Small Businesses need to recognize the hidden desires of the affluent: they demand value for their money AND they are willing to pay top dollar to feel unique and special. It is therefore important to tailor your services that help them fulfill these needs.
In the luxury market, exceptional service levels are an assumption because value is based in the experience they are receiving from purchasing your products and services. They key to success is to get customer loyalty through providing a personalized and individualized experience. One way to do this is by Surprising and Delighting Your Clients.
The affluent expect what is unexpected. This means extra bonuses or the little something extra are customary and NECESSARY. When I finish a large project with a client, I send them a basket of UpLevel Strategies branded Wine and Truffles and I add a personal touch. Consider including 2 tickets in a box suite for a professional football game in your monthly invoice to the client who is a huge football fan. How about having personalized sweet treats like cookies or cakes delivered to the client with a sweet-tooth. Your actions will not go unnoticed.
Understanding their unique mindset and values of your affluent clients will you give you the know-how to create exceptional programs that will edge you beyond your competition and ensure you reap the business rewards.
Marketing to the affluent can be a lucrative proposition. If you haven’t yet set your sites on this bullet-proof audience, you are missing out. Consider some of the facts: Did you know that affluent individuals earn income greater than $150,000 and have wealth of nearly $1 million in total assets? Did you know that the affluent make 36% of the income earned by all American households and control 70% of the total net worth of all US households?
Clearly the affluent have money AND they like to spend it. As you consider how to tailor your business to their needs, it’s important to be aware that they are educated consumers and demand value for their money. They are willing to pay top dollar to feel unique and special. One of the best ways to do this with your affluent clients is by Creating Private VIP Access to You.
The affluent seek something special or exceptional; ‘private access’ or ‘for my top clients only’ are terms that speak volumes. Consider offering a unique telephone number or email line with direct access to you. Other tactics with proven success include: creating a special product offering that includes added one-on-one time with you or implementing special branding treatments in a VIP section of your website. Without changing your core business concept, these bonuses help reaffirm your exclusivity.
VIP benefits are a must-have strategy for attracting and retaining affluent clients to your service based business.
We are pleased to OFFICIALLY introduce our special celebrity guest for the Marketing to Millionaires™ Retreat. Patti Stanger of the hit TV show Millionaire Matchmaker, founder of The Millionaire’s Club and best-selling author of Become Your Own Matchmaker is not only an expert at marketing to, retaining and servicing Millionaires, she also created a multimillion dollar business by marketing to the affluent. Patti will be speaking at The Marketing to Millionaire’s Retreat taking place October 22 – 24, 2009 in Los Angeles, California. Click on my video to learn more!
Join Patti at the Retreat as she shares her personal strategies used to create multi-million dollar businesses by marketing to millionaires. Don’t forget to register for the VIP experience too! Patti will be attending the VIP Gala so you will have an once-in-a-lifetime chance to meet and network with this incredible entrepreneurial expert. Learn more about Patti at www.pattistanger.net and see her in action running her business on her hit TV show on the Bravo network (www.bravotv.com).
Click on this photo to check out a video from Patti!
Click here to Register for the Marketing to Millionaires Retreat™ and VIP Experience, NOW!
Early Bird Discounts are Expiring Quickly so don’t wait any longer.
There IS one more announcement… Join me as I interview Patti Stanger in the next installment of the Marketing to Millionaires™ Retreat Preview Call Series.
“The Secrets to Making Millions by Marketing Love to the Affluent”
Date: Wednesday, May 20, 2009
Time: 1 PM PT (2 PM MT, 3 PM CT, 4 PM ET)
This is an opportunity not to be missed!!! Call in to gain amazing insight into all the ways Patti became the affluent marketing expert she is today!
In this Teleseminar you will learn:
• The reasons why Patti Stanger started in the matchmaking business
• The key advantages Patti finds in working with affluent clients
• The #1 frustration of millionaire clients who crave value and VIP services
• The most important strategy Patti implemented to take her business to the next level
• The most important piece of advice Patti can provide for other entrepreneurs seeking success with the affluent
Click here to Register for the Preview Call NOW!
Our discussion about the foundational “P”s of marketing concludes with “Placement” and “Promotion”. Although both seem fairly simple, it’s imperative that they are thought through thoroughly and addressed with comprehension. When planning your “placement” and “promotion”, consider the following questions.
