Selling to the Affluent

I’m passionate about Internet Lifestyle businesses.

These are businesses where you deliver value to your clients…while designing a lifestyle that fits you personally.

It’s not just about extracting maximum dollars out of the business. You gain satisfaction out of improving the lives of others.

But financial success alone isn’t enough. You also want to experience that same freedom in other parts of your life including peace of mind, family, health, friends, spiritually, etc.

I’ve been blessed to be involved with a lot of Internet Lifestyle entrepreneurs.

One of the elements I’ve noticed about many of their businesses are catering to the affluent.

Why is this important for a lifestyle business?

It allows you to serve a smaller group of clients with extreme value and see the actual results taking place in the lives of your clients.

Let’s compare a business selling a $10 offer versus a business selling a $1,000 offer.

Let’s say they’ve both set a goal of $20,000 in sales this month. Company A needs to attract 2,000 new customers. Company B needs to attract 20 new customers.

You might think that selling $10 products is easier, and it is…to a point.

But you still need to create websites for both. You still need to run advertising. You still need to provide customer support. And you will have a load more customer service for those 2,000 customers than for the 20 (plus you’ll find the higher ticket customers are usually EASIER to serve).

You won’t get 100x the conversion for your $10 offer. Not even close.

So you have to generate a much higher volume of traffic to make the numbers work.

I’ve seen a lot of businesses that simply can’t make the numbers work exclusively with lower priced products.

They can’t generate enough leads and sales to pay for their advertising without introducing higher ticket options or continuity offers.

I’ve been watching the trends occurring in major retailers the past few years.

Walmart is obviously selling to very price conscious consumers.

Walmart’s same store sales fell 0.4% and their net income fell 21% in the 4th quarter of 2013.

Part of their drop in net income was based on running even stronger discounts to get customers through the door (the discount strategy requires reducing your margins).

Contrast this with Nordstrom. They’re targeting a more affluent market.

Their same store sales increased by 2.6% in the 4th quarter of 2013.

If you look at the results of these companies over the past few years, you’ll see similar trends.

Maybe there is something to that old cliché that the rich get richer…and poor get poorer.

Which audience do you want to serve with your offers?

It starts by researching what affluent customers are buying in your market.

Knowing your customer is the secret sauce that makes everything else more effective.

Who is currently serving that portion of your market?

What offers are they responding to?

How can you offer them even better end results than the competition?

If you’d like to dig seriously into strategies like these, then check out the Monthly Mentor Club.

http://www.MonthlyMentorClub.com

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About The Author

Terry Dean

Terry Dean has been in full-time internet business since 1996 and has helped thousands of entrepreneurs get started online through his articles and products. He lives in Dunnellon, Florida with his wife and 2 dogs. Find out more about how the Monthly Mentor Club can help you today.

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