Marketing to the affluent is different from marketing to any other group. These discriminating customers have been raised with different social values as well as exposure to some of the highest quality products the nation has to offer. This makes for a unique group of potential consumers, one that small business owners ignore at their own risk. Luckily, you can successfully market yourself to the wealthy in your community if you keep the following five tips in mind.
1. Be involved. Many wealthy people have pet causes that they contribute a significant amount of time and money to. They identify with people and brands that also concentrate on giving back to the community. If you share their values, especially this key one, they are very likely to patronize your business and recommend you to their peers, who most likely are affluent as well.
2. Offer opportunities to grow. Another key value of the affluent is a respect for education, including self education opportunities. Businesses that offer literature or classes on their subject that are presented as enriching and empowering will often find that their classes are full of wealthy people, who often will then feel a loyalty to the company and go out of their way to shop there.
3. Make the effort to establish yourself. Most affluent people prefer to deal with established businesses with a proven track record. While it can be difficult for a small business to produce this, especially early on, getting your name in publications and on the local media is one way of creating an aura of expertise. Another way to create this general feeling is by getting involved in local business organizations and even volunteering your time to local charities.
4. Market directly to them. The wealthy are less likely to choose businesses based on traditional marketing methods such as advertisements and flyers. Instead, they make their consumer decisions based on referrals from people they trust. Getting the word out about your business can be as simple as joining business associations or clubs in affluent areas where you can ‘casually’ mention your line of work to a variety of people who are likely to have influence in wealthier spheres. Another option is offering to give talks in your area of expertise to these organizations.
5. Offer quality. As stated above, the wealthy usually have spent their lives with access to high quality products. They known cheap or shoddy work when they see it, and certainly are not interested in these products. Adding the extra effort it takes to offer products that will meet their higher, more discerning standards is an essential part of marketing to the affluent. One way of doing this while still maintaining an attractive price point for other shoppers is by offering a premium line with added features and benefits.
As you can see, the affluent are not really much different from other consumers; they are merely more discerning and more likely to consider their peers’ opinions over traditional marketing messages. Armed with this knowledge, you can successfully reach out to a new market that can afford your services and products more than any other group.