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Are you marketing to “affluent” customer? By some definitions, affluent customers are those households with an annual income greater than $100,000. Such households represent 21 percent of the U.S. consumers and control 70 percent of total U.S. consumer wealth. These consumers are 2 times more likely to buy advertised goods and services and spend 3.2 times more when they buy.
According to the Harvard Business Review, sales made at brick-and-mortar stores accounted for 92.3 percent of retail sales in the first quarter of 2016. Even more telling, there was only a 0.8 percent shirt from offline to online sales between 2015 and 2016.
So, despite all the doom and gloom around the industry, the stats actually point to a bright future for brick-and-mortar retailers — at least for those that are smart and adaptable. The truth is, while shoppers will continue to visit stores to make purchases for many years to come, what they expect from stores will be different. Not only will offline businesses be competing for attention against those that are online, but brick-and-mortar stores will need to offer more than just “stuff” in order to thrive.
Yes, affluent customers are shopping online, but there are two important attributes of high-end customers that you can use to your advantage in a brick-and-mortar location:
Read those two statements again. They’re the biggest takeaways from this article. Now the question is, what are you going to do about it?
If you’re saying “my business is different,” you’re wrong. There are many lessons to be learned from big-name brick-and-mortar retailers.
Neiman Marcus is famous for its outrageous annual Christmas Book catalog inspiring billionaires and dreamers all over the world with its over-the-top offerings.
The 2016 Christmas Book contains a large range of categories for all budgets including spectacular gifts ranging from A Week at Three English Estates Experience for $700,000, a private Slumber Party at the Neiman Marcus Flagship store for $120,000, and a fancy Cobalt Valkyrie-X Private Plane embossed in rose gold. You could buy a $25 Coleman cooler anywhere, or you could buy a Lappas stamped leather cooler for $1,800. Neiman Marcus knows its market and is offering them exactly what they want. They’re not looking for sell thousands of these items. Take note.
When you are putting together your marketing strategy to attract affluent customers, be sure to consider these five tips:
Note that many affluent buyers — also known as luxury shoppers — dislike the time it takes to fill out forms and share their preferences to get results that are relevant to their needs. Rather than asking buyers to complete surveys or give responses, think of ways you can get the information as soon as it is obtained for us in future offers.
As examples, you can use the data you already have about your affluent customers to personalize their shopping experience by:
Ratings and reviews are another great way to reach out to affluent buyers. A customer who is excited about your product or service and engaged enough to start a conversation is a person who may provide good word-of-mouth through online posts and in-person conversation.
There’s one thing that ecommerce businesses will never be able to compete with against brick-and-mortar stores: putting a face on your brand and the human touch.
Therefore, it’s worth investing in your sales staff — the people who are there to greet your customers, provide information, and make suggestions while delivering seamless, top-notch service. It’s something not even artificial intelligence can ever truly replace.
When you build your business to attract customers, clients and patients for whom price is not a determining factor, it puts more money in your pocket and serves the needs — and even egos — of the affluent marketplace.
What have you found that works best in attracting, connecting and nurturing the affluent? Comment below.
About Stacey Riska
Stacey Riska, aka “Small Business Stacey” is a serial entrepreneur who is passionate about saving small business and rebuilding Main Street. She helps small and local business owners become a #SmallBizMarketingWiz by teaching them marketing strategies that get MORE: MORE leads, MORE customers/clients, MORE sales, and MORE money. Stacey is the founder of Small Biz Marketing Specialist, THE go-to place for marketing tips, techniques and strategies that get results. Stacey is also the creator of the Daily Deals for Massive Profits Training Program, an online video training program that teaches small and local business owners how to use daily deal sites like Groupon to skyrocket their business growth and get massive profits. In this program she teaches from experience, as it was the key strategy that transformed her coffee and smoothie business from being $500K in debt to a 7-figure profitable business. When not saving the small business world, she enjoys sipping red wine, eating chocolate (who doesn’t!) and spending time with her amazing husband.
Stacey Riska, aka "Small Business Stacey" is a serial entrepreneur who is passionate about saving small - and not so small - businesses one marketing plan at a time. She helps business owners become a #SmallBizMarketingWiz by teaching them marketing strategies that get MORE: MORE leads, MORE customers/clients/patients, MORE sales, and MORE profit. Stacey's in-demand "Small Biz Marketing Success Coaching and Mastermind Program" is transforming the businesses - and lives - of those who want wealth, freedom, and market domination. Her highly acclaimed book "Small Business Marketing Made EZ" lays out the 6-simple-step plan to get your marketing into ACTION - literally and figuratively. Stacey is also the creator of Cups To Gallons, the place where independent coffee, smoothie, juice bar, ice cream, dessert and snack shop owners go to learn how get into lucrative catering so they stop selling by the cup and start selling by the gallon. In this program she teaches from experience, as it was the key strategy that transformed her coffee and smoothie business from being $500K in debt to a 7-figure profitable business. When not saving the small business world, she enjoys sipping red wine, eating chocolate (who doesn't!) and spending time with her amazing husband.
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Great tips! I always get good info that I can apply to my business. Thank you!