Do you know your audience?
SLOAN! Magazine does!
In this ever-changing world where the economic market can easily fluctuate you need to understand your audience and their needs otherwise your business could be severely challenged. At SLOAN! Magazine we make it our business to understand the needs of our readers who are from London’s most discerning demographic and High Net Worth Individuals from across the UK. We decided to include this article within the magazine to inspire other professionals to know their audience as it is crucial to delivering the right service to your target market.
There are approximately 25,000 UHNWI in Europe having assets in excess of $50 Million some of whom are clients of Sloan Sheridan-Williams. The SLOAN! Magazine demographic is however more HNWI and AB. Here are some statistics about the readers of SLOAN!
- HNWI voted London and New York as their most important cities
- 59% invest in fine art/collectables and just slightly less invest in jewellery
- 2 in 5 of HNWI spend their money wisely on luxury items that provide quality of product and service
- 50% of HNWI intend to stay in the UK long term and spend their money here
- Over 50% own more than one property in the UK
Statistics quote a quarter of female from such a demographic acquired their wealth through marriage allowing them time to spend on making a home for their husbands and children. Research goes on to say they look to trusted experts to provide answers with a further 1 in 5 shopping online every day.
- Over 85% of women make the decision in relation to purchases
- 80% make healthcare decisions
- Over 65% make decisions as to new car purchases
- Over 80% control personal wealth
- 1 in 2 women want greener choices
- 1 in 3 prefer using brands committed to a cause or backed by an inspirational story
- Women respond best to people-led companies
- They are comfortable with feelings and beliefs as intrinsic drives for a company
- over 60% of women ask a friend for a recommendation when purchasing a product
When it comes to finances, we make it our business to know what works for our readers. We invite you to take the opportunity to know what works for your clients so that like SLOAN! you can give 110% to those who wish to use your services.
- 64% of the AB demographic looking to themselves for financial advice
- Only 33% looking to a financial adviser
- Only 24% looking to banks
- SLOAN! believes that with expert advice the 64% can achieve wiser investment of their money
- This creates a win-win solution for both bank and client
- Banks increasingly recognise that female spending power is changing the business world
It is also important to know what intrinsically and extrinsically drives one’s clients. A simple survey of a small selection followed by a larger analysis of your target market can prove invaluable at finding areas that need working on.
72% of our demographic say that they are unhappy about at least one area of their life and as such tend to spend money to fill the void or to improve confidence, fix their appearance or on relaxation and time away.
- 9% of individuals under 50 consider themselves very unhappy
- 70% of unhappy women use word-of-mouth or trusted review sites for information from facials to trips away
- 75% of our demographic look to recommendations over adverts
It is research into one’s demographic that can enable you to provide what your audience and clients need. We here at SLOAN! found that recognition, significance and opportunities all rated highly on the wants and needs of our audience, but each market is different.
What will knowing your demographic do for you? Isn’t it time to find out?