Apr
27

Marketing to the affluent… in a recession

One of the biggest opportunities today is the high end affluent market.

By far, this segment of the population is growing faster than the low or mid-range market. And, most important to marketing minded entrepreneurs, this segment IS still buying.

They may not be spending as much as before the drop, but they are still spending, and they are the ideal buyer to be targetting some of your efforts at.

You can always find a way to modify your offerings to this demographic… all you need is a little focus.

So where to start?

First, you start by targeting the right clients, engaging in effective and measurable business strategies and maximizing referrals.

One BIG key to success is zeroing in on Baby Boomers, the generation that owns the largest disposable income in history.

Combine this with the fact that Boomers have fewer and fewer obligations as their children grow up and leave home.

Add to that the fact where younger generations can easily postpone decisions on new purchases – while 55-year-old empty nesters don’t want to waste time or delay – they want it now and will go for it if treated and educated right.

More difficult buyers are always price shoppers. They want control of selecting products, from where and how low the price will be.

On the other hand, busy upscale consumers are more comfortable with having an all-in-one package delivered to their doorstep – the price is secondary in their decision. Make it easy for them – do it all for them – pamper them – treat them like kings and queens –and their decision just got easier.

To me, in this day and age, customer service has never been so disgusting.

Almost everywhere you go you see bad attitudes, badly dressed customer service staff (usually with 2 or 3 needles sticking out of their face – great impression), and bad perception on who it is that actually pays their paycheck (it’s the customer styupid – not your boss – he just signs the darned piece of paper).

So it doesn’t take much to stand out due to your exceptional customer service. Treat them like gold and they WILL tell their friends – who also are empty-nesters with money burning a hole in their pocket if they are treated right.

A few simple ideas to stand out:

  • Price higher than everyone in your market
  • Deliver the goods – train your staff better than anyone else in your industry, and incent them on customer service.
  • Participate in the community
  • Take sales training seriously
  • Stay in touch! You much learn to be proactive in your marketing efforts. Your existing clients should be seeing a print newsletter from you once a month.
  • Plus, they should also be seeing promotions, preferred client specials, client appreciation events, etc. Make them feel special, educate them on everything you offer, ask them to tell their friends, and sell them on buying more of what you offer.
  • Review your current client database, find out where your best sales came from, and figure out how to get to more of those people.

Take a close look at the clients who you believe do the most in-home entertaining, as these can be great referral candidates.

When they have their friends over for a dinner party – they will love to talk you up and praise your service. And those who love to entertain usually have big parties fairly regularly (hint: send appreciation gifts that are show worthy (likely to be displayed somewhere in their home) and they will proudly showcase how great you really are).

I realize this is just scratching the surface, but you must start thinking about this seriously. A whole seminar needs to be dedicated to this.

Remember, when you’re not selling your preferred client, someone else is.

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