Some say rich make irrational buying decisions. Companies catering to the masses and unsuccessful marketing campaign managers will tell you that, but don’t believe them for one second. A rich person has a perfectly rational buying decision and to let you know, there is a method to all this madness. People developing a brand market strategy will tell you otherwise. They are as rational as a commoner. They know that what they are looking for can be found in a mass manufactured product, but somehow they want to buy far expensive products. Why is that?
This happens because for a very particular reason called “Emotions”. The rich relate more to emotions and thus take emotional decisions. They relate to an ideal and believe that somehow the brand or product they choose resonate with their innermost desires.
There is the reassurance of self-esteem and confidence
A rich and successful person longs for self-esteem and confidence because he or she feeds off it. Thus the buying decision should satisfy not just one or two prerequisites. It is not enough for them that the product is made used premium raw materials or has good quality. For them, the product should be unique and timeless. It should evoke emotions of trust and confidence when being worn or used. For instance, if a Business tycoon wears a Burberry suit that suit should make him feel on top of the world. He should be able to brag about it and most importantly it should give him the confidence to do so.
Authenticity, truth, and self-identity
It is not uncommon to hear rich people telling the story of their latest purchase. More often than not you will listen to them telling why they love a brand more than any other? What they are actually propounding is that the out of all the brand stories, the one they are speaking about relates to them the most. “Every brand has a story and a history“. This story makes them authentic and infuses trust amongst its customers. The customer knows that whatever the brand is offering has a long history behind it. They also believe that whatever that brand is writing about the product is 100% truth. They buy such expensive products to find self-worth and identity. They want to be associated with luxury brands and announce to the world that they have made it big and are here to stay.
A lot of rich people buy uber expensive watches. One such company that meets their demands is Ulysse Nardin. A watch manufacturer since 1823, the company has been manufacturing extremely accurate gold and diamond studded watches for sea explorers. These days ultra-rich people are buying these watches because of their rich heritage and brand identity. People who are explorers at heart or are adventure seekers, do relate to this luxury watch brand.
Brand marketing strategy has a huge impact
Luxury brands around the world spend millions of dollars to promote their products in the most sophisticated and subtle ways. They can’t be too loud because they will drive away interested customers. Brands around the world that deal in uber expensive products may follow any of the following strategies:
- Selling their brand ethos
- Making it special and exclusive
- Establish an emotional connection
- Customized experience
When these brands make products accessible to a few, it generally increases the demand. Thus brand marketing strategy makes a huge difference in creating an experience rather than just selling.
Some brands go a long way to prove that their brand has the essence. Like this handbag manufacturer Hermes.
Thus a culmination of all the mentioned facts and many more aspects of human behavior goes into a buying decision of a rich person.