HHigh-end retailers and service providers are always seeking ways to attract affluent clients and their reasons are well justified. Servicing the needs of the affluent is a hard-earned privilege earned by a sophisticated mix of quality, artful execution, and relationship enrichment.
To attract affluent clients, their customer journey is vital to the success, or failure, of your marketing campaigns. On the backend, it takes thoughtful engineering and on the front-end, it must feel like a seamless first class experience. This process is not difficult, but it is time and resource intensive. Despite this, the rewards supersede the costs if implemented well.
According to the US Trust Insights on Wealth and Worth report, there are 2,023,518 households in the U.S. with $3 million or more in assets, including:
Every year these households spend and invest considerably into goods and services that maintain or expand their lifestyles. They are twice as likely to buy, and when they do, spend 3.2 times more than the average household in many spending categories.
Companies looking to move up-market must master the art of affluent attraction and retention in to thrive in this exclusive arena. Let’s look at five simple principals of affluent attraction & retention that can easily merge into your existing sales and marketing efforts.
As basic as this sounds, it’s too easily overlooked and underestimated. Whatever your service or product, ensure it’s everything you claim it to be. Failing to meet this bare minimum expectation is the fastest way lose the lifetime value of a client and the referrals they would have sent your way had your service lived up to its promise. Don’t make it easy for competitors to lure clients away because your company failed to meet this basic requirement.
The best way to stay perpetually engaged by current clients, and stimulate positive word-of-mouth influence, is to consistently solve problems. Affluent living is a tedious logistical affair and the affluent place a premium on those who can resolve their every day, and not-so every day, problems. Proactively resolving issues and going beyond the call of duty is the sign of a company destined to gain the loyalty and repeat business of their clientele.
Everyone loves a good deal, even the affluent. With mobile phones in hand, comparison shopping is easier than ever. However, this doesn’t mean price is king. What the affluent value is a mix of quality, convenience, and exclusive experiences.
Delivering exceptional value goes beyond the basic product or service purchased. A concierge mindset is required to be helpful, useful, and supportive through the entire customer journey – before, during, and long after.
The best time to demonstrate that your company is all it claims to be, and more, is when things inevitably go wrong (and they will). Astute professionals step up to the challenge with finesse and resourcefulness to acknowledge, investigate, and resolve the issue at hand.
No excuses, just resolution. These pros know their market reputation is being tested and respond in ways to protect it. When it comes to service delivery the bottom-line is truly on the line.
Anyone who has worked in the hospitality industry knows that hospitality is hospitable to everyone except the people that work there. It’s a 24/7 affair to keep guests pampered and delighted.
So while you’re sleeping comfortably on goose-down pillows encased in overwashed linen, chances are the F&B Director is up at 3 am stressing over the ten high-profile dinner parties happening concurrently on the same day as the Board of Directors annual visit. Somehow, the show must go on, expectations must be exceeded, and service must be impeccable.
How and what a client experiences in relation to your company is the product you’re delivering. In a client’s mind, there is no delineation between the salesperson, the product, accounting, customer support, and management; it’s all one fluid product.
Many companies miss out on golden opportunities to enhance their existing relationships by not nurturing their hard-won client after their purchase. Outside of automated thank you emails and surveys, somehow the human connection that originally fueled the relationship, is lost amongst a sea of banal automation or worse indifference.
Well crafted customer journeys design after-purchase experiences that continue to influence and enrich a client’s life. Do this well and deflection to a competitor decreases substantially.
Let’s also not forget the benefits of word-of-mouth buzz that will weave its way across digital and physical landscapes, ultimately propelling your company to another level of success.
The online world is noisy, cluttered, and chaotic. Information overload has led to information purging. Even though there are infinite possibilities, we all have finite time, especially amongst the affluent. More than ever they want their steady go-tos. Their handful of service providers and retailers that can service their world in a personalized way.
We now have access to technology that a decade ago only Fortune 500 companies had the capital to implement. Seamless integration of online and offline experiences is possible for any company with the right marketing strategy and technology in place.Attracting affluent clients is technical as much as it is artful.
Here a few ideas to elevate your online marketing presence –
Use technology as your ally to gather insights about your affluent customers to personalize their shopping experience by:
Curio Challenge – Review your existing marketing strategy and identify the areas where you can elevate the experience of existing clients to increase positive word-of-mouth influence within their social networks.