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Archive for Affluent Marketing
3 Easy Ways You Can Beat Falling ‘Footfall’
Posted by: | CommentsNow, depending on your type of business and location, you may or may not depend on ‘footfall’ for a large percentage of your business?
And I bet if you are in a local town that your footfall has been falling for about the last year??
Why?
Well…
Figures released by Experian today, show High Street footfall fell by 1.7% last year. Some areas saw falls as high as 7%+. Many local towns are becoming ‘ghost towns’ with empty units and few shoppers.
Businesses that rely soley on ‘footfall’ to generate new clients need to make changes
In good times this is often an adequate way to earn a decent income. But now ‘footfall’ is falling fast, if you want to survive need to use some new strategies.
Here are 3 ways you can take positive action to beat falling ‘footfall’.
- 1. Use Direct Marketing to Attract Affluent Clients - There are plenty of people spending money, plenty of people little affected by recession. By using direct marketing you can target specific affluent demographics with ‘pinpoint’ accuracy and either sell directly to them or use irresistible offers to invite them intoyour business. Direct marketing allows precise measurement of results and thus minimal waste.
- 2. Make More Use of the Internet - While High Street sales are falling, online sales are rising in many categories. ANY business owner can easily use the internet to both sell online (as an additional route to market) and use the internet as part of a coordinated demand generation system for new and old clients.
- 3. Utilise Joint Venture Partnerships - A lot of small business (and large) are feeling the pinch from recession. And while in good times many are happy to ‘keep themselves to themselves’, now is the time to develop partnerships with other local business for mutual gain. For example, you could could approach a local gym and ask to run a marketing campaign to their members. They gym could benefit either through a slice of profits or by a campaign to your clients.
So… While High Street footfall is falling, you really have two simple choices.
Either get very, very busy finding new ways to generate business or ‘roll over’ and ‘give up’.
‘Giving up’ should not be an option…
Dedciated to your success,
Henry.
PS: If you haven’t yet done so, be sure to grab your FREE GIFT.
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Two Reasons Deflation Is Good News for Small Businesses
Posted by: | CommentsFigures released today are expected to show inflation has turned negative for the first time in 50 years. Millions of public sector workers could see pay freezes as a result. But is it possible for small business owners like you to turn deflation to your advantage?
As you may know (if you’ve been around a while), I’ve LONG argued that in hard times small businesses should stop selling to the ‘masses’ and start targeting the people affected least and last - the affluent.
A key buying criteria for affluent purchasers is price and with the right marketing and delivery, small businesses can significantly raise their prices when selling to the affluent - they can ‘forget’ deflation.
Here are two fascinating new trends among affluent buyers suggesting new sales/messages, strategies way removed from deflation:
1. Excess cash to spend - because the affluent are not investing (unable to find anything they feel good about investing in), so there is a “might as well invest in myself/hobby/passion/my trip I’ve always wanted etc. Because real investing is such a ‘no-win’ gamble” attitude.
2. Reluctance to engage in conspicuous consumption likely to appear frivolous or insensitive to the ’suffering masses’. Much of affluent buying is normally driven by ego, pride, seeking of admiration or even envy, demonstrating superiority, sophistication and wealth that, in these times, the other side of the coin is a heightened fear of and sensitivity to criticism for being profligate. This opens up opportunities to sell premium priced goods and services to them that have a “good sense factor” attached to them, to make buying “feel” responsible as well as indulgent.
For the small business positioned correctly to sell to the affluent i.e. they deliberately go ‘looking’ for them, they use marketing that resonates with them and they sell premium priced products and service they will buy.
This translates to more cash purchases, and higher spend in areas that feel reasonable, responsible and prudent such as health, preventive care and family.
SO!!!
Deflation need not affect YOU IF YOU seek out affluent buyers, higher margins and much, much less competition.
Are you doing that?
Or are you still battling with the same group of customers/clients you’ve always had.
