The Ultimate Small Business Marketing Weblog

If You Missed Last Week’s AMAZING Marketing to Millionaires™ Retreat Preview Call, You Are In Luck! Due to An Overwhelming Response, a LIVE Q&A Bonus Session Has Been Added!

The Recession Proof Marketing Strategy: Marketing to Millionaires™
"7 PROVEN Strategies to Attract, Sell, Service and
Retain Affluent Clients"

LIVE Q & A Session
Date: Thursday, April 23, 2009
Time: 1:00 PM Pacific, 2:00 PM Mountain, 3:00 PM Central, 4:00 PM Eastern

Join me for the chance to get ALL your questions answered about this CRITICAL topic. Register NOW and receive the call-in information in addition to a link to last week's Preview Call recording so you don't miss a thing!

Sign-up TODAY by clicking here!

The Foundational P’s You Must Know To Effectively Market to the Affluent - #2: “Product”

The primary definition of marketing includes the wide range of activities involved in making sure you continue to meet the needs of your customers and get value in return. The "P"s of the marketing mix form the core of your marketing strategy and involve such things as people, product, positioning, price, placement and promotion. 

 

Next up for our discussion here, “Product”. The affluent buy based on a different set of values than that the average consumer. It’s critical to understand how to create your “product” (or service offering) so that it meets their needs and desires.  Here are the important considerations.   

 

“P” is for Product:  What are you selling? What are the features of your product or service? What are the key benefits? How will you package your service to “productize” it?  Knowing your product and service thoroughly is essential to being able to market it to your prospects. Get completely clear about what you are offering, to whom, why they need it, and how it answers your prospects needs or problems.

Although people generally know what they want, few people actually know what they need.  What the  "P"s of the marketing mix can do for you and your business is help establish a need, build credibility, and ultimately drive sales and build profits.

The Foundational P's You Must Know To Effectively Market to the Affluent, Starting with “People”

Top grossing entrepreneurs are those who are highly effective at integrating all aspects of their business--from customer service and administration to business strategies and marketing activities. Of all the necessary elements of a successful business, marketing may stand heads above the others, because it needs to be consistent. Whether sales are up or sales are down, marketing must go on….especially, if you are marketing to the affluent.

The "P"s of the marketing mix form the core of your marketing strategy.  Let's start with the first “P” you must know to effectively market to the affluent, a critical recession-proof target that values your expertise, is willing to pay premium prices and grows your business by referring you to all their friends and contacts.

“P” for People:  Who specifically are you targeting?  Are they affluent, mass affluent, ultra affluent?  What are their likes? Dislikes?  What is important to them?  Do they have a specific passion for golf? Travel? Spas? What will they value and be willing to pay premium prices for? You must be able to write a clear and distinct profile of who this person is in order for you to be able to effectively market to them. 

Marketing is especially challenging in the service profession where your product is often "intangible." Therefore it is particularly crucial to establish a relationship with your customers and communicate clearly and consistently the value your services offer to them using the "P"s of marketing. 

Learn The Insider Secrets to Reach A Recession-Proof Audience Willing to Pay Premium Prices That Will Enable You to Get Ahead Even in This Economy

Time is Running Out--Don't Forget To Register! 

I can't think of a better day to be talking about this!  With your taxes due today, your finances and the effects of the sluggish economy are probably weighing heavy on your mind.  I've said it before, but if you haven't heard me -- the next 6 to 12 months are absolutely critical for your small business. If you don't figure out how to market in this new economy, and quickly, you're not going to make it.  

Tomorrow's first session of the Marketing to Millionaires™ Retreat Preview Call series could honestly change the way you market your business by providing you with more income and more freedom - even in today's economic climate. 
 
Please join me and Beth Schneider of Process Prodigy on this F.R.E.E. call happening Thursday, April 16 at 1 PM PT.  We've already had a ton of people register. If you haven't yet, *I URGE* you to do so now.  
 
Here's the REGISTRATION link:  http://marketingtomillionairesretreat.com/m2mpreview  
 
Learning how to recession proof your business by marketing to affluent clients is CRITICAL information that small businesses need to understand right now!

 
In this Teleseminar you will discover:

• How to identify one of the 4 key market segments of the affluent population (and they aren't necessarily who you think they are). 
  
• The # 1 and #2 BIGGEST pet peeves of the affluent that will send them running for the hills and how to avoid it. 
  
• The top 3 secret desires of the affluent, that most would never share with you themselves. 
  
• How to position and strategically price your product and service offerings at a premium price that the affluent will say yes to without blinking. 
  
• The best 3 strategies to market to the affluent that will end up saving you a tremendous amount of time, money and energy. 
  
• The critical sales strategy that will close your affluent prospect 98% of the time. 
  
• The top 3 strategies to deliver VIP service to your VIPs to turn then into raving fans that build your business for you.

It's happening this THURSDAY, APRIL 16 at 1 PM PT!  Don't Miss it. 
 
