The best way to reach the high LSM is to connect with them through their preferred medium of choice – email. There are of course other ways to market your product to more affluent consumers, but none are as cost effective as that of digital media. Perhaps of even greater importance is that, unlike other forms of marketing media that often fail to reach their designated audience, email marketing achieves a direct link with targeted individuals.
The reality is that rich people are busy people. They don’t have time to page through product catalogues and flick through television channels; rather, they choose their media very selectively and avoid bombardment by advertising messages. As the saying goes: poor people have big TVs, rich people have big libraries. For the marketer, then, email is an extremely effective tool at reaching high LSMs as it (a) may be viewed when the recipient chooses to access it and (b) assuming that it is transmitted to high LSM consumers who have opted-in to receive messages, it is more likely to appeal to their preferences.
When it comes to targeting the high LSM, marketing becomes an exact science. It’s all about appealing to their tastes at the right time, without beating about the bush because, as most of them will attest, time is a luxury of great worth. In other words, email marketing directed at wealthy markets must cut to the chase in a manner that highlights quality and value, while simultaneously reassuring them that their time (money) is not being wasted. And although price is very rarely a deterrent for the wealthy, bargains are always appealing. Even more of a draw card is the offering of an incentive, as no matter what one’s financial status is, everybody enjoys winning; which is why incentive-based email marketing campaigns are still the way to go when dealing with the high LSM, or any demographic segment for that matter.
Take American Swiss’ recent Christmas email campaign for example: it’s simple and refined, and prompted conversions by redirecting consumers to their official website and enticing them to select and submit a “Wishlist” of products which they then stood a chance to win. With an open rate of 53 percent and click through rate of approximately 27 percent, the campaign was a huge success and clearly demonstrates the effectiveness of email marketing at targeting the high LSM. Furthermore, by advertising their products through an incentive-based call to action, as well as highlighting price reductions on selected items, American Swiss essentially promoted their products from both angles. Put another way, by motivating consumers to submit their wish list they were, in effect, made aware of the product range on offer. And that’s all American Swiss needed because, let’s face it, their jewellery is visually attractive by default.
In addition to being able to effectively reach recipients, email also compliments a form of marketing most applicable to the high LSM – word of mouth. High LSM groups are well known for placing great emphasis on friend and family referrals, especially at the moment of purchase; and because of its viral capabilities, email marketing messages allow high income earners to do so with ease and efficiency – the ultimate dream for marketers.
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