How to Market to the Affluent and Ultra Rich?
Have you ever thought that it would be great to get rid of the no money objection?
One of Dan Kennedy’s marketing books, got my attention with it’s title.
It’s about Marketing to the Affluent, people who have no money problem.
Let’s face it, most people run out of money every month after paying all their bills.
It’s not about how much you make
Let’s clarify one thing first.
When we talk about the Affluent or Ultra Rich, we aren’t talking about people making lots of money.
Although, they could be.
What we mean, is people that don’t spend all their income every month.
Someone could be making $60k, $150k, $250k or even $1m a year and still not be in this category.
The definition of someone who is Affluent is based on keeping over 25% of their income.
Sure, someone making $60k/year who keeps 25% doesn’t have as much left over than someone making $1m but they still have the same mindset, which is what we are talking about today.
What is difference between Affluent and Ultra Rich?
Usually the definition of Affluent involves being able to spend on things others can’t anytime they want.
The main difference between Affluent and Ultra Rich is in the amount they can spend.
But it’s also about how much they keep every month.
If you are investing or saving 25% of your income and spending only 75%, you’re Affluent.
However, if you can save more than that, you are getting closer to being Ultra Rich.
On a more specific level, an Ultra Rich person can spend without money worries.
Dan Kennedy knows his stuff
I can’t take the credit for any of this though.
I’ve been listening to Dan Kennedy’s “No BS Guide to Marketing to the Affluent”
And he really lays out why this segment of the market is different.
He explain what drives them and what scares them so you can use the right copy in your marketing.
How do you market to them?
Like any marketing, the audience or better yet, the avatar you market to has their own language.
They have their own fears and dreams and if you don’t know those things, you won’t be able to market to them.
It’s really that simple even though it’s nothing easy.
After you’ve defined who your avatar is and you know what they are afraid of, their language and their dreams, it becomes much easier to craft a message for them.
What do the affluent fear?
I’m sure you’ll learn more by reading or listening to this book too, but the basics of it is as follows.
You need to understand though how the Affluent and Ultra Rich got to where they are.
Like almost everyone else, they fear loosing their status, loosing their income or investments.
But that doesn’t help much since it’s pretty common to all audiences.
So, what’s different?
They want to be exclusive – to be elite, the only ones in a group of select few, so loosing that exclusivity is a real fear of theirs.
They also fear not being able to provide for those that depend on them, but that’s common too, difference is thay feel like they can control it, so loosing control is a big one.
What do they desire the most?
As mentioned above, they want exclusivity.
They want to be part of an exclusive club that few can be part of.
This is why they’ll pay more for something that might seem worth not as much just because it’s exclusive.
Why do you think it costs so much to be part of an exclusive yatch club or golf club?
Those are not expensive just because they include gold cups and champaign, they include gold cups and champaign becuase they expensive.
But they are expensive because the Affluent and Ultra Rich would not join them if they were accessible to the masses.
How can you use these attributes?
For one thing, you’ll need to increase your prices to ensure the masses can’t afford your offer.
You might think it’s counter to your beleifs but you could also have an offer for the masses and a different one for the Affluent.
The main thing to remember is that the message needs to cater to them.
Of course, everyone loves exclusivity, so a message that screams exlusivity is important but without a higher price, it would not be believable.
You can offer “available to first 5 people only” for example with a higher price and additional bonuses.
It’s true that most marketing is around exclusivity already and that’s probably because most online marketing is for entrepreneurs.
Or at least, what I’ve been seeing and doing myself since that’s my target market.
However, if you’ve been marketing to “normal people” and are struggling to get those sales, maybe it’s time to change your message and your pricing.
You might get less sales but if your price is 5-10x, you’ll probably be happier too.
Watch the video for more insights on this hot topic.
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