The power to live a life of leisure and pleasure with financial security is at the core of every financial services marketing campaign. But how do you market these aspirations to affluent South Asians that already have a lavish life?
Make it S.P.A.R.K!
What is S.P.A.R.K?
The acronym stands for—Security, Precision, Acceleration, Real-time, and Kinship.
These are five messaging and engagement pillars that should drive any marketing campaign targeted towards Crazy Rich South Asians. Why? Because in their life of abundance, these are the value points that matter most. Each pillar should be erected in the campaign funnel at specific points, considering the community’s lifestyle and mentality.
Security—The Awareness Stage
The South Asian community in the States has always been clubbed under the high earning category. It has a lot to do with US policy, which since the 1960s, has attracted the brightest from Asian and South Asian countries. Among them, the South Asians who settled in the States have become one of the highest-earning demographic. Indians on average earn over $100,000 per annum in the USA. This is double the median income for Americans.
Current data by the US Census Bureau also shows Asians winning the income race. The community’s median income is $98,174 (43% higher than the overall median). Even financial recessions have not been able to slow down this growth. Why is that?
The answer lies in their habit of saving money for the future. The third and fourth generation of the community who are at high offices right now (senators, rappers, stand-up comics, etc.), seldom forgets the struggles of their parents who came to America. For them, maintaining financial security is always a top priority.
However, not all South Asians are well-off. Therefore, it is necessary to carefully segment the audience before starting an awareness campaign.
Saving for a rainy day is already inculcated in the genes of South Asians. Use words and phrases like—resilience, safety, stability, assured returns, they will tend to grab their attention and build curiosity. Providing them with insights on how to better fortify their wealth’s future against cataclysmic events like the pandemic, will also be well received.
Precision—The Consideration Stage
After completing the awareness stage, your target audience will look for proof of expertise. In this stage, they are considering whether they can trust the service or not. Providing timely insights and information is a surefire way to build credibility. South Asians are the cream of the academic demographic and gravitate towards financial partners that know their craft.
The keyword here is precision. Cement their trust with timely insights into their interest niche. Once that is done, they will move to the next part of the funnel—conversion.
Acceleration—The Consideration Stage
At this stage, you must stress the urgency to close the deal. Highlight the cyclical nature of the economic cycle. The years of boom followed by a period of unavoidable recession.
“We will eventually go into recession. “The business cycle is the business cycle.” said financial planner Diahann Lassus, co-founder, president, and CIO of Lassus Wherley. “The real question is when and for how long?”
Highlight that it is important to have a skilled financial service provider if they want to safeguard their wealth. Show that the right financial partner can provide the right advice, timely updates, and crucial warning to protect them from personal financial crises.
A great way to show this is by focussing on the “To Don’ts” rather than the “To Do’s.” Everyone knows what to do during the time of boom. But only a select few understand what to avoid to protect assets from crises. Showcasing your expertise to do so will cement your credibility and accelerate conversion.
Real-time updates—The Conversion Stage
Real-time updates are crucial in the new normal. One who gets timely updates can make the correct decision about their finances. Businesses that market the need for financial services constantly showcase this ability to provide.
The “Rethink Everything” campaign by Lombard Odier is a classic example. The campaign emphasized swiss bank’s success in guiding its clients through 40 financial crises over a period of 220 years. Their main proposition? Lombard Odier provided the most timely advice by constantly updating themselves.
Highlight to your audience that they can trust your service to constantly reinvent the process and always stay ahead of the game. The cream of the South Asians will always be attracted to such a proposition and convert.
Kinship—The Loyalty Stage
Data will be the most important tool at this stage. It is crucial to create a campaign that the customer will share with their family and friends. A classic example is how Dior achieved a 17% increase in their catalog downloads and conversions by using data to analyze how their customers interacted with their brand. This enabled Dior to extrapolate and design a strategy that increased loyalty with the brand and kept their customers coming back.
Moreover, most wealthy South Asians like to have their financials managed together with their family. This is also a big reason why Family Wealth Management Companies have risen in popularity. So converting one South Asian and providing them with a family setting where they can comfortably take care of their assets will automatically lead to organic word-of-mouth marketing.
The Bottom Line Is The Beginning
Marketing to affluent South Asian Americans requires an in-depth psychographic and demographic understanding of their interests and social structure. FrontAd understands this better than anyone else with one out of three, top 1% of South Asians logging into our innovative platforms every day. And as the economic landscape heals after the pandemic, financial services that can market the values of their services with S.P.A.R.K, will have the lion’s share of the market.