Every business owner dreams of attracting affluent customers to their business. After all, it’s good to sell to people that have the money to spend. Affluents represent about 40% of all consumer spending, which is impressive. However, not every business owner knows how to attract such clients successfully. If you want to move from a general customer base to a more segmented or niched wealthy client base, there are several things you need to change about your business’s strategy, as well as your mindset. You may also want to increase your market size in order to facilitate this. By the numbers, conducting business internationally will increase the amount of affluent customers you have access to. If you already know one of the 5 best languages for business, that may be a great place to start a marketing strategy. It takes a lot of work, but in the end, it can pay off amazingly well for your business. Here are some basic techniques or strategies to help you attract the big spenders to your business
- Provide them with experiences
Contrary to what you might know, affluent consumers tend to find experiences more valuable than things. This trend might also apply to consumers of various income brackets, with most planning to spend more on experiences whenever they can. The only thing that sets other customers apart from affluent customers is their willingness to spend significantly on experiences. The good news is that many retailers appear to be listening to these requests, so you and your business should do the same! If you are a retailer that likes to think ahead, you can create experiences in your store tailored to satisfy your customers’ needs.
If you are thinking of how to create a valuable experience in your store, there are tons of modern businesses adopting this strategy. For example, Williams-Sonoma has included cooking demonstrations in its stores, and it has quickly become a trend among other home-product companies. The goal of creating an experience for your customers is to keep them in your shop longer. Apart from that, it also helps others see your store as a place to hang out. If they buy a thing or two from you, all the better.
- Don’t focus on price
Rich customers hardly check the price tag when they are shopping. They buy what they want because they can afford to and want it at the moment. When you advertise to affluent customers, your message shouldn’t appeal to saving money. Instead, let them see the value of your product.
Show how your product or service is different from others. Let them see that using your product will create positive feelings exclusively for them. You can mention the price as a secondary feature. When you mention price, ensure that it is at a higher price, as it supports the idea that you offer better quality services or products.
- Make your affluent customers feel valued
Affluent customers can shop anywhere they please. However, that doesn’t mean they are careless shoppers or spend recklessly. Most affluent customers consider quality to be more important than a brand name. So, while your product or brand might not be a worldwide international luxury brand, you can still target the affluent with its quality. You might also think that they are more likely to shop at upscale stores. However, smart customers with lots of money to spend also enjoy bargain shopping at lower-end stores. What will set your business apart from these other retailers, whether luxury or bargain, is how you make your customers feel valued.
High spenders enjoy feeling appreciated for their loyalty to their favorite store. You can capitalize on this by creating premium programs and offering amazing benefits to keep them coming back to you. Before you design a rewards program for your affluent clientele, it would be best to research your customers to help you find which parts of shopping they enjoy the most. You can create a unique loyalty or rewards program to keep your business at the top of their minds.
- Look the part
When it comes to attracting wealthy customers, appearances and first impressions matter. Everything about you and your business should communicate sophistication, style, and classiness. So, before you approach high-end customers, you must review all your marketing and communication materials. Your website and social media pages portray your business as a luxury enterprise. Your business cards should be printed on high-quality paper, and you must make an effort in your appearance.
That doesn’t mean you have to go overboard, especially if it means compromising who you are and your style. But you also need to feel secure and confident when rubbing shoulders with prospective wealthy customers. You can dress in monochrome colors, all-black, or choose neutral colors. It would be best if you always had a confident pep in your step. There might be occasions where you might feel a bit intimidated, but you must always ensure you keep a brave face at all times.
- Use social media
If your brand has a social media presence, how do you leverage it to attract affluent customers ready to pay for your products or services? This question baffles a lot of business owners. Fortunately, the solution is fairly simple. Studies show that 90% of wealthy consumers are active on social media, with some of them using the platform to learn about the latest trends and products. However, you have to be more strategic when attracting wealthy clients. It would be best to consider important factors such as your target audience’s demographics and interests.
If you want to attract wealthy customers through social media, you must ensure that your social media channels communicate luxury services. Your communication skills should be straight to the point and devoid of any ambiguities that many marketers use. You can also use your social media to showcase how prestigious your products are and how they would benefit them. Ensure that your products or services are different from the others. Wealthy buyers want what others cannot have, so if you have it, they will buy it. You must also track your performance to know whether your current strategy works or not. Some of the key social media metrics to monitor are your social traffic, engagement rates, impressions, reach, and referrals and conversions.
- Build a solid network
Affluent customers thrive on word-of-mouth referrals and are more likely to transact with businesses that have been recommended to them by their peers. How can you get started? The key is to put yourself out there and start planting little seeds by attending events such as galas, golf tournaments, and charity dinners, where you might find wealthy people.
You must also spend time chatting with various people and make sure you are seen at these events to make you and your business appear more credible. Networking takes time, and you might not reap the benefits at once. However, it would be best to think of it more as a long-term investment. When done right, it can pay off way into the future.
- Offer them convenience
Rich people are extremely busy, and you can use that for your business. Studies show that many affluent buyers are willing to pay premium charges for convenience to make life much simpler for them. Most creative and listening businesses have developed effective strategies by creating mobile applications and online tools to make business transactions easier. Many businesses like Houzz.com, for example, now designs entire living spaces, allowing their wealthy shoppers to buy all or individual design elements in the room at once without having to enter a furniture shop. Some fashion retailers also send their customers boxes of clothes periodically based on their preferences to reduce the amount of time spent physically shopping or browsing online.
There are several methods that your business can adopt to make shopping more convenient for rich people. Apart from online shopping and having products delivered to them, you can also offer faster shipping for customers that need your products urgently.
- Stand up for a cause
Many wealthier people prefer to shop at stores that reflect their values. For example, an affluent customer passionate about environmental conservation would rather purchase from a store that uses environmentally-friendly materials or donates a certain percentage of proceeds to environmental causes. In fact, they would be more willing to stop shopping at a store that does not reflect their values, even if it means they would have to pay more. You might have noticed that there has been an increase in the consumption of organic and natural products, even though they cost a lot more than standard grocery products. This is the perfect time to position your business with a core value or cause as a retailer. Whether you support clean living, exercise, or are environmentally conscious, it can be extremely beneficial to you to attract wealthy customers.
When it comes to having a cause, you need to do a lot of research. In some cases, having a stance that comes across as inflammatory can cause some controversy. You must also support a cause that you are passionate about and care for beyond making sales and profits.
These techniques and methods to help you land wealthier clients are tried and true. As a business owner, you must be creative and be prepared to go the extra mile to find affluent clients.