How can I target the rich? What niches do you think can be profitable? Obviously, luxury consumer goods are one possibility but what else?
I had to do this at my last job. Grant it, it was a completely different industry (not internet related), but I feel 'the rich' tend to gravitate towards experience. Luxury usually connotes scarcity (think: Fabergé egg). If you can provide a unique experience--whether it's personalized (thinkersonal concierge), or not found anywhere else (think: luxe Everest expedition), you've pretty much nailed it. It gives them something to talk (brag) about when they're golfing/having lunch at that country club. Geez Loueez how many parantheses can be used in one paragraph? Sorry about that!
I would probably focus on the NEW GAGETS - That must have... I have a few acquaintance you could classify as 'the rich'. And all they buy is THE what is NEW in TECHNOLOGY - something they can show off.
Get Dan Kennedy's book - "Marketing To The Affluent" 'nuf said. It's 400 pages of the information you need. Don't expect to learn what you need to know about the subject on forums.
This is a good question.. However the rich may not be the best customers .. keep that in mind I`ve been working in the food and beverage industry before I started my IM journey... and I can say that the rich are not the best customers... at all It`s maybe because they are so bored of offering money already..
Yup! But a rich person will spend $100 like a middle class person will spend $1. Do you want to make $1 or $100? Niche Niche Niche, regardless of the level is how I do it. Ev
I'm so watching this thread because I'm curious as to what people say. Rich people are cheap, unless they feel like they are getting something no else can get. Or if it is the "must have" of their class, or group of friends. Remember when the "Black" American Express card came out? I can't tell you how many rich people I knew spent stupid amounts on their Platinum cards just to get that card--ridiculous.
If you are truly serious about targeting the rich then what you could do is find a niche lets say the "Limousine Guide" you can take that and find an area where their is alot of wealthy so lets say we are gonna write an E-book on "Los Angeles Limousine Guide". You could of course outsource it and it would be easier and you could build a landing page for Los Angeles Limousine as a capture page and offer the free E-book once they sign up as a FREE gift. Run an Ad campaign and once you start pulling in people who are looking for such an exclusive service use it to your advantage and start converting luxury products to the list you have built...now just think "what type of people would look for Limousines in Los Angeles and BINGO...you have what you are looking for. I hope that answered your question.
It's one thing to target the higher echelon but it's another to get them to stay on your site. Branding is very big and aesthetics. You have to look the part. If you had a beautiful site, targeted the right audience, you could sell a can of $100 spam, if you branded it correctly.
Wow, thanks for the replies already. One idea I have is to have a membership site for the wealthy. Man, that could make a ton of money. But on what basis? I have heard that there are Facebook groups that the rich keep "exclusive" btw I took a quick look at some in-flight magazines and found some interesting niches from the advertising such as: diamonds executive matchmaking golf course packages back surgery hair loss products Seems to me that the demographic of the super-rich is large middle-aged. Sure there may be some younger types but this is rare. I've worked for some top investment banks and the super-rich are 35 minimum and more like 45 to 50. I'm not talking about a VP or even an MD. I'm talking about higher than that, like CEO of a division.
The Facebook-type site you are talking about is, well, I'm not sure if I'm supposed to write about it. Anyway, it is invite only. You must know someone to get on and that person has a year "trial" period before they can even invite someone. It's funny, you can't even peruse the site (like MySpace.com). The code of conduct is strict and they can kick you off for anything (even inviting the wrong person). Anyway, as mentioned in the previous reply, concentrate on experiences. Like the social networking site, not everyone has access to it. Everyone can buy diamonds, go through hair restoration, or have back surgery. Not everyone can charter a yacht in the South of France during Cannes with 5 Super Models and the Prince of Dubai. OK, that's totally overboard (and even that can be bought), but you know what I mean. Rich people like things that are hard to attain: private invites, once-in-a-lifetime experiences, and ownership of a condo in a very strict co-op building in Manhattan. Exclusivity is the key...
Most of the rich are in business so I'd target business related sites. Finance sites and luxury clothing sites are also good.
People with substantial funds should be targeted offline. Networking. No not social networking either. They love travel and personal services. They want to be hooked up so they can mention it to others. You'll make more money off people with less funds that have something to prove and want to learn how to look or be rich. Besides there are more of them and they sit in front of computers for longer periods of time because it is cheap to do so. I wouldn't say the affluent are cheap they just question things first.