Targeting the mass affluent

Observation:   A story from yesterday’s New York Times explains how some financial institutions have turned their attention to consumers who seem to be doing well, but may not fit the description of super-rich.  Click here to see the story.

Implications:   In our on-location “Consumer DNA” workshops, we often use qualitative research to demonstrate that there are far more “emerging investors” available to most business communities than there are “blue chip investors.”  The latter group is composed of people with at least a six figure income who pay for the counsel of a financial planner, accountant or stock broker; the former group—the emerging set—is composed of people with an above-average income but who are NOT receiving the guidance of a paid professional.

Everyone wants to sell stuff to rich people.  But opportunities exist when you reach for the folks who are not quite rich, but might be on their way.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.