Seven Marketing Strategies to Attract the Affluent Buyer
The affluent community has grown over 20% since the early 1990s. In the U.S. alone, luxury is a $400 billion market. Recent studies estimate that it will grow at a rate of 15% a year and will become a $1 trillion market by 2010.
So how can you market your services to the affluent consumer? Here are seven marketing strategies to help you attract this smart and savvy shopper.
1. Create a story around your product. Tap into the buyers imagination by drawing them into a story line. Can you create a sense of mystery around your product? Can you feature an interesting case study in your story? Is there a story behind the origins and culture of your product? You can even create a story around the purchase of your product. Some of the best copy writing has storytelling at the heart.
2. Merge with the affluent culture: For example, you could join a tennis club or a golf club to meet future prospects. Be like a chameleon and merge with their environment with ease. Be relaxed and genuine. After all, on the deepest levels we are all equal. Find complimentary businesses that can help you get referrals and vis-versa. Work together in these joint venture deals. For example, I produce custom rugs and a good joint venture deal would be with a hardwood floor installer. In this case I would offer a 5% referral fee for any sales that come from his referrals.
3.Communicate effectively: By observing how these consumers think you will have a better chance at converting them into customers. In client meetings, pay attention to your listening skills, don't interrupt when a client is speaking. Listen to their needs and offer a solution to each one of them. Show a genuine interest in the other person. Avoid quick judgments about people, because there is always a deeper story behind the social mask of everyone. Try to learn their story. Keep the channels of communication open and alive after the sale by sending a handwritten thank you card. Create a follow up strategy that keeps you in contact every month or two. Even if they are not a customer yet!
4.Create a 1-4 page newsletter: Send out the newsletter every month or two. Balance the content with 50% info about your business and 50% info about their lifestyle interests. Make it interesting. Create case studies and stories about your clients and how they use your product. Feature short articles and reviews about luxury products, travel destinations, and even luxury estate news. Create a new theme for each newsletter. Send these out to your clients and potential prospects.
5. Direct Marketing with a short list: identify an affluent neighborhood. Use a reverse directory that you can lease from your phone company or acquire a local Haines Directory used by real estate agents. Get their names and addresses and create a personalized mailer that gets opened. Consider sending a FedEx letter to your best prospects. Inside, attach a new crisp dollar bill to the letter. Compose a letter - "As you can see, I have attached a crisp new dollar bill to the top of this letter. Why have I done this? Actually there are two reasons...First,it's important, secondly it's eye-catching..." then make your offer. Do a search for the 'dollar bill' letter for more tips.
6. Develop a 'limited edition' product line that creates a sense of exclusivity. Create a certificate of authenticity to go with your product. Limit your design to 100 or 500 or 1000 copies. Sign and number each copy.
7. Energize Your Brand: be aware of how you brand yourself and your products. Create a professional logo that you can live with in the years ahead. Logo colors should be taken seriously. Research your market and study logo design then choose an appropriate color. Good quality logos can be purchased for several hundred dollars on the internet. Even if you're a small business, you can easily create the impression of a larger business with successful branding.
I hope these tips have been useful. Use these seven tips to help you focus on building up your client base and market successfully to the affluent consumer. Not only is this an active and intelligent market that has great potential for referrals, they are fiscally responsible and frequently have an inspiring story of their own to tell.