Elevating Your Target Customers: Shifting Focus to Affluent Buyers

But what do you do when your strategy to target anyone with a wallet starts to result in low close rates and long times to purchase? How do you make the transition to focus exclusively on affluent buyers – those buyers with ample disposable income who are less affected by economic uncertainty – and all the benefits this select class brings with them?   

Let’s look at three ways you can shift your business to focus on the buyers who are the most profitable.  

Understand the Affluent Buyer 

Your first priority is really understanding affluent buyers and what they value. Affluent buyers have disposable income and aren’t as affected by economic dips. They are valuable customers, because they traditionally take less time to close a deal and are typically more profitable – both for their initial purchase and lifetime value.  

Although there are hundreds of books written about affluent buyers, and many of their characteristics depend on what you’re selling, they do all have specific things in common:  

• They are less price conscious. Note we didn’t say they are NOT price conscious, but they understand the concept of getting what you pay for. While they’re not actively looking to spend as much as possible on an item, they are not as influenced by sales, and are not turned off by higher price tags.  

• They value quality and craftsmanship. Again – affluent buyers understand that higher quality items usually cost more. They understand the phrase, “Buy quality, cry once,” meaning that yes, the price tag may be higher on the front end, but the product they’re buying is of great quality and craftsmanship, and will last.  

• They desire exclusivity. Affluent buyers want products that aren’t widely available to the general public, either because of the higher price point, or because they are more bespoke.  

• They buy a lifestyle over products. Affluent buyers’ purchasing decisions are often driven more by the lifestyle they have or want rather than the actual product. So you’re not selling durable kitchen tile that will last. You’re selling a gorgeous kitchen that their friends will admire when they come over for Friday night dinner.  

Update your look 

Affluent buyers have high expectations when it comes to the visual assets of the companies with which they do business. If your logo and branding suite is uninteresting or poorly designed, start there with a professional overhaul. But the visuals go far beyond your logo.  

Affluent buyers expect beautiful photography and exceptional marketing materials. We’ve talked about it before, but regular, professional photoshoots of your products or services is a non-negotiable when it comes to attracting affluent buyers. Your marketing materials – whether those are catalogs, direct mailers, brochures for dealers, or even your installation van wrap – need to be of a higher caliber of design.  

I know what you’re thinking – If your product is high end, shouldn’t that speak for itself? In a perfect world, it should. But we all know we don’t live in that perfect world. The presentation – the packaging – matters. It’s the same reason you wouldn’t go to bank to get a loan in your ratty sweats. You suit up, because first impressions are paramount.  

Take a step back and look at the materials your company is putting out into the world – on social media, in ads, in anything that’s reaching a customer. Is it of the highest quality? Is it printed on nice paper? Are the photos obviously professional? If your answer is no, it’s time to take a step back and reprioritize your marketing efforts.  

Update your story 

When upping your ideal customer from the general public to affluent buyers, the words you use to describe your business matter. This includes how you describe your products and business online, as well as how your sales reps speak to customers.  

When describing your products or services, you’ll attract more affluent buyers by going beyond the features. Sure, your wine cellars may hold 1,000 bottles and regulate temperature perfectly, but affluent customers want to buy the experience. They want to envision enjoying a glass of wine at the end of a long day in a beautiful, custom space built just for them.  

Likewise, when describing your business, tell a story. Talk about the owners, the founders – what drove them to start the business? What made it grow? Make the business personal – humanize it to sell the story. Humans connect with humans – the more you can humanize your business, the bigger benefit you’ll see. 

And of course, the way your sales reps interact with potential affluent customers is paramount. They should engage in conversation, not spew a sales script. Their goal should be to learn as much as they can about the customer so they can help fulfill a desire. They’re not selling a pool – they’re selling summers with family and friends, enjoying time together.  There is a big difference.  

Let’s Recap

Flipping your mindset to target the RIGHT customers can be a scary prospect, and takes time to make the changes necessary to do so. But once you do, you’ll see the benefit in a more narrow focus with higher value. 

You can begin to do that by: 

1. Understanding that selling to anybody and everybody is inefficient. It’s better to focus on your particular type of affluent buyer.
2. Updating your visuals accordingly, including your logo, photography, and marketing materials.
3. Updating your story, including how you talk about products or services and your business, and how your sales reps talk to customers. 

If you’re ready to start targeting the RIGHT customers, email info@scriptmarketingco.com.  

Script Marketing helps luxury outdoor products and services find, target, and talk to affluent buyers so they can generate more sales.