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How to Target Wealthy Individuals Using AdWords?

How to Target Wealthy Individuals Using AdWords?

 

Do you have a client selling a luxury product? Have you spent thousands of dollars with minimal results?

 

Several of my clients sell luxury goods. These range from cars to rugs to homes and everything in between. Finding this niche client on AdWords may seem daunting. After A/B testing 3 years in the car and rug and home businesses here’s what I learned. Feel free to jump in and share as well.

 

Normal targeting won’t work. Simply setting a location and income demographics is a receipt for disaster. Even doing extensive keyword research won’t work. While organic traffic can bring high end clients, adwords has to be done differently. The reason, high net worth prospects are not likely to be attractive to online advertising is they prefer face to face interaction and exist in exclusive circles. A typical sales strategy will not work. And a hard sale definitely won’t work.

 

What you need to do is to target referrals and the people wealthy prospects trust. Selling rugs? Target interior designers. This strategy works! Interior designers want to know they will receive referral compensation if they suggest your rugs to their client. You know, under the table money. Signing an interior designer client can sell several dozen rugs. For luxury products, the real client is often the person selling to the buyer.

 

The same with homes. Instead of targeting a home buyer, you should target real estate agents who deal with wealthy individuals. Create a healthy referral program and promote that. Targeting real estate agents who Fortune 500 companies hire to help management move returned extremely high ROI for us. We promoted a Houston Texas Season Ticket referral program.

 

The point is to be creative. High worth individuals do not make buying decisions based on digital ads. They trust face to face conversations with individuals who are not high worth individuals. It’s these people you need to target. Create a referral program for influencers and promote that digitally.

 

And video. Crazy? In a Google study 45% of luxury buyers said they prefer to watch videos of products and how they are used and worn. Having high quality videos and creating testimonials has worked great for us. *As a side note, lower quality videos won’t work at all. The point of the video should be to show how the luxury product is made to last and used. Videos explaining why your client’s product is different and therefore more expensive are perfect.

 

The best result you can hope to achieve, is an influencer learns about you client and self promotes. They watch a video and share it with their audience. This has happened four times! An A list celebrity promoting your client’s product without you paying them (we always send a thank you gift basket with more product) is amazing, but not uncommon. Such an endorsement turns a non-profitable campaign into a success overnight. As an additional benefit, your client will rave about it to their contacts.

 

To summarize, think creatively. Attract influencers and not end clients. And use video to explain why your Tibetan Rug is better than Walmart’s.

In theory, the above strategy can be extrapolated into other verticals.

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