If you find yourself on a quest for new customers, there's a demographic that you may know all too well, that you may be taking for granted or ignoring entirely. The number of people who identify and want to identify with the term "entrepreneur" far eclipses the number of people whose hustle truly matches their grind.
The term has transformed into a label coveted by a new class of consumers, who want to play business-owner too. However, they are more interested in elevating their influence than anything. They embody a viral fashion trend that involves keeping up a complex appearance of wealth, abundance, brand and ownership. They are the wantrepreneurs. And they just may soon be some of your best customers.
This aspirational group's desire to collect and feel the part of a business owner, presents one of the greatest marketing opportunities you are likely to see. Why? Here are five reasons why you should get in on serving the wantrepreneurs.
1. They'll buy anything that helps them look good, be seen, or thought of as a thought leader or expert.
Wantrepreneurs tend to focus on activities like trendspotting, social media management, and promoting their personal brands. What sets them apart is that this group shifts to play to their strengths to such an extent that they neglect or outright abandon other mission critical business activities.
The effort required to make refinements to drive efficiency and greater profit pulls a wantrepreneur away from the limelight and conversation so it's viewed as counterintuitive. The fact that personal pleasure and fame consistently outrank the profit incentive for a wantrepreneur sets them apart from the business builder. This thinking drives their purchase decisions.
They spend accordingly in the areas that help them keep up appearances while neglecting the other areas of the business that need to be developed and refined. If your product or service can plug into this equation, you can earn their business.
2. They measure their success and validate their entrepreneurial identity through the level of engagement, participation, and collection of experiences.
The wantrepreneur is eager to buy tickets to webinars, summits, conferences, coaching programs, retreats, social and lifestyle experiences and purchase the participation trophies, add-ons, up-sells and mementos from these events. They are first to buy the latest gadgets that can anchor their identity in the appearance in wealth, success and entrepreneurship.
High-end, luxury business accessories, a high end laptop and a book with a great cover and their name on it available on Amazon, with little to no thought passed self promotion is what it's about. It's fashion over function. And it's a hot market for the savvy entrepreneur.
3. If you are great at art and graphics they are easy clients to serve.
As long as the cover looks great, they will pay to get a book on the market without a great deal of scrutiny for the quality of its content. The book as a business card that is a hallmark tactic. As long as they can get a few positive reviews and point to their Amazon achievement, they are happy. Their approach to web presence is similar. It's more about looks, not conversions.
So all the designers out there can rejoice at such an easy, digital billboard gig, versus the labor intensive digital conversion factory that more business savvy entrepreneurs seek to build. Art is commoditized these days. It's substance that's hard.
4. They are all about instant gratification, the experience of the moment, gravitating towards short term gains, and spending accordingly.
They buy what is simple and focused on the near term. This attitude keeps them short-sighted and drives them to purchase behavior that doesn't drive long term benefits. They tend to buy one-offs and then shop again when the these fall off.
This is a true consumer group that favors the easy work, and complex forms of procrastination. Vision work and innovation is a perpetual activity that doesn't result in leveraged insights or assets. This is what makes them more consumer than entrepreneur. So if you sell vision books, kits, services, these are your people.
5. They are influencers of prospective customers who are even easier to acquire.
Wantrepreneurs naturally want to share great wares of others in order to be seen as an influencer. If your products and services are strong, they'll want to bestow it as an offering to their following. If you can win the hearts and minds of the wantrepreneurs, you're not just getting their business, but earning the business of their following as well.
Many of wantrepreneurs will give up and/or go out of business. Some of them will transcend their current form and join the ranks of successful entrepreneurs. For now, this demographic within the entrepreneurial community is vibrant and alive with easy opportunities to help grow your business. So seize the moment. Find ways to plug into them and their following. Take advantage of this trend and be careful not to fall prey to it yourself.