Reeling in those Big Fish – Marketing to HNW Individuals

High spending customers take time, creativity and focus to reel in, but the rewards far outweigh the efforts.


I mentioned in my recent post on marketing segmentation and targeting that as long as a segment was profitable, it didn’t necessarily need to be substantial. Hence, a marketing segment can be as small as one.


Big Fish - Worth the Effort

Big Fish - Worth the Effort

I’ve worked right at the top end of travel & tourism and I’ve seen this phenomena plenty of times – the client who spends £100,000+ every year.  These clients are like rare diamonds to be polished and cherished. And because it doesn’t take 20 times longer to service a £100,000 holiday than a £5,000 one, the return on investment for your consultant’s time (and your marketing efforts) are so much higher.


So how do you market to a segment of one?  My advice would be to take a leaf out of the marketing journals of our B2B colleagues, who have much more experience in developing and nurturing one-to-one relationships.


Take an example of a high net worth individual that’s made a initial enquiry to your business – here’s how I’d coach a Sales Consultant through the process:


  • Thoroughly Research Your Client – if you work at this end of the industry, your Sales Consultants should be in the habit of googling all new prospective clients to identify if they fit into this  category.  They’ll probably find a Linkedin profile at the very least. Tools like Ebsco (free with CIM membership) can be used to fill out your profile further.


  • Leverage Every Conversation to Find Out More – make sure your use every conversation orf contact point with them (or their intermediary, be it PA or concierge) to find out more about them. When do they go away? (when we go on holiday is largely predictable, if we ask the right questions.  What interests them?  Who else is in their DMU (=decision making unit – husband/wife, children etc)and what roles do they play?  My experience is that everyone has the same favourite topic of conversation – themselves. Forget about yourself and practice the fine art of conversation – ask them about them and listen.


  • Thoroughly Research Their Requirements – for these people, you need to go that extra mile. Share the information you’ve gathered with your partners,  be they hotels or DMCs, so they can give you the best advice. Scour the internet for alternative options – you really want to demonstrate your expertise and understanding of their requirements. And don’t be over-awed by their status – they’re experts in they’re field but you’re an expert in yours, that’s why they’ve come to you.


  • Maintain a Dialogue – you’ve sent your quote, you’ve even followed up by phone and nothing. Your assumption – they’re not interested. They’ve booked elsewhere.  Wrong assumption.  We’re talking about seriously busy people and you have to accept that it’s your responsibility to keep the conversation going. But don’ become a pest – ensure every contact point adds value from the client’s perspective. Their prefered room type is about to sell out, a special offer is expiring, a new activity which they’d enjoy has just come to your attention. And mix it up from a channel perspective (email, phone, letter) – if a message is extremely time-sensitive, pick up the phone.


  • Don’t Let the Trail Go Cold – even if it’s been weeks since the last contact, don’t give up.  Your focus may shift, however, to communications not directly related to your recent quote and reduce in frequency.  When you see ideas that would interest them, send them over – be they luxury hotel openings, new adventure activities etc.  RSS feeds are a great way of keeping on top of the latest travel news.  If you have an event that might interest them, send them details.  In every case, remember to look at things from their perspective and bring value.


You can continue this approach until the client tells you to stop.  Your rivals will give up after 3-5 contacts.  In my experience, it can take anything up to 12 contacts to get a response – that’s going to require some careful thinking and creativity from you to craft each contact.


Just think about the potential rewards – future high value business and hopefully recommendations. But don’t rest on your laurels once you’ve got that initial business in.  You’d be foolish to assume subsequent bookings are going to come your way.  You’re going to have to maintain an ongoing dialogue to reinforce that initial positive impression and secure that loyalty affirming 2nd piece of business.