One of the fastest ways to grow sales and improve the profitability of your business is to go after high-end customers. High-end customers can afford to purchase more of your products and services at higher prices. Their strong purchasing power and frequency can make them more profitable for your business if you can quickly and cost effectively generate qualified leads and convert those leads into customers.
subhead: A simple five-step process
- Build a profile of your ideal customers
Your ideal customers should be people who are excited about what you have to offer and who can afford to pay for your products and services. When building a profile of your ideal customers, you can either build the profile based on demographics and psychographics or customer circumstances. Demographics and psychographics include things like age, sex, income, location, company size, industry, and emotional buying triggers. Customer circumstances include the specific situations, problems or opportunities that would compel people to buy your products or services. When developing your target profiles, it is important to be as specific as possible.
- Determine the right message
After you have identified your ideal customers, you’ll need to develop the right marketing messages for those customers. Your messaging should communicate the ideal end result or end feeling of using your products and services. People don’t buy your products and services because of the features alone; they buy them because of the benefits and advantages that those features will provide and how the product or services will make them feel. Most companies make the big mistake of focusing their marketing on product and service features alone. You can gain a strategic advantage in the marketplace if you focus your messaging on the ideal results your product or service will deliver and how it will make customers feel.
- Establish trust and credibility
When marketing to high-end customers, it is important to establish trust and credibility to minimize resistance in the sales process. Some highly effective ways to establish trust with high-end prospects include the use of media, credible introductions and endorsements from key influencers, case studies, testimonials, and industry data.
- Choose the right channels
From your research of your ideal customers’ buying circumstances, demographics, and psychographics, you should have a strong sense of where they spend time online and offline, as well as who and what influences them to buy. Some high-end audiences can be reached easily through online marketing campaigns and traditional media. Others will primarily be influenced through event marketing or referrals through their network. Test different media and channel combinations until you find the right mix for your audience.
- Develop the right business systems, team, and processes
Based on the channels you are using, it is important to have systems, processes, and people in place to help you generate, track, follow up with, and close qualified leads. A good customer relationship management (CRM) system, automated follow-up tools, or inbound marketing service will be critical to your success and ability to scale your business.
If executed well, developing campaigns that cater to high-end clients can significantly boost your company’s profits. Remember, it often takes just as much time to court customers who are attracted to lower priced products and services as it does to attract high-end customers. Choose your customer acquisition strategy wisely to best leverage your company’s resources and boost your bottom line.
WILLIAM R. PATTERSON | CEO of The Baron Solution Group
William R. Patterson is an international award-winning entrepreneurship trainer, business coach and speaker. He is the CEO of The Baron Solution Group, which creates strategies to help business leaders increase capacity and accelerate growth.