Brands that have identified High Net-Worth individuals as a growth opportunity often face a similar question: how to enter the crowded and complex world of High Net-Worth individuals?
Our insight into this Aura group of individuals highlights some key learnings:
Creating brand appeal and stand-out: Beyond mere labels of exclusivity or price thresholds that may create a perception of a premium brand, High Net-Worth individuals often show an advanced sense of brand assessment and interpretation, based on their own experiences, an advanced education and significant exposure to premium brands on an on-going basis.
The end consumer may not always be the decision maker: Depending on the category we can sometimes find that the final end consumer may not always be the individual making the purchase decision. For example, in the financial services industry, intermediaries such as family offices play a major role in the purchase decision. For premium brands, it is critical to understand deeply the decision-making process of High Net-Worth individuals to ensure that the right effort is being made in the right places.
A sense of exclusivity: Rare vintage wine, limited edition spirits or exclusive advisory services would typically create the sense of exclusivity desired by the majority of High Net-Worth individuals. Premium brands have to embed in their value proposition a set of unique features or propositions that create and convey this sense of exclusivity at all times.
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