As you know I am a luxury consultant and I specialize in the like and dislikes of the Ultra high Net Worth Individual (UHNWI). I have worked in the luxury field since collage and started studying the habits of this group. I am the founder of White Light Consulting and I have a popular luxury blog www.LuxGuru.Typepad.com that gets read by the wealthy demographic and those trying to know what they are interested in. I was one of the first to study this category; now in Europe they even offer degrees in Luxury Marketing. I became a member of Who’s who In America because of this unique niche that I have both as a industry consultant and a luxury personality.
This is the single most powerful group on the planet and they influence the groups beneath them. It is also the fastest growing segment. I am a member of most all the well known luxury elite private on line websites and I often consult to companies that want to know which sites have staying power, which ones if any they should advertise on and I have a large personal network of members of the UHNWI that want to know what sites to joint and which will fail as they are being targeted by some many. Smart companies hire a wealth marketing expert to have input all along the path to creating a site. Stupid ones assume that their personal taste represents this category without knowing what that really means. Here are a few of the elements that seem to make site more successful.
Luxury elite networking sites offer a secure place to network with like minded people of the same socioeconomic group and same level of expectations. If I were to ask someone that made $40,000 about the best restaurant they might very well have a different choice than someone that made a million a year. Their answer might be influenced by the affordability of the meal. Same is true of hotels, planes, boats, etc. Different economic groups have different expectations as to luxury and what it means to them.
Also, there are many sales people that make a living off the wealthy like charter brokers for private jets, yachts, sales people for designer clothing, real estate brokers etc. Some of these folks even make a very reasonable living and can afford some of the luxuries themselves, but if this group has access to the end user they will most likely be hitting them up for sales. This does not make for equal footing and means that rich members have to take a defensive position. The wealthy have their own likes and dislike and they are happy to not deal in the masses The on line social networking clubs for the super rich need to have a quality membership making members on equal footing sharing the same international interests and opportunities. This means they are free to network and socialize with others that have the same interests and expectation levels. Many clubs sacrifice this because in the short run they need to hit critical mass.
To have an international site one needs to also take into socio cultural differences. For example in most European cultures the old name families still have a great deal of influence even though the wealth has been lost. Membership equation must take this in account. A successful site needs to be geographically balanced.
Some clubs have tried to charge for on line members to have exclusivity by making them buy into a certain level. So far this has always fallen flat in a virtual club house as the individuals just don’t need to join and the membership is more valuable to the club than to the club member.
The more successful virtual clubs have a public image, a personality that fits their demographic; someone that is perceived as a peer. Some clubs have made the mistake of choosing one of the owners who “wants to be perceived as a peer” but in fact is not. Some clubs have tried taking a celebrity as the name, but that person is not actively in touch with the members ….so they are always unsuccessful in the long run. Most times women make for a better public personality with definite exceptions. I can name two of these exceptions Michael at eVelvet Rope and Oliver at SQUA.RE. Certain clubs that are more male oriented in their content and membership have has successful male personas. Both of these web clubs really are not targeting the true affluent groups but instead aspirational groups. Women just offer a more welcoming image to a wider group…. But don’t make the mistake of a 20 something bimbo as that turns off women and even men because it removes exclusivity. The person should be in the age category that the members will consist of.
Clubs that have members that want to use the club actively for networking helps lead to a successful site. If you have an arrogant group that will not connect to anyone, than the purpose of membership is mute. It is important to get “connecters” as the book The Tipping Point calls them, as members early.
Clubs that offer a way for each member’s network to be brought up by location such as city or country and also by profession encourages members to use the site for travel and for building new personal and business relationships. Many sites even have a geo locater so that you can type in the parameters of any trip you are taking and it will tell you of any other members that will be at that location at the same time. This gives an added value.
Some clubs have a bulletin board about big event of happenings for their members.
Clubs that have too many rules and police the site too much like ASW tend to have the members actively using competitor’s sites.
Clubs that put the money behind quality events in hub locations like London, NY, LA, Milan, Monaco, etc., give members the opportunity to meet in person. Often the site host or persona attends these events all over the world. This helps to create a personal clubhouse feel for the members because they have met the person that greets them when they sign on.
“Signing on” to the site needs to be very easy and fast for members. The site should remember the email and password from personal computer. The site needs to make it as few key strokes as necessary to log in and stay on. Sites that freeze up and kick members off are most unwelcoming. A site needs to have the bugs worked out before opening as a club. Once a member is gone he’s gone and likely taken several of his buddies with him.
Sites that have rotating photos of other members who are on line at the same time, helps people to start communicating.
Sites that are clean and not overly stuffed with information are easier on the eye. Members do not want to feel that they have to work (read) every time that they log on. Make sure that someone that is an expert in marketing to your demographic looks at the layout and design. Video is easier that having to read and keeps a site from looking dated. Content that is unique to the site is a big added value. Many of the top sites will need to create their own content to keep the members. Videos shot with the consistent branding of the membership persona will be the most effective at branding. Purchasing video from other sources with no constancy in style will ultimately get passed over for the quality club that put the money into the memberships’ branding. The more value the virtual club has to it's members the more value it has to it's advertisers.
The site must constantlt change information and update content to entice members back on line on a regular basis. Make sure the news is appropriate. One business club I was a member of started I to import the Hollywood gossip and lost most of their members. Make sure that you as the owner are not designing a club that you would like but instead one that your target demographic.
With so many sites targeting the same group you need to really offer something special. This group is not easily impressed and not the novelty has worn off….it means that the sites will have to rise to the occasion, stay cutting edge but remain very easy to use. They need to invest in their persona and site branding. This premiere group will not longer be free to get.
Lorre White, The Guru Of Luxury and CEO of White Light Consulting has traveled the world extensively and stayed at many of the best resorts, spas and boutique hotels in the world. She has traveled with NBA excursions and on USA Dream Teams Olympic Tours. From athletes, to actors, fashion icons to top executives, Lorre White, The Guru Of Luxury has been involved in the top end of the luxury travel market for many years. Lorre White, an internationally recognized luxury expert, has been on NBC, ABC, Fox National, CNN MONEY and a guest on Sirius radio many times as The Luxury Guru. Her great success on television has lead to an invitation to create the world's first luxury video podcast channel. The LUXURY CHANNEL hit featured status in record time. ("Featured" is like "prime time" on network TV.) Lorre can be heard on her web TV LUXURY CHANNEL on iTunes & Zune. Many of the most elite private on line social networking clubs air Lorre's Luxury video podcasts too. Lorre's Luxury blog is http://luxguru.typepad.com
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