Many businesses target their market by selecting households by net worth. High net worth households are a lucrative market for many businesses.
Our Net Worth overlay is from Claritas. This is a household-level score. It is defined as follows:
Net Worth is a household’s total financial assets minus its liabilities. Assets include financial holdings such as deposit accounts, investments and home value. Liabilities include loans, mortgages and credit card debt.
These are the Net Worth options you can select
- Less than $25,000
- $25,000 – $49,999
- $50,000 – $74,999
- $75,000 – $99,999
- $100,000 – $149,000
- $150,000 – $249,000
- $250,000 – $499,999
- $500,000 – $749,999
- $750,000 – $999,999
- $1,000,000 – $1,999,999
- $2,000,000 + up
The Net Worth overlay can be applied to most of our Consumer Lists, including our Homeowner Lists Property and Realty Database.
There are many businesses that market effectively to high net worth households. These include the financial / investment sector and luxury brands. In the real estate market, this select is often used to target golden homeowners who may be in the market for independent living or CCRCs.
In the senior market, selecting households by net worth is often a better indicator of financial status than income level.
For a financial planner, it’s important to reach high net worth individuals. Remember, high net worth individuals expect special care. When it comes to marketing, you need to focus your campaigns to provide a top-of-the-line experience.
For example, in print, personalization is key. Use quality paper stock. Your offer need to reek of exclusivity. Everything needs to be highly personal.
According to Michelle Santoro, one of the managing directors of The Luxury Network, high net worth individuals are looking for experiences that “money can’t buy”. As a result, the messages you share with high net worth customers should convey a sense of superior quality and exclusive access.
According to the U.S. Census Bureau, the median net worth of American households is $80,039. The majority of that wealth comes from home equity, followed by 401(k) and Thrift Savings Plan accounts, then IRA and Keogh accounts.
BTW – don’t even think about e-blasting to this group. It will not work and will devalue your brand.