Emerging Media Company is rapidly aggregating the Ultra High-Net-Worth (UHNW) marketplace despite the bad economy.
As the global economy is desiderating around us, unemployment is rising to new recent highs, talks of a possible national recession are evolving towards deliberations of a possible worldwide depression, and even the largest and mightiest of banks are crumbling; there stands at least one contrarian visionary willing to bet on the ongoing success of the fortuitous and wealthy. At first glance you might look at Affluence.org, Scott Mitchell’s new business, and think that the timing could not have been worse. But, according to his thinking, there has never been a better time to develop this opportunity.
Scott Mitchell is no newcomer to the Internet or the media world. Having launched online businesses which have sold for hundreds of millions of dollars, gone public, or grew into ecommerce mainstays, he has a track record for success paralleled by very few.
Affluence.org, according to Mitchell, is “a unique multi-media organization that is aggregating the verified Affluent marketplace. Although anyone can apply and membership is free, to become a member you must be able to demonstrate at least a US$3 million net worth or US$300,000 annual household income.” According to Mitchell, the actual demographic data skews much higher as the average net worth of the 4,000+ current members from around the world is US$29.7 million.
Mitchell calls Affluence.org a “Fourth Generation” media company where a very specific niche audience is targeted and engaged through several different mediums. Affluence.org members enjoy interacting with a very exclusive social network, a print magazine, dedicated concierge service, and special access privileges to the best clubs, hotels, and restaurants as well as invitations to exclusive events. Affluence.org also assists its members in evaluating and organizing philanthropic practices such as directed giving and charity “specific relations”. Affluence.org’s mission is to “Make Life Better” and, according to Mitchell, this means that “for Affluence.org to be successful we must help our members make life better for themselves as well as help them make life better for the rest of the world.”
Mitchell believes that business and non-profit organizations that rely on the high-net-worth market have seen a massive redistribution of their target base creating a void that Affluence.org hopes to help them fill. He believes that “while traditional advertising and marketing will not be very effective in reaching this elite audience, relationship equity and brand building will prove to be the most powerful tools available.”
Although it sounds like an interesting business model, one may question the chances for success in this economy. Having taken Affluence Corporation public this past September after funding it with almost $1 million of his own money, Mitchell feels his chances are pretty good.