If so, WHY?
You CAN change WHO you attract.
Hop to it!
Dedicated to your success,
Henry.
PS: If you haven’t yet grabbed you FREE GIFT and entered my INNER CIRCLE then hurry, hurry. We are bursting at the seems and I may soon have to remove the offer. Head here to grab your => FREE GIFT
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How to Guarantee Explosive Growth for the Next 15 Years
Posted by: | CommentsWell, looks like Woolies are finally going to ‘bite the dust’.
Pretty sad really, I clearly remember walking into the bleak, grey store in Eastleigh when I was about 12 and buying a wilted ploythene wrapped rose bush and a ‘China’ cup with kittens on as a present for my Mum on Mothers Day.
I guess there are only so many ‘Magic Erasers’ and power adaptors a person can buy.
In truth my appraisal of why Woolies has fallen is simple.
It’s just not obvious why you’d go there.
In today’s world to stand any chance of survival you’ve gotta have a really, really good reason to be there. Low prices aren’t sustainable (keep an eye on ASDA and Wallmart — I predict and interesting future).
And that brings me this weeks big topic.
As you are no doubt well aware, back in the 60’s there was a lot of liberation and adult fun happening which resulted in a huge explosion in babies.
Over the last nearly 50 years those babies have been growing up.
And, they’ve been growing up in an era of more affluence, more time freedom and more abundance than ever seen in history.
It used to be that a person would hit 50, 55, 60, 65 retire and then wind down tenedering an allotment and managing on a pack of Irish sausages, 3 bits of coal and some Mellow Birds coffee.
They’d then spend 10, 25 or whatever years sort of ‘getting ready to die’ - horrid but true.
Any thoughts of doing something new, exciting and different were limited to a coaching holiday in Greece with Alfy or Gerty.
Often sat on a house worth a good few bob and no mortgage yet little dispodable income.
Not any more!
Out with the the khaki slacks, hush puppies, murray mints and in with the dental implants, designer shoes, extended holidays, second career, fun and a life expectancy dramatically higher than in years gone by.
The leading edge affluent boomer boom is upon us.
Like a giant mouse in a snake they’ve been slipping their way along the timeline for the last 50 odd years and are now descending upon us as the most affluent, highest spending demograhic in our and many international coutries economies.
Particulary women.
Female boomers have more money, more aspirations and more willingness to spend than we can skake a stick at.
What’s very importnat is this — within ten years there will be more over 65’s than under 16’s. Boomers own and control 80%of the countries wealth, a collective pot of around £175billion (don’t let Brown know, he’ll steal it and give to bankers). Plus, they have 30% more disposable cash than the under 50’s.
That demonstrates phenomenal spending power of those who have time, money and energy to spend.
So, where would you rather be?
Selling plastic iPod jackets to 17 year olds or £500 a night luxury dog accomodation with play room and personal TV that caters for affluent women who are travelling the world and re-living their youth and want the best dog care while they’re away.
Stupid question of course but I can assure you that NOT focusing on understanding how to engineer your business to cater for affluent boomers is a big mistake.
There is and will be too much ‘easy’ money for the RIGHT people to pick up.
And it’s a nicer place to be.
How do you re-engineer your business to attract these people is of course the big question.
We’re out of time here but I am considering running a ‘Boomer Attraction’ seminar (probably on the phone depending numbers — complete the contact us form on this site for info) or you can get in my private client queue.
This is a big focus area for me and I’m looking to take help a couple of people transform their businesses in this area and become case studies — if that’s of interest please fax me at:
0208 181 7632 (electronic fax, I’m in Swanage, not London).
Right, I’m off for a jog down to the beach hut. I find few things more rereshing than a bit of crisp morning air and a steaming cuppa overlooking the bay.
Keep fighting recession, have a great day,
Henry Baker.
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Is This the Final Option?
Posted by: | CommentsIS ANYBODY STILL JUST “THROWING MONEY AWAY” IN THIS ECONOMY?
