Google recently featured a post on its Retail Advertising Blog, giving tactics for marketing to four different groups of people in the current state of the economy.
The first group was the frugal or the "slam-on-the-brakes" segment, which we discussed here. The second was the optimistic but cautious group, or the "pained-but-patient" segment. The third group that Google's Yael Davidowitz talked about was the "comfortably well-off" segment, or the top 5% income bracket.
According to Davidowitz, this group feels secure about its ability to ride out any economic issues, but is still a little more cautious (and in some cases, feeling a little guilty) than it would be otherwise. Here are the tactics Yael recommends for marketing to this group:
- Focus on selling online or other places where you can offer discreet purchasing opportunities to enable the wealthy to shop in secret.
- Highlight any applicable charitable or green initiatives associated with your company - guilt about spending can be reduced if this group believes they are helping others simultaneously.
- Showcase long-term value and quality - make it clear your product is an investment, not a mere babble.
- Create a sense of urgency that helps consumers understand that they can save by buying immediately.
These are all good tips, but the third one stands out to me, and should be considered no matter who you're marketing to. Depending on what you’re selling, long-term value and quality can go a long way, and I think this applies to the less well-off just as much, if not more so.
If a customer does not have a lot of money, they're going to want to get the most out of their purchases (who wouldn't?). If you can place some emphasis upon long-term value, there is a good chance the product will become more appealing.
With regards to the last tactic, creating a sense of urgency, I am reminded of the "problem and solution" marketing strategy. This is slightly different that what Davidowitz is referring to I think , but it utilizes a sense of urgency, nonetheless. This is where you present the customer with a problem (which they may or may not know that they have) and why your product is the solution.
For example, as I've discussed before, lets say a pest control company offers termite inspections. It's possible that if a customer has not seen their ad about termite inspections, it would have never even occurred to them that they should have one done. All the while, termites may have been destroying their home from the inside out.
They have presented a problem that the customer has, and right along with it, they are giving the customer the solution.
Even if the customer decides to shop around for the best deal on a termite inspection, the company has put the idea in their head, and said company's business is right in front of them, which even if it doesn't land them a sale directly, it has accomplished some degree of branding in the customer's mind.
Do you have other ideas for marketing to the well-off when the economy is weak? Discuss here.
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Comments
Typos & Grammer (mktg to well off)
Cris, I read your columns on a fairly regular bases. Granted I have not always had that second cup of coffee, but typo's and grammar are a major turn off to the 'well-off" (and average Mary & Joe for that matter), and your article today is a perfect example of that (perhaps intentional... testing?).
For instance: "This is slightyly different", spell check would have helped here and "utilizes a sesnse of urgency, nonehteless." here.
Probably a good proofreader would have saved you here: "which they mary or may not" and "even occurred tot them".
Typo's do not leave a good impression to those of us who can read. In fact I believe it is Rule #1 (or at least very close to the top list of selling/marketing Rules) Rule #1 Check and re-check and re-check for typo's and grammar.
These examples are only from the last tactic, I did not re-read the whole article and play English Teacher.
Marketing to the Well Off really got my attention. Aside from the typo's - it was a great article with tips I had not considered for selling online. For whatever reason, I only thought of presenting 'problem & solution' with regard to packaging for in store shelves.
Your articles offer us great tips and I am sure helps all of us connect the dots....
Keep up the good work, but hit that spell check button as well as the grammar button (if you have one)!
PS - I 'may' have typo's in this reply, but don't have the time to copy and paste into a checker....
RE: Typos and Grammer (mktg to well off)
I'm guessing I accidentally pasted in the pre-checked version, but this is no excuse. I should have read back over it and caught these things. I hope you will forgive my carelessness here.
Thank you for the compliments as well. I hope you are able to use the tips to your advantage.
And yes, you did have some typos in your comment, but since you acknowledged that, I won't give you any grief :)
Marketing To The Well-Off
"Well-off" is a relative term but I think it will describe those with more than the bare essentials. I think I have it covered by offering products that appeal to this group, now it's a matter of getting it to them. On the one hand, I wonder just how many "well off" people are on the 'net reading emails etc? It's more likely their in their fancy cars or yachts sipping a cooler. If I was more well-off than I am, maybe that's where I'd be. Yes, it's my opinion that this category of the target prospect is fickle and looks for signs of prosperity like cars, boats, RV's and even white shoes and noticing the gold around your neck. Marketing to these wonderful folks means, if at all possible, I have to be where they are and move in their circles and establish friendships of trust and with integrity.
Marketing to the Well-off
I help to run a small custom jewelry design studio not far from Chicago. I would love to have some "money is no object " or "I don't care how much I am being over-charged" customers. Recently, one of my customers- who made a 7 hour trip from Iowa- emailed me that "the prices Jjanusz charges are so reasonable...". But our forte is the ability to deliver true value for a customer's dollar - and so far, we have customers from 5 states outside of Illinois. Apparently, the internet is levelling the playing field and quite a few people would rather have a quality piece of jewelry at a fair price and are willing to go a few extra miles to save thousands of dollars. Since we not only design, but also execute to the finished piece of jewelry, in-house, we can control all of our costs- except gold, platinum and diamonds! This process simply eliminates the retail mark-up and subsequent "***SALES***". Oh yes, we also donate heavily to many charities- from women's shelters, cancer research, animal rescues to hospice care. So, we try to be good neighbors and also give back in a meaningful way. Most people respond well to being treated fairly. Only a few people need to brag that they bought something at "so-and-so store". Our approach is working since we are still in business after 2008!
Typos
That is a great thing about using FireFox. There is an embedded spellchchecker (I did not correct this mistake though it showed as one in FF) that even in blogs like this, I show an error.
Just a thought about double checking errors. But you never know, people in the US today cannot spell there way out of the proverbial "paper-bag".
Great article, thanks.
Sal
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