How to Reach High-Net-Worth Individuals in an Evolving Media Landscape
High-net-worth individuals (HNWIs) represent a lucrative yet challenging audience for performance marketers. Their selective media consumption, demand for exclusivity, and shifting values—such as sustainability and investment in experiences—require a refined and data-driven approach. As the global luxury market rebounds and HNWIs continue to grow in numbers, understanding how to engage them effectively is more critical than ever.
Read on for winning performance media strategies to target High-Net-Worth Individuals, and for more tips, download the full paper available here.
Who Are High-Net-Worth-Individuals?
- HNWIs: Individuals with a net worth of $1M+.
- Ultra-HNWIs (UHNWIs): Those worth $30M+.
The number of UHNWIs grew by 4.2% in 2023, reversing a decline in 2022. With the global luxury market projected to reach $473.9B in 2024 and continue growing, the opportunity for marketers is significant. Real estate remains a stronghold, with 22% of UHNWIs expected to invest in property in 2024.
Regional variations in media consumption, cultural values, and luxury preferences must inform marketing strategies to ensure relevance.
Segmenting & Targeting HNWIs
Developing a deep understanding of what your specific High-Net-Worth-Individual audience wants and needs is essential for success. Factors to consider in targeting High-Net-Worth-Individuals include, but are certainly not limited to, the following:
- Demographics: Income, geography, and gender – regional and cultural nuances are very important to consider.
- Psychographics: Values, interests, for example, luxury travel, philanthropy, sustainability, high-end investments, etc.
- Behavioral Indicators: Media consumption, purchase behaviors, and digital engagement patterns.
HNWIs exhibit multi-layered motivations, from status signaling to seeking new experiences or aligning with sustainability values. For example, as stated in the Frank Knight Wealth Report found:
- 75% of HNWIs are actively reducing their carbon footprint.
- 40% of UHNWIs have switched to electric vehicles (EVs).
Hyper-targeting is key and can be achieved through tactics such as using first-party data, understanding brand affinity, and interest-based segmentation; brands can identify and re-engage high-value individuals across digital channels.
Leveraging Data for Precision Targeting
High-quality first-party data (loyalty programs, CRM insights) is essential for identifying top-tier customers. Complementing this with second-party data partnerships (e.g., luxury brands sharing audience insights) and third-party wealth indicators enhances precision.
Tip: Review where first-party data is available. For example, credit card data such as Mastercard data is available via DSPs to target high-spenders based on transactional behavior.
The need for High-Impact Messaging & Creative for HNWIs
HNWIs expect sophisticated, high-quality creative executions that reflect their aspirations and lifestyles.
Best Practices for HNWI Creative & Messaging:
Luxury Positioning: Use words like exclusive, handcrafted, bespoke, and limited edition to appeal to these potential customers.
Aspirational Visuals: High-end, sophisticated photography and cinematic video content to capture attention.
Hyper-Personalization: Harnessing AI-driven customization based on past engagement, with a personalized, human touch will help craft engaging creative.
Storytelling & Brand Heritage: Luxury brands should emphasize their unique craftsmanship, exclusivity, and timeless value.
Localization: Bear in mind regional differences, such as,
- North America: Emphasize sustainability & philanthropy.
- Asia: Focus on innovation & technology in luxury.
- Europe: Heritage & craftsmanship resonate more.
Measuring Success
Standard performance metrics don’t always reflect HNWI engagement. Instead of just impressions, focus on:
✔ Engagement Over Impressions: Consider KPIs such as time spent on site, scroll depth, and content interactions.
✔ High-Quality Conversions: Focus on high-intent actions, for example, event registrations and premium product inquiries.
✔ Qualified Lead Scoring: Combining behavioral data with CRM insights.
Tip: Measure word-of-mouth (WOM) impact by tracking social mentions and referral sources—HNWIs often rely on personal networks for purchase decisions.
“Reaching HNWIs online requires precision, personalization, and a deep understanding of their unique needs. By integrating data-driven strategies, leveraging premium media partnerships, and continuously refining campaigns, brands can effectively engage and convert these valuable consumers.”
Lavinea Morris, Managing Director, EMEA, M&C Saatchi Performance
In Summary
To effectively reach HNWIs, brands must
- Utilize precision targeting & deep segmentation (geo, interest, behavior-based).
- Create aspirational, high-end content that resonates with HNWIs’ values.
- Leverage data partnerships & testing for continuous optimization.
- Embrace innovation & premium channels (AR, VR, exclusive media partnerships).
- Focus on engagement quality over volume-based metrics.
Don’t forget to download the entire paper; ‘How to Reach High-Net-Worth Individuals. in an Evolving Media Landscape available here.
