Have you considered targeting a market of people who have money to spend and not just anyone who might look your way?
There is a group of 11 million people categorized as “affluent” who account for over half of consumer spending in the US. Most have middle-class backgrounds and continue to pursue middle-class lifestyles.
These people aren’t interested in buying high-end-somethings just to add to their closets full of everything. Do you have a product that would appeal to a market segment of average folks with more than an average amount of money to spend?
This Niche Has Money to Buy
People with money are the least affected by our crummy economy. The affluent have been better than many of us at holding on to their money. The good news for your business is that this group is still buying. The bad news is most small businesses don’t remember how to get their attention.
Studies show that most sales in this niche are attributed to the use of printed brochures and catalogs. From a report published in December 2011 by the American Affluence Research Center (AARC), the top 5% of Americans by income account for 37% of consumer spending.
This group of affluent buyers is more likely to make purchase decisions based on what they see in catalogs and brochures rather than websites and Internet advertising.
We’ll bet you’ve seen a couple of these folks at the airport. They’re wearing jeans and a t-shirt, texting into their smart phones, and dragging carry-on luggage. Unless you’d recognize them from the news, they look like they could be your neighbor.
Mark Zuckerberg, Jeff Bezos and Andrew Mason are the epitome of the new rich. They don’t focus on accumulating high-status stuff or vacationing on the Riviera. They’re walking among you and me. They’re buying like we do. They listen to recommendations from their friends. They shop at local stores. They probably even open their own mail.
They don’t care about the famous label or the biggest cruise ship. They might be looking for clothing that’s made from hemp grown without pesticides. They could be interested in learning to surf the Banzai pipeline. Got any products like these?
These guys are extreme examples, but their population is growing. They’ve set the example for what it means to be wealthy, especially for other newly-successful entrepreneurs.
They’re also more accessible than ever. Get your business on their radar. Guarantee that you’ll thrill them and exceed that. That’s what will guarantee their loyalty.
Erik works as a freelance writer and brand enthusiast for a Shop Sanctuary, a company selling inspirational jewelry based in Martha’s Vineyard.