All across the country consumers are feeling the effects of recession, cutting back on ‘non-essentials’ and being much more selective about where they spend their money. For most small businesses this translates to lower sales, lower profits and a fight for survival. However, buying amongst the affluent demographic is still very strong – here’re some tips on how to attract them.
Swanage, Dorset, UK, March 26, 2009 - In times of recession it is logical to go looking for the customers affected least and last; the people who have a higher disposable income. That translates to the affluent. But, for most small businesses selling to the affluent remains something they neither know how to do or believe they can do. Both those assertions are simple to fix. Here are 3 simple ways to turn any business into an affluent client magnetic.
1. Change Your WHO - The first step in attracting affluent customers is making a deliberate shift in WHO you go looking for as customers. In simple terms that means deliberately marketing to the affluent rather than a broad demographic and/or less affluent demographics.
2. Change Your WHAT - Affluent buyers buy different things to non-affluent buyers. Yes they still buy essentials but they also spend a lot more money on things like hobbies, family, pets, experiences and what I term 'bragging rights' - i.e. things that give them something to 'brag' about to their peers. Best of all, affluent buyers do not buy on price alone and when presented correctly, high price can be a benefit.
3. Change your HOW - Attracting affluent clients requires a shift in marketing. In general they spend more time researching options before making a purchase and rely heavily of recommendations. Brash, over-the-top marketing and/or discount selling is not a usually effective. Special care should also be taken in the use of language.
In conclusionon, while many demographics tighten their belts and withdraw from anything but essential spending, the affluent continue to spend on high-price products and services correctly positioned and marketed for their interests.
Mr.Baker is available for interview, articles and the right speaking engagements and can be contacted on 01929 427744. Mr. Baker has over 10 years of sales and marketing experience with some of the World's leading corporate sales organizations, as an entrepreneur, business owner, real estate investor and internationally respected trainer and educator. He has directly helped over 900 small business owners grow their businesses and tens of thousands more via his business growth tips and secrets.