Meatball Mondae, again... this time it's about the wealthy
Rich people used to all be the same, just different from the rest of us. Now they're not only different from the rest of us, but different from each other. Rich people used to do similar jobs, wear similar clothes, live in similar neighborhoods, and read similar magazines. As a result, marketing to rich people was pretty easy. No longer. As the gulf between rich and poor continues to widen, the number of people considered rich increases daily, and the diversity of the rich increases as well.
[By rich, I mean people with enough money to buy what you sell].
It turns out that not only are the wealthy like us, they are us. Despite the widening gulf between rich and poor, there are more wealthy people than ever before. In fact, you're probably one of them. Michael Silverstein and Neil Fiske of BCG talked about this in their book Trading Up, and the trend has only become more pervasive.
That means there are rich NASCAR fans, rich porn stars, rich entrepreneurs in Kenya and rich teenagers. Every silo is discovering it can create a top tier.
You can catch up on the series by clicking here.