I get a real kick of out collecting stories about “dumb criminals” who rob convenience stores in their neighborhood…where there are surveillance cameras, cashiers with double-barreled shotguns, and cash registers that are emptied every hour.
I call them the criminally stupid. Especially when they could be robbing mansions…where there’s more junk laying around the foyer that’s worth more than the money they’re going to get at the convenience store. And very few affluent people have shotguns.
In other words, these criminals should be focusing on where the wealth REALLY is. And business people make the same mistake:
Devoting Time, Energy, And Money To Selling
to People With Less Money…
Than People With More Money!
Most business owners have no strategy about this whatsoever. They’re customer acquisition strategy is “whoever we can get.”
And the problem with that is first of all it costs just as much to get a poor customer as it does to get someone like the late Joan Rivers…whom I did a bunch of work for.
Joan’s advice to women was that you can fall in and out of love with a rich guy just as easily as you can a poor guy. Pick the former rather than the latter.
But you have to know where they are and how to reach them. You also need to know their language so you can talk to them. And whole host of other things you can do.
I mean, you’re going to be talking to clients, prospects and patients anyway, right? Why not pick out the cream of the crop and leave the “duds” to everyone else?
This is more critical than ever because the truth is:
More Than 20% Of Customers NEVER
Make Buying Decisions Based On Price!
And after 40 years of testing and tweaking I’ve discovered the secret formula–the keys to unlocking the vault to virtually unlimited riches.
This is about targeting the ideal customers, clients, and patients that are NOT price or fee resistant. Too many business owners, marketers, and entrepreneurs, make the mistake of marketing to customers that barely have enough to spend on food and shelter.
They target people who shop at the Dollar Store or Wal-Mart…eat at Taco Bell or Denny’s, and stay at the Budget Inn or the Motel 6. And their buying decisions are heavily influenced by price.
And at the polar opposite of the spectrum are the new “super” class of customers: the affluent new SPENDING class that have money and are ready, willing, and able to spend it on “premium” goods and services.
They shop at Nordstrom and Saks Fifth Avenue, eat at Morton’s and Ruth’s Chris, and stay at the Four Seasons and the Ritz Carlton. They want something…and they’re willing to pay ANY price!
So, Who Are These Big Spenders…And
Why You Should Target Them?
Good question…here’s the answer: We are in the midst of an demographic revolution with the peak of the Baby Boomers population, and the emerging MASS-AFFLUENT.
They are creating what I call a new “Spending Class” of consumers that need to be understood and targeted by you!
In the most recent recession everyone was preaching “doom and gloom” and claiming people were only buying based on price. Well, if that’s the case then why did you see thousands of people line up to buy iPhones every time a new one came out. Many with their year-old, now “obsolete” iPhone in hand.
If everyone makes buying decisions based on price, then
why does Apple attract hordes of people at every iPhone launch?
You see, there’s a skyrocketing demand for premium services…and the cheerful willingness to pay for them. There’s also an explosion of affluence and a BOOM in luxury spending.
This ‘special buying behavior’ is concentrated in a minority—but a very significant minority—of customers. And if you know WHO they are, WHAT they desire, and WHAT they respond to and how to connect your business to them, you can profit wildly!
This is important because:
You Cannot Use The Same Ol’ Marketing Message To Attract AFFLUENT Clients, Customers, And Patients!
You need to change your bait. If you want to attract deer, you shouldn’t be surprised when you attract mice and rats if you use cheese as the bait…when you should have been using a salt lick.
The marketing message that attracts people to Saks Fifth Avenue is different than the message that attracts crowds to Wal-Mart. And the message that attracts people to a Motel 6 will not attract people to a Four Seasons.
Before you sell to the affluent, you MUST understand them. And if you get sick at the thought of spending $900 for an dining experience (notice experience) or paying $12,000 to fly somewhere on a private jet…
…then you are banned forever from ANY future success to selling them!
While I could talk about what you need to do to market to the affluent for days, I’ll leave you with this one important tip that 99% of Smart Business Owners miss.
The affluent and MORE susceptible to buying based on emotional factors than the non-affluent.
For instance while most successful marketing to the masses need to rely on the five main e-factors
The affluent not only respond to these five, but they are also HYPER-SENSITIVE to an additional seven set of e-factors including:
The affluent are insecure in many ways. They certainly worry about going backward, about losing their money, status, or privilege. Those who’ve never been rich, have no frame of reference, but if you’ve been rich then poor, you know what you’re missing!
They are acutely aware of the aggravations, inconvenience, and financial difficulties endured daily by ordinary mortals that they have left behind – and lose a few winks every night worrying about waking up back there again!
NOTE: If you want to dive DEEP into this subject, this weekend GKIC is giving away my Marketing To The Affluent Course (usually $297) when you invest in “How To Find Your Ideal Customer”
For more information on marketing to the affluent check out the video below and then if you want to get it for free, this weekend only, as a bonus then invest in “How To Find Your Ideal Customer” by clicking on button below.
Source: Dan Kennedy