Writtten by Louise Veitch
Paris Hilton is famous for being famous. She became a socialite brand before the Kardashians gave it a name and has a net worth of $300 billion. If you’re rolling your eyes, stop. ‘The Simple Life’ star knew how to be noticed and written about in a noisy market. So, no matter how you feel about Paris, or Kim, there’s a method to their madness that could work for your business in personal finance. If you weren’t spotted by the savers and investors flooded with choice this ISA season, taking the socialite approach could push you into the spotlight for next year.
There are a number of different, but not wildly dissimilar, ISAs in both the cash and stocks & shares categories, so you will need to make the biggest splash. As our favourite heiress said: ‘The only rule is don’t be boring and dress cute wherever you go. Life is too short to blend in.’
Clothing aside, standing out is probably your first priority as a business. But as much as you may be asserting that you are an individual in the market, chances are you’ll have slipped into imitation. If you want to raise your profile you’ll need to be punchy, get noticed by the media with talking points that inform, educate and entertain. It was controversial but, Hilton’s ‘One night in Paris’ video got her the attention she needed to create a career. And while home videos are unlikely to kick-start a business in investment, there’s still a lesson to be learnt on going against the grain and finding success from standing out.
To avoid blending in you also need to be targeting the right people. Traditional media will be a vital part of your strategy but so is using every channel that your audience engages with. Without the right blend of channels, even the most compelling message could fall onto deaf ears. You’re probably targeting millennials this ISA season; after all everyone else is. But do you know where, how and when they look for their information? Social media is the main news source for the majority of under 35s, so if there is a temptation to fall back on more traditional routes, remember that a fully integrated strategy will help you access the right people. Knowing this could transform your ‘audience’ into someone you actually know how to influence.
Paris Hilton’s tactics might be off target, but her strategy is key. Once you know what you want to say, who you need to say it to, and you have the right comms plan to reach them, you could get a market share of socialite success.