When it comes to attracting wealthy clients there are five skills to live by. For every entrepreneur who wants to attract wealthy clients the secret success is in providing solutions that solve lifestyle problems first. Where most luxury brands go wrong is that they tend to think pricing is what makes a product a luxury experience. This is not true and luxury consumers don’t view price points as the deciding factor for selecting luxury goods, products, or services. So when it comes to attracting wealthy clients it’s not about pricing…
So, exactly what does it take for an entrepreneur to enter the luxury industry and attract wealthy clients? A serious hint is “it has nothing” to do with social media followers…Don’t waste your money if you think that gaining 1 million or more social media fans and followers is going to help attract wealthy clients to buy luxury goods. What social media can do is assist with improving engagement and brand awareness.
Do you have the right offering to target wealthy people?
First off, if you understand how-to attract wealthy clients this will not be an issue. However, there are some focus areas for targeting wealthy people which can be ideal.
Luxury Gifts – Rich people are extremely generous and love to give luxury gifts.
Luxury Travel – Jet-setting lifestyle is very popular for catering to luxury travel needs and demand.
Financial Services – One thing that all wealthy people have in common is they love to pay for financial services from planning to management.
Real Estate Needs – Most wealthy people all own second and third homes. They are always in the market to sell and buy real estate.
Home Design – Ambience is extremely important to the super rich and home design services for creating better living space is something they love.
Pirch decided to open a 32,000 square foot flagship Manhattan showroom in SoHo… home design is attractive for targeting wealthy people.
Keep in mind that luxury is a perception and you can still attract wealthy clients for any luxury offering by fixing problems in the marketplace.
Attracting Wealthy Clients
Jennifer Lawrence for Dior Spring / Summer 2016
If you truly want to attract more wealthy clients these are five simple solutions to adopt:
#1 Focus On Target Marketing – Out the gate target customers who can only afford to purchase high-end luxury goods and services. This will also mean marketing to less people and not the masses. Even with social media popularity super luxury is exclusive and limited to only the very wealthy.
If you want to attract wealthy clients target their lifestyle success which is what Golding Group nails for their elite members.
#2 Become A Expert At Creating Experiences – To sell ultra luxury requires being an expert in selling experiences and adventures. Breaking down features and benefits for how the experience will enhance lifestyle. You will need to be creative at inventing experiences to solve a problem to improve quality of life.
Luxury shoe brand Jimmy Choo is creating experiences to reach luxury consumers and allow them to buy into the brand’s lifestyle.
#3 Build A VIP Network – This is the goldmine for attracting wealthy clients and best solution to develop an exclusive network community. Turn wealthy clients into marketing agents by telling their other wealthy friends and family about the VIP treatment and generate fast referrals.
#4 Create Scarcity Demand – What rich people love most is having something that only a limited amount of people have access to obtain. Hence bidding wars for certain luxury goods, products, and services in the marketplace. The business dictionary relates that “law of supply and demand” explains value of a resource to be determined by its scarcity in relation to how many people want or need it.
Accepting early reservations is the perfect solution to create demand for scarcity. The Four Seasons has announced that they are accepting reservations for the opening of their hotel in Kyoto, Japan on October 15th. The brand new building is located within an 800-year-old traditional Japanese garden that itself lies at the foot of Higashiyama Mountain in the city’s historic temple district.
#5 Promote Quality Over Price – For wealthy people they only make purchases based on what they want. Despite what you see on reality television for buying luxury real estate or showing what luxury lifestyle looks like from a television watching perspective. That’s why creating an offering to attract super rich clients must be about the value of quality. To attract affluent individuals you must be able to relate value for most expensive offerings over price point.
Rolls-Royce focused on quality value over price, therefore all 50 units have already been sold for Rolls-Royce Phantom Zenith Collection! The Zenith Collection is a send-off for the seventh-generation Phantom and will feature a bespoke collection of 50 units based on the Phantom Coupe and Phantom Drophead Coupe.
Each Zenith car will also come with a selection of bespoke options including a large champagne fridge and accompanying glass shelf on the tailgate. Eight Rolls-Royce branded glasses are included in the trunk as part of a bespoke Zenith picnic set.