AFFLUENT MARKETING BLUEPRINT

Satterfield’s business guide discusses promoting products and services to wealthy clients.

The author references F. Scott Fitzgerald’s famous dictum about the rich being “different from you and me,” writing that the sentiment is “certainly true…the wealthy and super affluent [also] have unique traits that set them apart.” In this book, Satterfield details these traits and strategies for marketers to exploit them: Wealthy clients’ own histories of striving will invest them in your origin story when you include it in a pitch; they like to mingle and trade referrals with others like themselves; and they can be particularly attracted to “contrarian” promotion that questions a prevailing piece of wisdom. The author champions “Trojan Horse Marketing,” or “leveraging hobbies, interests and educational opportunities to get in with the rich,” such as joining a wine tasting club and advertising in related publications. Satterfield asserts that creating an “ideal client” brief (a worksheet is provided to aid readers in the process) is a critical initial marketing exercise. The book covers “push” and “pull” marketing strategies—books like this one are examples of the former; regarding the latter, he advises, “Never underestimate the power of a targeted, professional letter.” The author breaks down marketing metrics, explaining how to calculate client acquisition and prospect-to-client conversion numbers. Satterfield emphasizes the point that the “affluent market is larger than you might think,” given 15% of American adult consumers are considered “mass affluent” (household incomes of $100,000-$149,999); 9% are “highly affluent” (household incomes of $150,000-$249,999); and 9% are “super-affluent” (household incomes of $250,000 or more). While many of the tips and strategies outlined in this book apply to multiple market segments, Satterfield’s demographic focus makes for an effective primer on the fundamentals for marketers pursuing this niche.

An enlightening and insightful marketing how-to.