We’re in the middle of our discussion on marketing to affluent clients. Last Friday we hit on what the rich really want to buy, and what you need to do to attract them. Check out that blog post below. Today we’ll talk a little about the baby boomers attitudes towards aging, and how that affects their spending. I think this will be very insightful for you.
In a 2007 survey of leading edge boomers (born 1946-1950) by www.AgeWave.com, those responding defined “old age” as 82 years of age. So what does that mean to you? To put it simply, if you sell or offer products or services towards people who are “slowing down” you may want to rethink how you selling to these people because the idealized way they view growing old is far, far different than the current retired generation.
Their attitudes towards retirement are also vastly different than they were just a few years ago. In a Merrill Lynch survey 81% of boomers plan to work past 65. These boomers are not interested in the ‘classical retirement’ that has been romanticized by parents of the boomers.
Does that mean there’s no need for anything revolving around ‘retirement?’ Of course not! However you’ll want to redefine your business if it involves traditional ‘retirement’ as we currently see it.
These two little facts should give you an upper hand in reaching the affluent, especially the boomers who make up the largest single segment of the affluent. You’d be wise to start attracting them.
Tuesday, March 16, 2010
Monday, March 8, 2010
What the Rich Want
I hope you received my email yesterday about the Boomer special which aired on CNBC. See my blog post. I’m writing this email on Thursday night so I’ll have my thoughts on the show next week. In the mean time here’s our next installment in marketing to affluent customers. To review where we left off, here’s tha blog post.
We know why we want to try to attract the bigger spends, but what exactly do boomers want and what will they buy? It breaks down into four basic categories:
1. They want life made easy
You need to specifically tell them, ‘Here’s how I’ll make your life easy.”
2. They want time saved
You need to specifically tell them, “Here’s how I’ll save you time.”
3. They want to not be or feel “ripped off”
You need to give them solid proof and guarantees.
4. They want what “is for them.”
You need to tell them exactly why it’s for them based first on their emotional connection to what you offer, and second, to back it up with logical facts, figures, and features.
When you’re able to answer those four questions you’ve got the basis for creating a compelling message directly matched to what most affluent customers want.
March 24-26 Keith and I will be in Las Vegas at Rob Oliver’s Mindshift 2010 Marketing and Sales Super Conference speaking from the stage on 3D Mail. I’ve made an arrangement with Rob to extend a special rate and he’ll even pay for 2 nights hotel stay in Las Vegas just for you, my blog reader.
You will leave this event with the marketing and sales tools and information that 97% of businesses either aren't aware of or even worse yet - are aware of, but are too tired, confused or "beat up" to take advantage of them!
This leaves a huge "gaping hole" that you can walk (or run) through now to make 2010 (yes, even in the "new economy") the year that you and your business leave the 'rest of the pack" behind and dramatically improve your sales and profits.
For complete information click this special link Rob set up just for my readers. I hope to see you in Las Vegas!
We know why we want to try to attract the bigger spends, but what exactly do boomers want and what will they buy? It breaks down into four basic categories:
1. They want life made easy
You need to specifically tell them, ‘Here’s how I’ll make your life easy.”
2. They want time saved
You need to specifically tell them, “Here’s how I’ll save you time.”
3. They want to not be or feel “ripped off”
You need to give them solid proof and guarantees.
4. They want what “is for them.”
You need to tell them exactly why it’s for them based first on their emotional connection to what you offer, and second, to back it up with logical facts, figures, and features.
When you’re able to answer those four questions you’ve got the basis for creating a compelling message directly matched to what most affluent customers want.
Blog Readers Only Special
March 24-26 Keith and I will be in Las Vegas at Rob Oliver’s Mindshift 2010 Marketing and Sales Super Conference speaking from the stage on 3D Mail. I’ve made an arrangement with Rob to extend a special rate and he’ll even pay for 2 nights hotel stay in Las Vegas just for you, my blog reader.
You will leave this event with the marketing and sales tools and information that 97% of businesses either aren't aware of or even worse yet - are aware of, but are too tired, confused or "beat up" to take advantage of them!
This leaves a huge "gaping hole" that you can walk (or run) through now to make 2010 (yes, even in the "new economy") the year that you and your business leave the 'rest of the pack" behind and dramatically improve your sales and profits.
For complete information click this special link Rob set up just for my readers. I hope to see you in Las Vegas!
Thursday, March 4, 2010
Marketing to Affluent Customers
Today we’re really going to dive into marketing to and attracting more affluent customers to your business. First we need to really understand why we need to work at attracting those clients, and why it’s even more important during these new economic times.
First and most simply stated, affluent customers have security. These customers are the least and the last affect by the economy. There is also far less competition and fewer businesses are seeking or reaching the upper crust of spenders. So not only do they have the money to spend, but there are even less people trying to reach them! Sounds like a good place to be!
And once you get an affluent client, they are less price sensitive than the average consumer meaning you can simply charge more. Answer these two questions: To make $1 million, would you rather make 1,000 sales of $1,000 or 100 sales of $10,000? How about ten sales of $100,000. Further, is it ten times harder to make a $10,000 sales vs. a $1,000? Of course not!
Once you get these big spending clients, you’ll have a built-in advantage over all other competition who try to poach your customers. Because of you increased margins you’ll be able to invest more to keep those clients.
Most of your competitors are ruthlessly cheap. They just won’t spend them amount of money require to woo these high earning customers. Not only are they unwilling, they probably don’t have the means! You’ll be able to put and iron-cage around you ideal client and you’ll be in a position to out-spend your competition, a significant advantage to have.
First and most simply stated, affluent customers have security. These customers are the least and the last affect by the economy. There is also far less competition and fewer businesses are seeking or reaching the upper crust of spenders. So not only do they have the money to spend, but there are even less people trying to reach them! Sounds like a good place to be!
And once you get an affluent client, they are less price sensitive than the average consumer meaning you can simply charge more. Answer these two questions: To make $1 million, would you rather make 1,000 sales of $1,000 or 100 sales of $10,000? How about ten sales of $100,000. Further, is it ten times harder to make a $10,000 sales vs. a $1,000? Of course not!
Once you get these big spending clients, you’ll have a built-in advantage over all other competition who try to poach your customers. Because of you increased margins you’ll be able to invest more to keep those clients.
Most of your competitors are ruthlessly cheap. They just won’t spend them amount of money require to woo these high earning customers. Not only are they unwilling, they probably don’t have the means! You’ll be able to put and iron-cage around you ideal client and you’ll be in a position to out-spend your competition, a significant advantage to have.
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