Meeting "Ivy League Moms" by referral

According to HNW Wealth News, researchers have uncovered a brand-new demographic niche: "Ivy League Moms."   These are highly educated women who have left high-powered careers to stay at home with the kids for a while.  They're affluent, they are quite involved with the finances in their households—and guess how you need to find them? 

Yup.

Direct mail "won't work" to drum up business" in this niche, according to consultant Ekaterina Walsh, the author of the study. "Ivy League moms tend to use referrals to pursue most of their needs, whether for hairdressers, doctors or schools."

Walsh goes on to explain that special events can be quite effective with this demographic segment,

"but they have to be 'made over,' Walsh says. Going to a local restaurant will work if it's painted as a night away from the kids, and providing childcare for the event is a plus. These women crave adult conversation, so tacking on a cooking class, book discussion or even a second workshop based around their issues, such as re-entering the workforce, can draw their attention."

Take a glance at your client list. Do you have any "Ivy League Moms" in your book?  If so, you can bet they know others just like them.  If you have even a few, consider a special "invite a friend" event. Think about holding it in a unique place (free registration required), and/or partnering with another businessperson (what about a spa owner? High-end hair stylist?  vineyard owner?) to make it special and memorable and make your guests feel pampered. That's something stay-at-home mothers also crave!

You can also try a daytime event at a location where children can come along, but make childcare available.  Partner with the owner of a high-end toy store or children's clothing store, for example, or a Gymboree franchise.

The article describes some specific financial topics that may appeal to this demographic.  And don't forget that many "Ivy League Moms" have started part-time businesses from home, too, so this niche could still work for you, even if small business advice is your real area of expertise.

Finally, while you should always acknowledge client referrals, Walsh's research found that a nice "thank-you" is especially important with this group.

"Any referrals these moms send the adviser's way must be rewarded. 'Send a thank you card and maybe offer them a free trial of an ID-theft protection service or waive fees on the account for three months,' Walsh says. 'Any client would appreciate that, but it's a short cut to the heart of Ivy League moms.'"

Interested in this niche? Here are some additional resources that you may find useful (free registration required):

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