Marketing to the Affluent

premium
I recently read an article in Marketing Week about the mains tream brands who are tapping into the lucrative HNW (high net worth) consumers market. Brands such as Cancer Research, Thomas Cook, Domino’s and Costcutter are just some of the brands who are targeting wealthy consumers with premium versions of their usual products.
Cancer Research UK is leveraging high profile relationships by tapping into the desire of high net worth individuals to get involved in meaningful philanthropy. They’ve developed The Catalyst Club, a £10m campaign to get 100 philanthropists to commit to giving £100,000 over three years. It’s a neat idea and will, I suspect, deliver very high ‘bang for buck’.
Then you’ve got Thomas Cook. Now, they aren’t the only ‘official’ short breaks provider for the London 2012 Olympics, but what they’re doing differently is offering complete corporate hospitality packages from around £1000 per person, compared with the average £99 consumer package.
Domino’s has launched the Gourmet range in an attempt to appeal to wealthier customers. Even Costcutter, the convenience store, have introduced a premium range of stores called myCostcutter.
So, what are you doing about positioning at least part of your business so that it appeals to a more affluent audience?
And please, don’t tell me that ‘everyone buys on price’ in your sector. They don’t.