by Riley Cook & Amelia Taylor, Branndet Marketing Group
If you’re a business owner and your target demographic is high-income women who shop online, then this article is for you.
According to the Bureau of Labor Statistics, “The average salary for women in the United States is approximately $1,002 per week, which is around 84% of the median weekly earnings of men. For full-time, year-round work, this equates to about $52,104 annually, though the exact earnings vary widely depending on occupation, experience, and education level.”
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With so much talk about women and their finances since the rise of podcasts, especially those centering around topics such as marriage, lifestyle, wellness, or even dating, more women feel pressured to disclose their financials for online validation or, in some cases, male validation. A large number of men want to absolve themselves of being the provider for women because they themselves are not high-income earners—at least not enough to properly care for two or more individuals. But how is this possible when almost everyone online brags about making six figures and how easy it is to do so?
If you’re a business owner in the early stages of your business planning and strategy, you need to understand the world we live in today: it’s all a stage. The average American is not shopping in a brick-and-mortar store, nor are they spending their time making videos telling others the exact strategy needed to succeed in a particular industry. For example, perhaps you want to launch a luxury sunglasses or luxury haircare line and target high-income women. The reality is, those women may not yet be interested in your products because they don’t relate to them.
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You need to build an emotional connection with your customers by getting your products on people they relate to and placing those people in valuable spaces such as television commercials, print magazine covers, and so forth. If your sunglasses are being worn on a model who photographs for Shein, but you’re selling the item for $230 while they have it for $14, you are automatically disqualified from the luxury market, and your target demographic will go elsewhere for their shopping needs.
Additionally, the vast majority of high-income-earning women are chasing luxury in the form of luxury apartments, DH Gate handbags, bottomless brunches, and trips to Greece. High-income women are more likely to buy online depending on what is for sale—experiences trump materials unless those materials are dupes from overseas.
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The average high-income-earning woman is smart enough to know that no one will contest the authenticity of her handbag collection or accessories once she’s disclosed her occupation and it’s well-known that her line of work is lucrative. For example, a travel nurse who earns anywhere from $90,000 - $120,000 per year may or may not be inclined to spend $10,000 on a Chanel bag when that money can take her overseas, or she can enjoy multiple vacations or trips in one year. She’s more likely to get the dupe, which will set her back around $150, and no one will really question her purchasing decision.
MARKETING TO HIGH-INCOME EARNERS: