A Marketing Strategy for Busy Entrepreneurs

My guest blogger today, Kelly K. O’Neil, is one of the many wonderful people helping me celebrate Too Much On Her Plate Week, by generously offering you a gift to help you get rid of some of those things that are overwhelming you. While her article is not the usual content for my blog, she offers an intriguing slant on marketing for busy entrepreneurs and business owners that just might help you transform what’s on your plate. Let us know what you think!  For more information on Too Much On Her Plate Week – go here.

The Top 5 Reasons That Service Providers MUST Start Marketing to Affluent Customers
By Kelly K. O’Neil

It’s the 80/20 rule again; twenty percent of the population (or who we marketing-types term as “the affluent”) account for eighty percent of the wealth.  If you are a “glass is half empty” person, restricting yourself to a narrow audience like what 20% represents seems much too limiting to achieve success.  If you are a “glass is half full” type of person, like me, 80% of the combined wealth seems like a HUGE opportunity–one you cannot afford to miss out on.
Affluent is a broad label that describes many sub-groups differentiated by income, age, mindset and other characteristics of the like.  But typically, ‘the affluent’ are defined as individuals earning income greater than $150,000 and with a combined $1 million in total assets.

Have the potential dollars convinced you? If not, here are 5 more reasons why you MUST market your services upwards towards this lucrative audience:

1.    Marketing To The Affluent Requires Less Energy and Less Effort. If you had the choice between selling to one person to make $10,000 or selling to 10 people to make $10,000 which would you choose?  It’s a no-brainer.  Fewer clients mean less work.  Less work means more freedom.
2.    The Affluent Are Virtually Recession Proof. It’s hard to believe it especially considering what’s been happening to the stock market recently but it’s TRUE.  Typically, the affluent have enough diversification in their wealth that a blip in the economy is just that and doesn’t significantly affect their accumulated fortune.  And if they value what you are offering, they will cut elsewhere to afford your services.
3.    The Affluent Shop On Value. This means they’ll pay the asking price even if it’s 100% more expensive than the competition IF they perceive there’s added value what you are offering whether that is one-of-kind exclusivity, proven results or VIP customer service.  For example, on average Virgin airlines airfare is typically 30% percent over the competition.  Do passengers arrive at their destinations 30% quicker?  Are they 30% safer?  I doubt the answer is “yes” purposefully.  Affluent flyers are willing to pay the extra price because of the perceived values: “surprise and delights” in the cabin—seats that expand into beds, excellent food served upon request, the consistently outstanding service at every touchpoint as well as the brand cache.  Consider how to strategically tailor you offerings accordingly and then carefully craft your message around these features and benefits.
4.    The Affluent Do Not “Nickel & Dime” You. Again it’s about value.  And, after you’ve established a relationship with them it’s about trust.  If time and again, you over deliver on expectations and provide superior service, the affluent are convinced of your value and won’t ask and ask about each charge in your service agreement.  They trust that they you are holding up your end of the bargain and they will as well.  They deem the extra fees as “well worth it”.
5.    The Affluent Are Exceedingly Loyal. Once the affluent consumer makes his choice and as long as you continue to deliver value and exceptional customer service, they are your client for the long term.   Their time is money and they likely do not want to spend it researching and trying other competitors who may not meet expectations even if they come with a lower price tag.  For this reason, it is critical to reward your affluent customer on a regular basis.  And, because of their steadfast brand loyalty and conviction in their choices, they will tell their friends and contacts over and over again about you.  Don’t miss out on the opportunity to ask your affluent client for these sought after referrals so that you may proactively market too them.  Converting a referral is MUCH easier than making a cold call.

Understanding these advantages and leveraging them throughout your marketing efforts is critical to success with the affluent target.   Don’t let another day go by wasting time and energy.  Upgrade your sites and your target today!

© Kelly O’Neil 2009
Kelly K. O’Neil, Chief Strategy Officer, UpLevel Strategies, Inc.
Award Winning Strategic Coach and Marketing to the Affluent Expert Kelly O’Neil publishes the ‘Arrive!’ weekly ezine for small service businesses and information marketers.  If you are ready to learn the best strategies to market to the affluent so that you can make more money and have more freedom and fun in your small business, download your FREE audio download, “7 Surefire Marketing Strategies to Market to Millionaires” at http://www.marketingtomillionairesgift.com

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