Somewhere between the crash and the hasty government survival plans and the jobs report showing 40,000 jobs evaporated in one month, a 38 year old trader and real estate investor rounded up a group of his buddies and took them on a “buddy trip” by private helicopter and Hummer limos; to VIP accommodation; and a game of ‘extreme adventure paintball” organised by a bunch of entrepreneurs.
He isn’t as weird as he sounds.
In fact, SELLERS TO THE RICH AND SUPER RICH REPORT A “PROFOUND EAGERNESS TO KEEP SPENDING” on the part of those hit by investment losses they wish to view as temporary, as a reinforcement of their personal belief system and status - doing so emphasises their sense of superiority over the masses.
The Times reported on spending for lavish holiday parties in and around London unabated… on a high-end real estate real estate buying boom fuelled by discounting: in 07, few properties priced above £5mill sold, in ‘08 the buyers were out in force… and a number of record prices were achieved at art auctions this year. And one persons thoughts about money being thrown away are another’s idea of justice… The RICH ARE SPENDING (and a lot more than you or I need)…
I’M OFTEN ASKED THE ‘BU HOW DO WE FIND THE RICH?’ QUESTION. My top advertising strategy has always been ‘follow the leader’, follow a successful advertiser who has already found the prospects you want.
Look for magazines, journals, and newspapers where the rich go… It’s not that difficult. What may be more so is YOUR belief that YOU can create enough value from the products and services you offer, enough interest, the right environment for those RICH people to WANT to buy from you.
That’s another discussion - a certain level of transformation - something I will be revealing to those who’ve requested details of my Quantum Leap program (and this is a BIG deal).
Here’s the key. To become magnetically attractive to the RICH and SUPER-RICH (I can’t make the key to recession survival any more obvious! I must have put those words in CAPITALS 10 time) you have to create an EXPERIENCE - something for them to ‘brag’ about.
And don’t forget prices.
Here are some stunning examples of Amazing prices (in use and being snapped up now)… Withers and Co produce bespoke handmade rocking horses, costing at least £3,000. They have some famous customers who seem to appreciate they are paying for craftsmanship and a unique design…Children’s Lifesize luxury playhouses with electric, running water, custom interior that can even replicate your own home: from £10,000 to a LOT more. Sky Caddy GPS loaded with details of hundreds (might be thousands) of golf courses, enabling golfers to accurately measure full depth and shape of the green from an approach, on or off the fairway, and find the nearest bar for a pint afterwards - just £270. And the box of 15 teabags for £5 (http://www.adagio.uk.com/teabags/teabags_english_breakfast.html?SID=f31485c3402b08af055a28df999cabd4)!
HIGH PRICE will work in YOUR favour IF you market to the correct audience in the correct way. Do you think it really cost 10 times as much to make the £5 teabags as it does to make a box of PGTips? Of course not.
There are LOTS of VERY good reasons to sell to the affluent.
However, as per the interview I did with 2CR radio this week, most businesses are slashing as much off their prices as they possibly can in a desperate, futile attempt to boost cash flow and attract shoppers away from competition.
YES, sales can sometimes help and YES they are sometime necessary. BUT, an IDIOT can cut their price in half and see a short term boost in sales (not necessarily a boost in profits).
But MARK MY WORDS, a lot of the shops you bought the reduced priced presents from WILL go the way of Woolworths early next year.
The time has passed for sale, lacklustre customer service, a lack of ideas, poor execution, feeble attempts to do something different.
You CAN position your company to GROW next year.
The question is WILL YOU grab the ‘bull by the horns’ and make it happen?
Most won’t…
For details of my Quantum Leap program and how it can help you position your company for growth next year you MUST be in the queue. Get in line here:
www.recessionslayer.co.uk/quantumleap
And have the most fantastic Christmas…I’m off to wrap some pressies…
Henry.
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