BLOG: 6 Tips on Holding Private Events for Chinese HNWIs/UHNWIs in UKPosted by in China, Events, Latest News, Latest News, Marketing
January and February have been an incredibly busy time at 11K Consulting.
With the strengthened UK-China relations and an increasing number of inbound Chinese tourists into the UK, we have been tasked by our clients to capitalise on this wave ahead of the Chinese New Year of the Dog season.
During January and February, we have successfully organised various exclusive private events for a number of luxury lifestyle brands such as Sophie Hulme, LINLEY, CBRE, Steinway & Sons, Selfridges and Park Chinois, helping them to identify and connect with suitable Chinese and Asian HNWIs based in the UK, and more importantly, to generate brand awareness and sales (which we did).
Based on our extensive experiences working with luxury brands in the UK, here’re our 6 top tips on holding private events for UK-based Chinese HNWIs/UHNWIs and Chinese visitors:
#1. Keep it small – if you want to really get to know these HNWIs, keep your event relatively small, i.e. no more than 20 people, so you can get to speak to and build meaningful, long-term relationship with every single guest who comes to your event in the room. If you have too many guests to invite, consider holding 2 to 3 private, smaller events to get the best possible results from each event. Less is more.
#2. Have a bespoke guest list – you don’t need to invite everybody to your event but need to ensure that all the invited guests are of similar status and share similar values or interests, so you will attract a nice crowd who will enjoy each other’s company and develop good vibe during the event. If some of your guests hate each other which happen sometimes, the event will not be as good.
#3. Keep it two hours – your HNWI guests are super busy and are very time-poor. Keep the event up to 2 hours long and don’t go beyond that. Keep the event short and sweet. Keep your messages short and memorable. Make time to speak to everyone privately. Recently a client partner came up with a 4-hour afternoon programme from 1pm to 4pm for some 10 Chinese HNWIs and it just didn’t work – i.e. it’s way too long and required too much time from guests.
#4. Discount does work – I know many luxury brands don’t like to give discounts but even a small percent (e.g. 5% or 10%) of discount really does magic and help drive immediate sales during the event. A luxury brand did offer 10% discount exclusively for our Chinese private guests at the private event and in the end they did receive 8 immediate purchases of their handbags which amounted to more than £7,000 sales during a short 2-hour event.
#5. Partnership does wonder – connect with other relevant brands to create a unique luxury experience for your HNWI guests. This helps to enhance your brand value and show your network as a brand. For example, we bought in a luxury rare tea brand for a luxury handbag brand private shopping event just before the Chinese New Year, bringing in the CNY festive element to the event, without extra costs. We can help brands to do amazing things together.
#6. Follow-up is key – the event doesn’t stop at the event itself. Follow-up is arguably more important than the event itself, where you started the relationship, and follow-up helps you to keep and flourish the relationship. Send them a thank you note, add them to your mailing list, get them posted on your brand news, invite them to your future events and make friends with them.
If you’re thinking of holding a private event targeting inbound Chinese tourists and HNWIs based in London, we’d love to help you. Speak to us today at email@example.com.
Tags: Chinese New Year, Chinese tourists, HNWIs, Luxury, UHNWIs