OgilvyOne and Wealth-X on How to Attract Hong Kong’s Wealthiest Consumers
OgilvyOne Worldwide and Wealth-X have come together to host a breakfast looking at how brands should be communicating with high-net-worth individuals (HNWIs).
The event took place on Thursday 26 March and was attended by a select group of senior representatives from leading luxury retail brands, including Kering, Hermes, Cartier, Brioni, Gucci, Tom Ford, Lane Crawford and Infiniti.
At the event, Jerry Smith, regional president & CEO, OgilvyOne Asia Pacific, and Jean-Luc Gustave, vice-president, business development (Luxury), Wealth-X, Hong Kong, spoke on what brands need to be doing to fully unlock the revenue potential of HNWIs.
Attendees also discussed the luxury retail landscape in Hong Kong and how approaches to marketing and advertising need to adapt to target the spending power and influence of HNWIs.
According to Jerry Smith, regional president and CEO, OgilvyOne Asia Pacific, authenticity and superior customer experience remain essential, but brands can do much more to exploit the full value of the wealthiest customers.
“Marketing practices need to evolve to maximise the potential of HNWIs. Luxury retail brands need think more strategically and look beyond transactions and lifetime value to include network value, advocacy and collaboration when targeting these customers,” he said.
According to Jean-Luc Gustave, vice-president, business development (Luxury), Wealth-X, Hong Kong, many brands struggle to communicate effectively with this group of customers.
“For one of the biggest luxury apparel brands in Hong Kong, 1% customers make up 30% of the revenue. Identifying these consumers and talking to them in the right way has never been more important,” said Gustave.