Register now! http://marketingtomillionairesretreat.com/m2mpreview

Did You Hear My Interview On WSRadio?

If you didn’t, click below to take a listen!  As you’ll hear, I was able to share the 7 PROVEN Strategies to Attract, Sell, Service and Retain Affluent Clients—a topic not to be missed!  It was such a pleasure to be interviewed by Erika Taylor, the host of Bay Area Business Radio, which explores commerce, culture and community.  This unique show is live every Wednesday from 3 to 4 PM PST.    Check it out!  

Superstar Kelly O’Neil Shines On The Cover of the April’s Empowered Women Magazine

Kelly is honored to be featured in this month’s Empowered Women magazine brought to you by The Red Lipstick Report. 

“Kelly K. O’Neil really just wants to help people live their best lives, whatever that may look like for them. Nothing is more rewarding than teaching them to be the masters of their own destiny through entrepreneurial endeavors."

"Not only is she financially successful, she’s an Empowered Woman. Helping others become Empowered through her 'coachsultanting', teaching them how to think big, play bigger and build profitable six and seven figure businesses.”

Click here to see more photos and read her article in its entirety.

Service Providers MUST Start Marketing to Affluent Customers Because They Are Exceedingly Loyal

Understanding the advantages of marketing to the affluent and leveraging them throughout your promotional efforts is critical to business success.  In addition to the huge monetary benefits (typically, ‘the affluent’ are defined as individuals earning income greater than $150,000 and with a combined $1 million in total assets), this market offers other rewards that must not be overlooked.  Here’s an important one to be aware of.

The Affluent Are Exceedingly Loyal.  Once the affluent consumer makes his choice and as long as you continue to deliver value and exceptional customer service, they are your client for the long term.   Their time is money and they likely do not want to spend it researching and trying other competitors who may not meet expectations even if they come with a lower price tag.  For this reason, it is critical to reward your affluent customer on a regular basis.  And, because of their steadfast brand loyalty and conviction in their choices, they will tell their friends and contacts over and over again about you.  Don’t miss out on the opportunity to ask your affluent client for these sought after referrals so that you may proactively market too them.  Converting a referral is MUCH easier than making a cold call.

Uplevel your approach by reaching for the affluent today.  Their loyalty adds value beyond just their bank books.

Affluent Customers: They Do Not “Nickel & Dime” You

Affluent is a broad label that describes many sub-groups differentiated by income, age, mindset and other characteristics of the like.  But typically, ‘the affluent’ are defined as individuals earning income greater than $150,000 and with a combined $1 million in total assets.

Have the potential dollars convinced you? If not, here is another important reason why you MUST market your services upwards towards this lucrative audience.

The Affluent Do Not “Nickel & Dime” You.   Again it’s about value. After you’ve established a relationship with them it’s all about value and trust.  If time and again, you over deliver on expectations and provide superior service, the affluent are convinced of your value and won’t ask and ask about each charge in your service agreement.  They trust that they you are holding up your end of the bargain and they will as well.  They deem the extra fees as “well worth it”.

Don’t let another day go by wasting time and energy.  Upgrade your sites and your target today!

The Top Reasons That Service Providers MUST Start Marketing to Affluent Customers

It’s the 80/20 rule again; twenty percent of the population (or those whom we marketing-types term as “the affluent”) account for eighty percent of the wealth.  If you are a “glass is half empty” person, restricting yourself to a narrow audience like what 20% represents seems much too limiting to achieve success.  If you are a “glass is half full” type of person, like me, 80% of the combined wealth (read:  more discretionary income to spend on your services) seems like a HUGE opportunity--one you cannot afford to miss out on. 

Has this value proposition convinced you to turn your sight toward the affluent market?  If not here are 3 more reasons:

• Marketing To The Affluent Requires Less Energy and Less Effort.  If you had the choice between selling to one person to make $10,000 or selling to 10 people to make $10,000  which would you choose?  It’s a no-brainer.  Fewer clients mean less work.  Less work means more freedom.

• The Affluent Are Virtually Recession Proof.  It’s hard to believe it especially considering what’s been happening to the stock market recently but it’s TRUE.  Typically, the affluent have enough diversification in their wealth that a blip in the economy is just that and doesn’t significantly affect their accumulated fortune.  And if they value what you are offering, they will cut elsewhere to afford your services.

• The Affluent Shop On Value.  This means they’ll pay the asking price even if it’s 100% more expensive than the competition IF they perceive there’s added value what you are offering whether that is one-of-kind exclusivity, proven results or VIP customer service.  For example, on average Virgin airlines airfare is typically 30% percent over the competition.  Do passengers arrive at their destinations 30% quicker?  Are they 30% safer?  I doubt the answer is “yes” purposefully.  Affluent fliers are willing to pay the extra price because of the perceived values: “surprise and delights” in the cabin—seats that expand into beds, excellent food served upon request, the consistently outstanding service at every touchpoint as well as the brand cache.  Consider how to strategically tailor you offerings accordingly and then carefully craft your message around these features and benefits.