Posted on Apr 29, 2013

The Secret of Marketing to the Affluent

The value of affluence means abundant wealth.

Marketing Questions:

How well do you manage your money, right now?
If you were given a million dollars, how would you invest it?
What’s your real motive behind wanting greater wealth?
When you hear about a new “get rich quick” scheme, what’s your reaction?
Are you driven by a desire for greater wealth or a desire to build something meaningful?

The Appeal of Affluence

In 1997, best-selling author Dr. Thomas Stanley published “Marketing to the Affluent.” Based on his research about the affluent in America, he shares his insights and recommendations on how to market to this unique group that possesses abundant wealth. Perhaps one of the most insightful comments he shares is something his father often stated:

“The affluent are more concerned with selling than buying.”

Therein lies an important distinction about the value of affluence: there are those who have it and those who want it.

Dr. Stanley highlights a profile of those who have it. Many of America’s affluent do not drive expensive, flashy cars or live in mansion-style houses. Their lifestyle is often unassuming, and they even purposefully downplay their wealth.

In contrast, those who desire abundant wealth (for the wrong reasons) often pursue “get rich quick” schemes. They may get involved in alternative marketing models, such as multi-level marketing or network marketing, and are easily seduced by the promise of fancy cars, big houses, and swimming in excess cash.

So which kind of person are you? Is your desire for wealth driven by a desire to have more or do more? Be honest.

Those who actually have more generally desire to do more.

Ignoring philanthropic behaviors (because they vary greatly for different reasons), have you ever noticed that affluent people build bigger businesses, start new businesses, or invest in other businesses? Abundant wealth breeds more abundant wealth.

Note that an important attribute of affluence is that it can be measured. It’s easy to compare the numbers of last year to this year, or last month to this month, or even yesterday to today. Those who value affluence are constantly measuring, and finding ways to make their own numbers go up – consistently and continually.

Now, some people believe that selfish greed is the underlining motive for affluence. That’s understandable since having “more” is foundational to expanding one’s affluence. However, Dr. Stanley’s work suggests that the motives of the affluent are based more on building, growing, and expanding than simply having more. Thus anyone who can help them achieve these objectives has value to offer. And if you can add value to someone with affluence, you just might expand your own wealth base.

Bottom line: if you simply desire wealth so you can buy a bigger house or go on a longer vacation, then you don’t value affluence. Affluent people appreciate other affluent people because they share the same desire to build, grow, and expand.