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Title: Marketing to the Affluent - with Wine
Author: Leon Altman
Article:
With its association to an affluent, sophisticated lifestyle,
wine can make a good accompaniment when marketing to an affluent
audience. However, I am not talking here about ordering
expensive wine at a client dinner. Wine can be used more
creatively and productively to connect to this target audience.
For example, wine proved to be a powerful marketing element for
a startup magazine targeting an audience that is personally
affluent and controls an enormous amount of money.
BuySide magazine is a publication for institutional investors
and money managers. When it was first conceived, it had to
overcome what seemed to be a big drawback. Its founder, Gordon
Holmes, lived in Sonoma, California, and insisted that the
magazine be based near his home, far away from both the
financial and media centers in New York.
In discussions with Holmes, I discovered that Holmes' insistence
on basing his operations in Sonoma was not just a whim or a wish
to have a short commute to work. It turns out that five
generations of his family had been involved in California
agriculture and he was passionate about California wine and
wine-growing.
I made a decision to turn BuySide's remoteness from financial
and media centers of action into a positive. His location in
California's wine country would become part of the magazine's
positioning.
The first step was to create a private label BuySide Wine. In a
deal with local wineries, we were able to source a sufficient
amount of BuySide Merlot and Chardonnay. A special wine bottle
label was designed to reflect the unique story of this boutique
wine.
Next, a direct mail campaign was developed using wine as a theme
and Buyside wine as a premium. The campaign was aimed at
advertisers and companies that wanted to reach the magazine's
audience of institutional investors.
The chief element of the direct mail campaign was a brochure.
The reader was immediately confronted with a stark, bold
headline on the front of the brochure:
"WHERE DO YOU GO TO TALK TO INVESTORS WITH $TRILLIONS TO INVEST?
When the brochure was opened, the inside headline provided the
answer: "TO THE WINE COUNTRY"
On the left side of the inside page, we developed a fanciful
photo that conveyed the message we wanted: In the photo, Holmes
was wearing a suit and holding a cellphone, sitting at a desk
which had a computer on top of it, in the middle of a winery.
Next to the desk was a street sign that said "Wall Street." The
other side of the page told the story of Buyside and how it
reached this affluent, influential audience of institutional
investors. The copy also directed readers to an offer in the
back.
As part of the offer, companies that responded to the mailing
would receive a free bottle of BuySide wine-white or red.
The mailing and promotion powered the magazine to success far
ahead of schedule. But wine proved to be more than a launching
pad in a direct mail campaign. It became part of the magazine's
positioning, separating it from the competition. The wine angle
proved powerful for years to come. At money management
conferences, where wine was given out at BuySide's booth, people
would come into the conference and ask 'Where are the wine
guys?" Everyone knew what they meant.
While developing a private label wine may not be for everyone,
there are other ways to use wine creatively in affluent
marketing. Wine tastings, and food and wine get-togethers have
been used successfully by professionals seeking to market their
services to an affluent audience. But like wine itself, it takes
taste and sophistication to make it work.
About the author:
Leon Altman is the founder of InvestingIN.com
(www.InvestingIN.com), a website that provides articles and
newsletters about opportunities in different areas. To sign up
for any of its free newsletters, go to
http://www.investingin.com/freenewsletters.htm.
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