“P” is for Placement — How do you sell your product? What sales and distribution channels do you use? What’s your sales process? How does your prospect prefer to buy?
“P” is for Promotion — How do you promote your product or service? How do you create and promote your brand? Promotion keeps the product in the minds of the customer and helps stimulate demand for the product.
Correctly leveraging the six “P”s of marketing will establish a consistent relationship with your affluent customers. Ultimately, they will create a need, build credibility, and drive sales and build profits for your business with a strategic marketing effort. And as a result, they will help define your success and ensure upleveled business results!
Correctly leveraging the six “P”s of marketing will establish a consistent relationship with your affluent customers. One of the most important of these “P”s is Price. Obviously, your pricing strategy is the framework to your business plan because it ensures you create the financial situation of your dreams. However, the price you set for your services does more than establish profits, it makes a statement about your value proposition. Did you know that the affluent want the best, the fastest, the first, the one no one knows about and believe it or not, they love to boast about paying the most for something? When determining your price, consider the following.
“P” is for Price — How do you determine a price for your product or service? What are your overhead expenses? What are your production costs? What is your competition charging? What would be a fair price in the marketplace? We know that the affluent don’t shop on price, but on value. Determine the right price so your clients will buy and you will profit. Check your net earnings over time and make price adjustments as necessary.
Establish a need, build credibility, and ultimately drive sales and build profits for your business with a consistent and strategic marketing effort leveraging the 6 “P”s.
Marketing using the “P”s of marketing is crucial to establish a relationship with your customers and communicate clearly and consistently the value your services. “Positioning” is imperative to this effort because it is the way you express your product’s benefits and attributes. The affluent have the money to buy anyone’s products or services. You must market to their values to truly resonate and convince them to buy yours. Here’s what you must keep in mind to create effective “positioning” that speaks to who they are and what they want.
“P” is for Positioning. How is your product or service perceived in your market vs. the competition? How are you differentiating yourself? Have you formulated a positioning statement to use in all your promotions and marketing activities? A clear positioning statement must precede and promotional efforts as it is the cornerstone of all company communications. A well-crafted positioning statement defines your company’s direction and expresses how you wish to be perceived. It will be the core message you will deliver in every medium to create clarity, consistency, and continuity in the way your organization presents itself to the market.
Remember, marketing consistently is the essential key to establish a need, build credibility, and ultimately drive sales and build profits to your business.
The primary definition of marketing includes the wide range of activities involved in making sure you continue to meet the needs of your customers and get value in return. The “P”s of the marketing mix form the core of your marketing strategy and involve such things as people, product, positioning, price, placement and promotion.
Next up for our discussion here, “Product”. The affluent buy based on a different set of values than that the average consumer. It’s critical to understand how to create your “product” (or service offering) so that it meets their needs and desires. Here are the important considerations.
“P” is for Product: What are you selling? What are the features of your product or service? What are the key benefits? How will you package your service to “productize” it? Knowing your product and service thoroughly is essential to being able to market it to your prospects. Get completely clear about what you are offering, to whom, why they need it, and how it answers your prospects needs or problems.
Although people generally know what they want, few people actually know what they need. What the “P”s of the marketing mix can do for you and your business is help establish a need, build credibility, and ultimately drive sales and build profits.
Top grossing entrepreneurs are those who are highly effective at integrating all aspects of their business—from customer service and administration to business strategies and marketing activities. Of all the necessary elements of a successful business, marketing may stand heads above the others, because it needs to be consistent. Whether sales are up or sales are down, marketing must go on….especially, if you are marketing to the affluent.
The “P”s of the marketing mix form the core of your marketing strategy. Let’s start with the first “P” you must know to effectively market to the affluent, a critical recession-proof target that values your expertise, is willing to pay premium prices and grows your business by referring you to all their friends and contacts.
“P” for People: Who specifically are you targeting? Are they affluent, mass affluent, ultra affluent? What are their likes? Dislikes? What is important to them? Do they have a specific passion for golf? Travel? Spas? What will they value and be willing to pay premium prices for? You must be able to write a clear and distinct profile of who this person is in order for you to be able to effectively market to them.
Marketing is especially challenging in the service profession where your product is often “intangible.” Therefore it is particularly crucial to establish a relationship with your customers and communicate clearly and consistently the value your services offer to them using the “P”s of marketing.
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