4 No-Fail Strategies to Attract and Serve Affluent Customers
Selling a $18,000 hunting rifle is not easy.
In today’s modern age, where you can buy a brand new Browning or Remington online for a couple of hundred dollars without ever getting up from the couch, you might think that selling a $18,000 gun is rare. Yet, every day, savvy gun shop owners are selling firearms that cost tens of thousands of dollars, to affluent consumers.
While you may think that this behaviour is limited to the Kardashian’s of the world, I assure, you it’s not. A review of magazines like the Robb Report or browsing through the Wall Street Journal proves there is a flourishing segment of the market who demand and expect the very best, regardless of the cost.
This is not limited to fancy cars or flashy watches. Regardless of your assumptions about your local market, there is a high probability there is an affluent segment for your services, searching for the best renovation solution for their home. These affluent customers are by no means the norm, but they ARE out there, and can be identified, targeted and nurtured from prospect to loyal customer with proerply designed marketing tools, systems and automation.
These affluent customers require a different approach to marketing and your sales process. People pay you for WHO you are, not WHAT you do. If you’ve been focused on promoting air conditioners for $1799 or granite counters at laminate counter prices, this will require a substantial mental shift.
Why focus on the affluent market?
The recession of 2007 – 2008 had a significant impact on the middle class. Median U.S. houshold net worth plummeted by 43% – homes were under water, 401(k) accounts and other retirement savings accounts were descimated overnight. Middle income households were the hardest hit, forcibly moving many middle-class consumers to low-class consumers. The recession forever changed the discretionary spending of an entire portion of the population.
The damage at the top of the economic pyramid, while frightening on paper, was far from devastating. If you have $10 million and lose 43% of it, you still have $5.7 million. While you may not be adding another Ferrari to the collection, you still have the means to do so, if you are so motivated.
Add to this that high income earners have a far greater opportunity to replace lost wealth than middle or low income earners, and you can see why positioning yourself to be attractive to the affluent market is a smart business move, regardless of the current economic conditions.
With that in mind, here are 4 No-Fail strategies to attract and serve affluent customers.
Strategy #1: Make the decision to attract affluent customers
While this may sound rather obvious, most contractors have a mental roadblock when it comes to what they can charge for their products and services, and what it takes to attract and sell to the affluent customer. Every contractor has the potential to develop a red-carpet service that appeals to the well-to-do, but few make the effort.
The truth is, between 15 to 20% of consumers will always purchase the top of the line option when it’s available, simply because they want the best. They’re not interested in the cheapest price – they want the best value.
Strategy #2: Become the expert in your community
The best way to become a sought-after-expert is to provide tremendous value to your community and demonstrate your knowledge. Seek out opportunities to speak to local groups. Write a book. Be everywhere relevant to your market. Affluent customers want expert service and expert care.
Strategy #3: Make it an experience to remember
Affluent consumers have very different expectations regarding the service that they receive – including the expectation that they be treated DIFFERENTLY than the masses. This is why conceirge service and first class seats were created. By creating an interesting and engaging experience you have the opportunity to become the topic of conversation at the country club.
Some suggestions to create “white glove” service includes complimentary carpet cleaning after completed work or providing a luxurious weekend away at a local Bed & Breakfast while work is being completed in the client’s home.
Strategy #4: Seal the cracks so nothing falls through
Obviously this should not be limited just to your affluent customers! You should have 100% follow-up with 100% of your clients, 100% of the time. Sound impossible? It’s actually quite simple. The answer is to automate your follow-up.
The benefits of true marketing and sales automation are HUGE for residential contractors, which is where Contractor Prosperity gives you game-changing tools. Embracing and implementing automation guarantees that your customers are properly guided, informed, thanked and asked to refer and review. Sophisticated automation systems allows a very personal, relevant and hand-crafted approach that removes the manual responsibility from your staff, freeing them up for more important tasks – like selling!
If you have no marketing automation, make it a specific priority to investigate the opportunities that exist for your business with Marketing Maximizer by Contractor Prosperity.