How to reach your luxury buyer
To sell a luxury item you must find just the right buyer. Potential million-dollar yacht owners are hidden in plain sight and we've outlined several ways to identify and target the 0.1% and 1% customer below.
Let's put the audience in perspective. 2018 wage statistics by the United States Social Security Administration show that the top 0.1% earn $2.8 million annually and are made up of 140,000 households. The top 1% earn $718,766 and are made up of 1.6 million households.
Top 0.1% of Earners, $2.8 million wages (140,000 households in 0.1%)
Top 1% of Earners, $718,766 wages (1.6 million households in 1%)
If you're selling a multi-million dollar product, this means there are approximately 2.8 million households that are potential buyers.
Find your buyer by zipcode
Bloomberg outlines America’s Richest Zip Codes each year. The top ten of 2018's list, as well as the amount of households it encompasses, is below (notice that each zipcode is a short jump from the water).
Miami Beach, FL 33109 (754 Homes)
Atherton, CA 94027 (2,616 Homes)
Palm Beach, FL 33480 (10,641 Homes)
Palo Alto, CA 94301 (8,109 Homes)
Harrison, NY 10577 (855 Homes)
Gladwyne, PA 19035 (1,599 Homes)
Los Angeles, CA 90067 (1,808 Homes)
Kenilworth, IL 60043 (855 Homes)
Weston, MA 02493 (4,008 Homes)
San Francisco, CA 94111 (2,811 Homes)
The zipcodes act as a starting point on who to target for your advertising. As a yacht manufacturer, it is crucial to know your current owner. By surveying current owner households you will be able to narrow down the zip codes listed above. Are your current owners members of exclusive private clubs? Do they live in private communities with marinas? Target as close to the potential owner as possible.
Reach your audience with neighborhood publications
Exclusive neighborhoods throughout the U.S. distribute community-centered content with print publications monthly. N2 Publishing, for example, serves more than 900 affluent neighborhoods across the country with an average home value starting at $800,000.
The regional media buy is ideal for yacht manufacturers with dealerships or regional salespeople that can answer calls and emails as a local expert. The rates are great, plus think of the immense opportunities to specialize yacht model and imagery based on region.
Deliver high-end print pieces to your ideal audience
Design high-end print pieces and send them to the customers you know can afford your product. Narrow down the 34,056 households into a manageable amount of regional customers. The mailer should feel exclusive and personal. Perhaps it's a series of increasingly special booklets and invites that encourage the customer to partake in a sea trial.
Target your audience with digital marketing
To digitally target the 34,056 households listed in the Bloomberg’s Richest Zip Codes above is extremely manageable. Facebook, Instagram, and Google, and Bing all have zip code targeting capabilities.
The design and messaging of digital ads are key to capture the attention of the audience. Your ads should be high-end, sleek, easy to read, emotional, and represent the opulence of the lifestyle your product can provide.
Share the wealth with parallel brands
Finally, identify appropriate brands with similar audiences to host joint events. Think Sotheby, Maserati, Rolex, and Bombardier. You'll foster a sense of community and find new buyers that belong to the parallel brand.
A local take on national advertising
There is a definite trend in the suggestions offered above. Each hyper-targeting technique offers a sense of community around your brand. To find the o.1% or 1% buyer that can afford your product comes down to a local level. The great part? You most likely have sales members or dealers that represent similar geographic areas. Your local representative can offer further insight into areas and give one-on-one attention to luxury buyers.
Who We Are
SPLASH is your integrated creative solution. We are designers, directors, cameramen, editors, and problem solvers who elevate brands to their fullest potential. From studio and location product content to website design, we are your creative partner.
Ready to reach the right audience? We can help, reach out to Emily Thorsen at emily@splashcreatives.com