There are plenty of marketers out there who would like their brand bandied about at the local country club. But connecting with the affluent market can be a challenge.
Affluent shoppers, those with a household income over $100,000, represent approximately 22% of US households, however they can take credit for about half of all retail spending. According to a study by Motista:
62% of connected affluents will pay higher prices for comparable products
29% of connected affluents have recently used loyalty program points for a purchase
83% of affluents feel good when they share retailer/product information with friends/acquaintances
Because the affluent customer can wield so much power, it’s important to understand how loyalty can impact this customer’s world. While some customers may look to loyalty programs as an inside track for discounts or advance notice of sales, the affluent customer seeks out loyalty programs that make their life easier and empowers them. Rewards that add value and save them time will go a long way. Some things to keep in mind:
- Exclusive access is a valued luxury. A program that can provide entrance to exclusive products and experiences are likely to resonate.
- Think like a concierge. Affluents respond to programs that show that you understand their needs and preferences and can provide one-click redemption or service.
- Service is key. The number one deliverable you can attract affluents with, is exceptional customer service.
- Keep it personal. Show this unique group that you know who they are and that they are important to you. When you acknowledge them by name or a level of personalization, you will get their attention.
Look Who Shines
We can’t help but applaud when we see a loyalty program that exemplifies all the right moves. These two examples take steady aim at their affluent customers and hit the mark.
Just look at a few of the rewards this long-time retailer delivers and you’ll see why Nordstrom boasts its loyal following:
- Early Access to pre-shop their highly anticipated Anniversary Sale
- Concierge Service – Tickets to the latest shows, dining reservations and more
- Complimentary alterations on purchases
- Access to style experiences
- Private shopping parties
- Private holiday shopping party
It’s nice to feel like you’re in the IN crowd, and Neiman’s certainly does the job well with its In Circle program. Here’s a snapshot at just some of the rewards they offer:
- Exclusive InCircle members-only offers and shopping events
- InCircle Access to travel offers, VIP privileges, tickets, fashion and dining.
- Perk Cards good for in-store dining, alterations, parking, delivery and more.
- One-of-a-kind private offers for their highest reward tiers.
- Complimentary online shipping
Are you connecting with the affluent market? Let the experts at Customer Insight Group help you strategize the right approach to engage, keep and grow this important customer segment for your business.