Experienced luxury retailers know that building a personalized marketing approach and delivering unique experiences are essential to reach affluent consumers. Producing effective customized campaigns requires research and customer participation. You may wonder if the extra work is worth the effort compared to potential revenue growth. The high-net-worth segment could be your path to more profits. Why? Sheer numbers. The high-end consumer market is growing.
A 2016 Spectrem Group study reported that 9.38 million Americans had a net worth between $1 million and $5 million. That’s a jump of 234,000 millionaire households over the previous year.
Relationship building is essential when you aim to grow your affluent consumer base. Interacting with a prospect on a personal level takes some finesse. Here are some tactics that can help you attract high-end consumers.
Be Almost Unattainable
Ensure your luxury product or service is beyond compare. You may have to ignore traditional marketing rules. Instead of catering to an existing need or want, create the need for your product. Encourage online buzz through promotions and contests. Be the solution that your target audience didn’t even know they needed. Communicate the urgency to buy with limited availability.
Customize Social Media Messages
Don’t forget about social media when you want to contact affluent prospects. A 2016 survey indicated that 78 percent of Americans earning $75,000 or more per year used social media. Follow members of your target audience online to learn about them. Connect with these prospects on social media by tagging them or using direct messaging. Send links to articles, videos, and other information that specifically relate to your potential clients’ businesses or interests.
Deliver an Effortless Buying Experience
Image via Flickr by hitsnooze
Welcome high-net-worth consumers as soon as they arrive at your office or store. Set the tone by providing professional, convenient valet parking. Inside, give your customers a quiet place to make phone calls. Offer complimentary Wi-Fi along with water and coffee. Ensure doing business with you is easy and pleasant. These perks will make your business attractive to high-end customers.
Create the Perfect Time to Ask For Referrals
After you have provided exceptional service, send buyers a short survey. Completing the survey should remind them of all the perks and personalized solutions they enjoyed. What better time to ask for referrals? Ask your customers if they have friends or business partners who could also benefit from your services.
Embrace and Respond to All Feedback
Ensure your luxury buyers have a perfect experience. You may uncover negative feedback or service challenges. Reach out to your customer right away to correct the problem. Addressing the issue head on can salvage your business relationship.
Try these ideas to get to know each potential customer, and brainstorm new ways to create a market for your luxury product. Building relationships will help you to deliver memorable experiences for your high-end clients. In turn, you’ll encourage repeat business and referrals that grow sales. Remember, there’s no shortage of fresh millionaires who are ready to buy.
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