I love the quote: “If you’ve got enough money to solve the problem, you don’t have the problem.”
That’s from Dan Sullivan in his book “Who Not How”.
I’m not talking about that book today, rather the mindset.
Once our basic financial needs have been met, the money left over is where the scale of choice begins.
The more excess cash after basic needs have been met, the higher the desire for premium services that will make life easier.
Busy business owners have plenty of problems to solve.
If a well funded business owner can pay someone to take care of a problem, it frees them up to either have precious needed time or go after bigger opportunities.
In the past, I worked with 6 figure business owners, but it was hard graft.
Smaller businesses are more budget focused than outcome focused. Understandably.
While it may be honorable to focus on helping the smaller businesses, it can be an opportunity cost.
The 7 and 8 figure businesses have bigger problems to solve, the funds to solve these problems and are happy to spend more if they can have someone solve these problems faster.
Their peers are also in the same tier of spending and this naturally leads to referrals.
Why race to the bottom on price by servicing the smaller clients when you have the ability to service those who will happily pay more for peace of mind?
Here were some of my key take-aways from NO BS Marketing to the Affluent by Dan Kennedy:
1. Understanding the Affluent
Affluent individuals value their time, exclusivity, and exceptional service.
They are not easily swayed by price but are instead motivated by quality, prestige, and personalized experiences.
Marketers must appeal to their desire for unique, high-status offerings.
2. Segmentation and Targeting
Not all affluent individuals are the same.
Segment the market based on interests, lifestyles, and spending habits.
Tailor your messages to resonate with these specific segments.
3. Premium Pricing
Discounting is a no-go.
The affluent associate high prices with high value, so positioning your product or service as a premium offering is crucial.
A higher price point can actually increase demand among the affluent.
4. Exceptional Customer Service
The affluent expect superior service and are willing to pay for it.
This includes personalized touches, rapid responsiveness, and going above and beyond in delivering on promises.
5. Emotional Appeal
Affluent consumers are not just buying products; they’re buying experiences, status, and stories.
Marketing should tap into the emotional desires of this demographic, emphasizing how your product enhances their lifestyle, status, or personal narrative.
6. Referral-Based Marketing
Affluent individuals often trust recommendations from their peers over advertising.
Building a strong network of referrals and leveraging testimonials from other affluent clients can be highly effective.
7. Scarcity and Exclusivity
Creating a sense of scarcity and exclusivity around your product or service can drive demand.
The affluent are drawn to items that are rare, bespoke, or limited in availability.
8. Leveraging Influencers
Influencers who resonate with the affluent demographic can be powerful allies.
Partner with individuals or brands that already have the trust and attention of your target market.
9. Direct Marketing
While digital marketing is important, don’t forget direct mail and other traditional marketing methods.
Affluent consumers are more likely to engage with high-quality, well-designed direct marketing materials.
Talk soon,
Lloyd
PS – Do you have a business problem you need help solving? Let’s chat.
