The high-end market is where the money is, or so they say. Sure, wealthier people have more money to spend, but you face the same problems with them as you do with average customers who can spend less: getting them to open their wallets. In order to do that, you need to give them the incentive to spend, and it surprisingly won’t take a whole lot of investment on your part, especially if you have a product that is likely to appeal to the well-heeled crowd. All it takes is a little ingenuity and a few tactics that create added value to get your desired clientele into your business.
Create a Product With Limited Supply
Exclusivity is a major driving force in the world of high-end goods, but don’t aim to have every last item you sell be limited edition. You still need to get people in the door. Instead, take the best of an item and turn it into the very best it can be. Use luxury materials and keep the production numbers low to restrict the number of units making it onto the market.
For example, your widgets sell for $5 to $10 on average and they sell well. However, you want to take that widget to the next level. You have to source the best materials for that widget and spare little expense. The end product is a high-quality widget that costs much more than your average widget and has luxurious materials and engineering that create beauty and longevity. The price reflects that quality, and it’s something that draws the attention of affluent customers.
Offer a Perk to Get People Into the Business
You might have a storefront or you might have a private location that the general public won’t see. Think about putting together an exclusive after-hours event for the storefront and a sneak-peak opportunity for the private location. Make the event feel even more exclusive by offering valet parking to all of your guests. Valet parking relieves your guests of the need to find a parking space. Place a red carpet that leads to where they pull up, instruct the valets to open doors for guests, and let them walk up the carpet as the valets pull the car away.
Use Word-of-Mouth Marketing
Traditional marketing is one way to get people into your store, but luxury buyers are somewhat immune to these tactics. They may even see themselves as above buying products that are openly advertised. Try a whisper campaign to attract their attention instead. Have people talk about the product on social media without sounding like they’re advertising, offer freebies to the “in crowd” and have them wear or use your product in public and at parties, and use other subtle means to get the word out about your business.
These three tips are starting points for you to get the attention of the high-end market. You’ll find that you’ll develop your own methods once you learn how to get your product into the hands of those who are willing to spend more money for a top-notch experience.
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