Marketers must offer value and convenience to win over time-poor affluent consumers

New Ideas in MarketingEssential news for marketers, summarised by YouGov
July 16, 2019, 4:47 AM UTC

More than 75% of affluent business owners and self-employed professionals work for 60 to 70 hours a week.

The busy lifestyle of an affluent person with financial responsibilities, decisions and “endless paperwork” translates to high levels of stress. Brands should find ways to address the “day-to-day”, “lifestyle” and “mental or emotional” liberty this consumer is looking for.   

These consumers, also termed as the “desperate affluents” make major purchase decisions to reward themselves and release stress. Marketers should provide them with a hassle-free and simple process to drive sales. These consumers are willing to pay for the best information and product that can make their lives easier.

The author contends that marketers should offer “privilege and luxury-level” convenience. Brands can also give them “acceptance, approval and applause” as affluent people are extremely responsive to those who celebrate their success.

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