one of these causes.
Show appreciation for these women who like to constantly challenge themselves to learn new things, try new experiences, soak up culture, and travel.
These women are altruistic, energetic yet calm, confident and more highly driven than the rest of the population. They are also uncompromising, empathetic, sociable and outgoing.
Ultra High net worth women want to balance business, family, pleasure and philanthropy. Be sure to show all four in your offers and marketing.
They describe themselves differently than you might think. Do not use “boss babe!” Use these words instead, CEO, founder, mother, wife, entrepreneur, fitness, mental health, foundation, and author.
Most wealthy women front or have founded charitable organizations. They are also found at sporting events, horse shows, and charity dinners or special events like the Masters, and tennis events like the US Open or Wimbleton.
According to surveys, Ultra High net worth women are reading the New York Times, Wall Street Journal, the Economist as well as the New Yorker, Forbes and Time. Fortune, Fast company, and Vogue round out the periodicals.
Tailoring Marketing Strategies for High Net Worth Women
You should consider a few more important details as you decide to go after this under-served market of wealthy women.
A message to a High Net Worth woman is more about speaking to deeper desires without so much “sales” language. These common marketing methods will not work on a wealthy individual because most marketing is focused on finding the best value, as well as the features. Much of contemporary marketing creates fear in clients’ minds. The Ultra High Net Worth individual doesn’t fear missing out.
Marketing for premium offers is about creating the dream. Not the fear.
Fear based marketing does not work for successful women.
Always inviting, never compelling or convincing.
Which is exactly what will draw in your clients. It has a bonus of quietness and stillness, too. (Remember that “quiet wealth” concept?) Preserving your nervous system and keeping you from having to push your clients to say “yes.” They will want to work with you and refer you to their friends.
High net worth individuals hang out with other high net worth individuals.
It is up to you to find the people in the circles. Invite these people into your world by naming the things they want, using their emotions, building trust with relationships, and putting yourself in situations where you can meet them.
When you use traditional business coaches and sales coaches they don’t understand this buyer. They are usually serving people at more start up levels.
To attract high net worth buyers, you’ll need to adopt a new elevated mindset, a precise, targeted message, and an elegant sales system.
You’ll need to understand their unspoken desires, by taking a step back from common, overexposed marketing, and taking a step into higher level offers and sales techniques.
If you desire to target HNW women as your ideal clients, it’s time to make that move.
While you are doing that, I will be perusing my magazine while listening to Sade and sipping my hot tea.
Click here to Join my Program The Art of Neuro-Backed High Ticket Persuasive Messaging.
