6 Things You Need to Know if You’re Marketing to the Upper Middle Class and the Super Rich
Selling to the upper middle class and “the rich” isn’t an easy task. What’s effective in marketing towards them is not going to be the same as what worked for other demographics. The most effective offline or digital marketing approach for upper classes relies on you developing a thorough understanding of their buyer personas. Here are 6 things to know about Canada and the US’ super-rich, and their personalities, needs, passions, and desires.
Self-made wealth.
Analyzing the world’s 400 richest people, Forbes found that 71 percent of them more or less became rich based on their own ambition, drive, and hard work. They didn’t come from money, didn’t have large inheritances, and worked tirelessly to achieve what they have. In assembling marketing, you don’t want to assume the upper middle classes are unintelligent or spoiled. Absolutely, some are. A lot aren’t though.
Higher education.
Although some of the world’s upper classes have attended top universities, the vast majority of them either went to normal Canadian or American universities, or they didn’t go at all. This isn’t saying the demographic is uneducated. They very much are. That said, they aren’t Ivy League like some may assume them to be. When assembling content marketing, video, email, or social media, it’s important to know you’ll be marketing towards several different educational backgrounds.
They’re very married.
The upper middle classes and super rich marry in big numbers. In fact, of the Forbes 400, more than 98 percent of them are either married or have been divorced. The majority of the upper classes are married to their first spouses at a higher percentage than the general population. Certainly, keep this in mind when developing your digital marketing materials. A lot of the upper middle classes value commitment, family, and marriage, and this should be reflected in your messaging.
They’re older.
The upper middle classes and very much the super-rich are older than you might expect. The youngest of this class are in their early 30s but a lot, as you’ll find, are in their late 40s, 50s, or 60s. Ages here usually skew towards seniors and Baby Boomer-style marketing may be preferable to them. There’s a lot that has been theorized as to why the upper classes are so much older i.e. income doesn’t equal wealth, more time equals more equity, and more time to hold onto gains. Regardless, the age makes something like social media not as effective as it would be with a younger crowd.
Geographically, they’re very spread out.
Upper classes used to congregate in cities and granted, some still do. A lot however choose to leave, in order to maximize their income and spending power. They usually reside outside of big cities and sometimes in less popular places. If you’re marketing nationally or internationally, the geographic area can be very tough to pin down. The best thing a brand can do is to note analytics, like website traffic and social media numbers, to see where you’re getting your hits.
What motivates them.
The upper classes, in general, are very hard workers and a lot of them share a common mindset. They’re suspicious of people who are not symbols of hard work, they’re genuinely interested in verifying others’ credentials and hearing their stories, they’re pressed for time, eager for competency and convenience, and worry about the loss of money, power, status, and security. In many aspects, they’re no different from the general population, seeking the approval, recognition, and respect of their peers.
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