Targeting the super wealthy on Facebook (but really Instagram) is a really effective way to grow niche/luxury brands. You want to reach people or groups of people that have high purchasability power along with a consumer led mindset.
The biggest mistake most people make when they are trying to sell to the wealthy is the assumption that they are trying to reach only a very specific group of people(for example, only the CEO’s of companies) and they are going to buy as soon as they see your ad.
The approach needs to be more nuanced. Understand the behavior habits of your TG. Don’t target them by their job position only
For example, look at the profile below.
Facebook is full of bots and people impersonating other people. You will need to be smarter and understand the habits of what wealthy people do to be able to target them effectively
So Here Are 4 Tips On How to Target The Wealthy In India
- Targeting people by their travel habits.
You have to be of a certain wealth class to be able to travel abroad more than once in a year
- Target by Zip Codes.
Indian cities are extremely different from cities out in the west where the wealthy stay in a variety of locations. Here the wealthy are concentrated in microsims and you can effectively target specific pin codes along with interests to further layer your targeting
For example if you were in Bangalore, you would be targeting
1. Whitefield
2. Koramanagala
3. Indiranagar
4. CBD
5. Frasier Town
6. Lavelle RoadThis is the exact approach we followed with this brand. This was further verified as we deep dove into the records of where their highest LTV customers addresses were at and the majority were in these locations.
We even ran an apartment complex only campaign targeting the exact location of apartment complexes that housed the uber rich in Bangalore with personalized ad copies
3. Wealthy successful people follow other wealthy successful people
Understand what kind of people do wealthy people follow. It could be investors, thought leaders, authors.
Understand what behaviors make them different from other people, what do they do, that other people most probably would not
Understand on what platforms they are consuming content on.
The below is a targeting set that worked really well for one of our clients who were selling high end luxury products that were about 25x what the average online price of the product sold by other brands
- Finally Lookalikes
Create well defined lookalikes once you start getting consistent sales.
Continuously iterate and segment your Lookalikes as your Facebook pixel picks up more data.
Some of the best lookalikes that we use
1. Lookalike Audience of previous purchasers
2. Lookalike Audience of Repeat buyers
3. Lookalike Audience of High AoV customers
4. Lookalilke Audience of high LTV customers
These usually work like a charm. Enjoy scaling this audience to bring in most profitability.