Higher Conversion please. Issue 24. Navigating the Ever-Evolving Affluent Market - 50 Tips (Save-Worthy)
Stephanie Lam ↗? 蓝梦云
Working with Businesses (B2B, High Ticket B2C) to fill up their sales pipeline and maximize their Conversion % via a 365 Client Acquisition System | Keynote Speaker | Professional Branding for C-level | HRDC Accredited
Since this is the last issue of this series - I promise to overdeliver values because this is the EXACT MINDSET that encompasses Premium Selling. MAKE SURE you save this or RESHARE if you find value so you can refer back to it when you need to!
Having been in Premium Real Estate before and selling many other Premium Products, I understand this 1 Key Factor can differentiate you vs many other providers in the market to connect better with more affluent customers ---- > Overdeliver VALUES.
However, you need to understand this when it comes to deciding which market to focus on serving - affluent (think top 10-20%) or mass?
1.During economic booms: Affluent customers behave similarly whether they have high income or high net worth. They live relatively anxiety-free and are free with their spending. Price is not a determining factor in their purchases.
2.During economic downturns: Affluent people become more price-conscious and may change their shopping habits. There's a current trend of high-income individuals shopping at dollar stores for certain items. Affluent people are more aware of impending economic troubles and may pull back spending in some categories.
3.Key factors in marketing to the affluent: Ability to buy: They need to have the financial means to make purchases. Willingness to buy: This is partly psycho-emotional and not always related to actual ability.
4.Advantages of marketing to the affluent: They generally have more ability and willingness to buy. Their willingness to buy is often disconnected from price (price elasticity). You can sell non-essential items by making them feel essential.
5.In difficult economic times, focusing on affluent customers provides "higher ground" as they still have the ability to buy when others don't.
6.The affluent market presents opportunities in both boom and bust economic cycles, making it a valuable target for businesses.
Another hard pill to swallow though.... and there's actually more and more neuroscience and quantum physics to support this..
7. "You attract the kind of client that you are." If you're cheap, flakey, or difficult to deal with, your clients will be too.
8.Your business is a reflection of you as the owner or consultant. Personal traits and habits often translate into business practices.
9.How you present yourself (dress, speech, beliefs) reveals a lot about you to others, especially to experienced observers.
10.Trying to give unsolicited advice or help, even with good intentions, can often lead to negative outcomes in relationships.
11. When it comes to atrracting and connecting better with affluent clients, consider personal development and attracting high-end clients by embodying the qualities you want to see in your clientele.
Another thing which I come across a lot from clients and friends..
Which should I focus on if want to attract more premium clients? Is it Branding or Direct Response?
Well, there's no perfect answer as it's highly dependable on where are you at currently... in your business... is sales more important ? and do you have resources to build branding.. if yes, why not both?
12.Branding allows for a longer runway, enabling bigger "payloads" or asks.
13.Many marketers start with direct response but transition to branding over time.
14.Big consumer brands rarely offer discounts; they focus on talking about their products.
15.Celebrities often build their brand before launching products (e.g., Dwayne Johnson, Conor McGregor, Kylie Jenner).
16.Goodwill compounds faster than revenue in branding.
17.Direct response marketing involves a cycle of giving value and then extracting it through asks.
18.Branding reinforces values and stories about products and services without immediate asks.
19.The difference between direct response and branding is the time horizon for measuring ROI.
20.Direct response calculates return on ad spend immediately, while branding looks at long-term returns.
21.Branding can allow for higher-priced products (e.g., $100 t-shirts) based on values and identity.
22.Effective branding clarifies what people are already saying about your brand.
23.The consumer ultimately creates the brand, regardless of marketing messages.
24.Aim for people to associate your brand with one or two key words or concepts.
25.Consistent, simple messaging in all content and advertising reinforces brand identity.
26.Many direct response marketers burn out because they don't like the brand they're building for themselves.
27.Building a brand through consistent value-giving can lead to higher returns and better clients in the long run.
28.Attraction marketing is a hybrid between direct outreach/sales and content marketing.
It's designed for people who need more tangible results than long-term content marketing can provide.
29.Direct sales approach focuses on immediate transactions and clear calls-to-action.
30.Content marketing is a long-term strategy to build goodwill and attract clients over time.
31.The hybrid approach aims to balance short-term results with long-term brand building.
32. Learn from top brands (those who managed to combine both personal branding and professional branding) by building thought leadership and personal brand over time.
33.Short-term, direct sales strategies may yield quicker results, but long-term brand building can be more valuable.
34.Building goodwill can lead to a loyal fan base that supports you in various endeavors.
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35.The choice between direct sales and brand building depends on your current financial situation and long-term goals.
If you need immediate income, focus on direct sales; if you're stable, consider long-term brand building.
36.Start sharing your expertise by creating content for the "younger version of yourself."
37.Identify high-value content that people would be willing to pay for.
38.Package your content in your unique voice and style.
39.Use social media to share valuable snippets of your content.
40.Offer free, valuable resources in exchange for engagement (e.g., comments).
41.Use this engagement to start conversations and identify potential clients.
42.Gradually escalate commitments, offering increasing value at each step.
43.Follow the principles of permission marketing by Seth Godin.
44.Be clear about your intentions when transitioning from providing value to selling.
45.Understand your audience's pain points and their ability to pay for solutions.
46.The hybrid approach requires understanding both direct sales and content creation.
47. 1 of the biggest mistakes in conversion and sales is ASSUMING prospects are ready to buy when there's so many different "temperature" of leads out there - each in their unique phase of the buying journey
48. Sales Blindness can literally cost you the sales - ignoring leads at their unique phase of the buying journey and SERVING them at where they're at..
49. While spending more money on ads and content seems like the right thing to do, don't forget to also work on having solid FOLLOW UP system and SOP in place. You can't keep pouring water and expecting the leaky bucket to be able to hold, can you?
So make sure the bucket itself is not leaky in the first place.
Do you find the above 50 tips useful? Let me know what are your thoughts or what else you would add ... :)
Thanks for reading issue 24 of my Humanising Business newsletter.
For those of you who are new to my newsletter, Humanising Business is written for business owners, sales and marketing professionals, consultants (Medical, Real Estate, Dental, etc) who wish to build more KOL positioning and attract more high quality clients digitally. This newsletter discusses the following three goals: (1) How to leverage on AI and Automation for more clients and impact, (2) How to build Digital Acquisition System (and automate it) and its importance (3) No-bs/no-fluff insights from my day-to-day work with clients on building digital sales and marketing system that get more bang for your bucks.
My next client slot should be opened by End of July 2024- limited slots are available as we work closely with clients instead of going for quantity.
P.S. Want to learn more about building a winning client acquisition system for actual appointment and sales ? Check out the resources listed below! Or, let's connect Stephanie Lam ↗? !
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4 个月Well said!.