How Do You Reach High Net Worth Consumers?
A new advertising product has been launched aimed at reaching high net worth individuals. You can now target the estimated 4 million passengers travelling across the EMEA region in private jets each year via a network of digital screens in 165 private-jet terminals across Europe, the Middle East and Africa.Of course, opportunities like this are sure to pique the interest of luxury brand marketers, but the same question marks remain as with any medium purporting to precisely target high net worth individuals. Will they actual consume the advertising? Is the environment right? Will they find the concept engaging? Or will it merely be audio-visual wallpaper as the target audience addresses more pressing tasks?Many publications cross our desks here at Cream that claim to target high net worth indviduals. And we have little doubt that the audience they're distributed to fit the profile of the audience their publishers are claiming. But do wealthy people consume content just because its targeted at the wealthy? Or do they consume content that reflects their personal interests and current requirements?That's not to say it's impossible to precisely target high net worth individuals. But the ways to do it need to be more sophisticated than just targeting the audience - it needs to reflect their personal interests and current requirements.One way of approaching it may be to use the device the content is being consumed on as a filter. For example, iPad ownership is a reflection of affluence. By running advertising across a tablet network, and targeting magazine content - which is more likely to be consumed in quality time when HNW consumers will be more receptive to advertiser messages - luxury advertisers would be targeting the right audience consuming relevant content in the right frame of mind and could be confident that the environment was premium.More precise targeting could be delivered by an ad network - or an aggregation of ad networks given the scarce nature of this audience. Retargeting is an obvious option - serving targeted ads to consumers who have already visited your site and perhaps taken a step or 2 down the purchase process. Beyond that, HNW consumers could be targeted via combining demographic, behavioural and contextual targeting, so delivering luxury advertiser ads to the right audience, with the right interest in a relevant environment. By filtering further via semantic targeting, the process could be even more precise - delivering a product ad that was highly relevant to the content the individual was consuming.Of course, luxury brands have traditionally steered away from networks because of their blind nature, although it could be argued that by using the combination of targeting methods described above, the environment will be right almost by definition.However, networks do now exist, such as Martini Media, which consist entirely sites of a premium nature - in Martini Media's case, with an audience averaging £250,000+ in annual income. Martini offers a number of channels - sites that reflect the audiences interest and mission at that particular time, such as travel or fashion - and combines it with 3rd party demographic data so that advertisers can target the right audience, in a premium environment who are consuming content relevant to their offering.We at Cream believe digital, and ad networks in particular, can be key to targeting this audience - particularly when looking for scale. Digital is one of the few media that is consumed more deeply by HNW individuals than the rest of the population and networks offer the opportunity to target the audience precisely with little budget wastage, and can serve a creative which reflects that individual's current goals and requirements.And of course, digital offers the opportunity for more specific measurement - who saw the ad and whether and how they engaged with it..Digital screens in private -jet terminals may seem like a good idea but if we were you, we'd save our money for something more likely to deliver results.