How Business Owners Can More Easily Reach the Affluent
Below is the fifth article in our $150 competition sponsored by BizSugar.com. It’s submitted by Maria of Elevating Your Business. Good luck to everyone who contributed an article!
Locating and Engaging Affluent Clients More Quickly in Your Own Community
Remember the scene in Pretty Woman when call girl Julia Roberts goes into the pricey boutique, money in hand, to buy some clothes, only to have the sneering sales ladies shame her out of the store? Well, Julia gets them back by taking her excessive purchasing power elsewhere, then coming back to flaunt it in their faces. The point is, don’t judge a book by its cover OR miss out on a great opportunity that may be right under your nose.
It is not always easy to spot someone with considerable purchasing power, namely because on the outside, they appear just like you and me. However, by changing your thought process and using some strategy, you may find that you’ve been surrounded by affluent prospective clients all along.
Affluence Today
First, let’s consider what it means to be affluent. Simply put, affluence indicates an abundance of money, property, or other material goods. For the purposes of this article, we’ll use the Wikipedia description of affluent to mean the top 1% of U.S. earners, which is about $350,000 in household income. Inarguably, this is a lot of money. But the upper class are still people like you and me; most of them are not in the multi-mega millionaire Donald Trump category.
Short of asking everyone you meet their annual salary (definitely NOT a strategy I’d ever recommend!), how do you go about identifying affluent clients? They demonstrate consistent traits and habits.
About The Affluent
The affluent are zealous about their involvement. It’s easy to see their passion because it’s where they’re involved the most. Besides their devotion to their vocation, the affluent spend considerable time in organizations that allow them to live their avocation – think sailing, flying, and cigar clubs. Meeting affluent clients in this type of environment allows you to see what motivates them outside of a traditional business setting.
Similarly, the affluent are generally very philanthropic. A simple search of social networking sites for various charitable causes can yield long lists of members; clearly these are people who enjoy helping others and spreading the word about worthwhile organizations among their peer group.
An affluent client also values self-improvement. Whether it is personal or professional development, this type of person makes time to attend workshops or classes on topics of interest to them. They spend their time on high-value activities to continue personal and professional growth, and ultimately be more successful.
It probably also goes without saying that the affluent are a very discerning crowd. Simply put, they like “the best”, be it a service, product, or perception. This means they demand individualized attention. No matter how many customers or clients you have, make sure your affluent clientele perceive themselves as your one and only concern. This may require some additional work on your part, but the return on investment will more than make up for it.
Finally, affluent individuals typically surround themselves with other prominent people. They want to work with someone who’s already a known commodity – someone who has been prominently published, has received considerable news coverage, or is already connected within the right circles.
Why Target Affluent Clients
Affluent clients, though potentially more demanding than other clients, can provide significant payback.
This client type easily makes referrals to people they like, know and trust. Similarly, if you can help one of their friends or family members, it typically results in a new client somewhere down the line, a lá the “pay it forward” mentality. As business owners, affluents like to be part of joint ventures or strategic alliances of others who work with their clients.
Like most other consumers, the affluent buy things based on emotion but they are looking for exceptional value they couldn’t get anywhere else. Affluent clients see such expenses as an investment because it ultimately helps them make more money. If you are able to complete a task faster than they can, their time can then be focused on their core strengths. If you can demonstrate how your product or service benefits affluent clients, you won’t be seen simply as a commodity, but as an advisor.
Where To Look For Them
Knowing the background and value of affluent clients, you’re ready to fine tune your marketing plan to seek them out. Chances are, you’re already involved in many of these activities yourself.
Arts & Leisure
Boating/sailing clubs
Flying clubs
Fitness centers (especially early in the morning or during the school day)
Wine/cigar clubs
Performing Arts (opera, symphony, theatre)
Extreme sports like rock climbing, mountaineering, and deep sea fishing
Golf & Tennis clubs
Spa
Personal & Professional Development
High-priced conferences or events (especially retreats and cruises)
Speaking circuit
Business or executive clubs and bars (especially after work)
Masterminds like: Visage, Entrepreneur Network, The Alternative Board, Young Presidents Organization, Women Presidents Organization
Reading magazines such as Town & Country, Millionaire, Worth, The Robb Report
Community
City/Country clubs
Board of Directors/Trustee for large non-profits, banks, large corporations
Philanthropic Associations
Rotary and other service related organizations
Political dinners/fundraisers
First class seating in planes
Volunteers or participants at fundraising events
Angel Investment Organizations, some of which have a “service provide” category
Church (specifically for the older affluents)
How to Engage Affluents
Reaching these clients can be more fun than work – it’s all in your thought process! From the list above, pick activities that sound appealing to you trying them on for size. Keep your integrity intact and never do anything you hate doing just to meet prospective clients. Some other ideas:
Consider joining a group where they hang out, if you enjoy what the group offers of course.
Consider marketing or speaking to a group where they hang out.
Considering joining an organization you enjoy in one of the more affluent zip codes near you.
Get involved on a board of something you’re passionate about.
More Resources
Reading about the upper echelon may provide you additional marketing ideas.
