Affluent consumers perceive themselves as important, valuable customers, and they expect to be recognized and treated as such at every point in the customer lifecycle. They also demand products and services that fit their lifestyle needs and live up to (or even exceed) their extremely high expectations. However, we frequently see companies market to this segment without having segment-focused products. Too often, high-end marketing (creative, design, packaging) is used to conceal a lack of product benefits designed specifically for the affluent segment.
Marketing alone is not going to win over affluent consumers. The affluent are extremely marketing savvy, so for financial services companies to be successful building business within this segment, financial products and services need to be aligned with the audience’s expectations.
When it comes to service, affluent consumers expect:
- Convenience. They want their issues handled in one stop, website visit or phone call. They also want information delivered to them in a variety of channels to ensure they have access to information at their fingertips.
- Personable, accessible service.They expect quality, personalized-for-them, live “human” service that is available 24/7.
Chase Private Client provides a team of trained professionals accessible in branches or by phone via “a U.S.-based 24/7 service line, answered by a Chase Private client service professional.” - A conversation. Affluent consumers don’t want to be sold to or talked down to, and they certainly don’t want to feel like they are being mass marketed to. They want to discuss their needs and be heard… and then be advised.
- Their bank to “get” them. They expect their banks to understand their personal situations, goals and aspirations. They don’t want “cookie cutter” solutions or laundry lists of choices. They want solutions customized for them.
- Special treatment. They want to be recognized for their status and achievements. They want dedicated branch space where they can conduct business in private, separate wait lines, dedicated phone numbers, etc.
- Assistance.They expect help with gift buying. And with travel arrangements. With dining recommendations, reservations and ticket procurement. Anything and everything is fair game.
Amex Platinum Card Concierge has assisted cardmembers with honeymoon arrangements, finding a housepainter and locating a bracelet at a jewelry store in Greece.
When it comes to product benefits, affluent consumers respond well to:
- Access to once-in-a-lifetime experiences that money alone can’t buy;
Chase Sapphire Preferred is a sponsor of Bon Appétit’s Vegas Uncork’d, an annual food and wine event with celebrity chefs. Cardholders get access to events and special pricing. Amex Platinum Cardholders have access to a U.S. Open Golf VIP hospitality package, a Wimbledon Tennis Championships experience, a Tribeca Film Festival package and more. - Rich incentives that make taking action – or “switching” – worth their while;
- Benefits that make domestic and international travel experiences easier and smoother (i.e. chip, no foreign exchange fees, airport security clearance, airport lounge access);
- “Perks and privileges” such as free upgrades and waived nuisance fees;
Six out of 10 “privileges” for Citi Gold customers are waived fees. - Rewards customized based on their individual behavior/spend;
- Promotions and merchant offers (high-end retail, travel, etc.) with high perceived value; and
- Flexibility when it comes to payment options, reward redemption options and information delivery options.
These are just some of the product and service requirements that are quickly becoming “price of entry” in the affluent financial services space. Before you begin your next affluent marketing initiative, consider whether your products and services are affluent-ready.