Seven Ways to Market to the Wealthy

by Suzane Muusers

posted by Charlotte Attorney

 

Wouldn’t it be nice to make over your business so that you are attracting wealthy clients who willingly pay your fees, refer you to other wealthy clients, and sing your praises to friends and associates? 

This article focuses on the top five industries that benefit from targeting the wealthy, seven ways to market to the wealthy, and how you can change your thinking to attract wealthy clients.

You may want to review the companion article Attracting Wealthy Clients where we covered who are the wealthy, the difference between wealthy and affluent, the main concerns of the wealthy, and what the wealthy want. 

Top five industries that benefit from targeting the wealthy and affluent

• Financial services, estate planning – the wealthy have complicated lives that need managing and planning
• Luxury travel – the wealthy want options that take care of all the details and they are willing to pay for it
• Luxury gifts – despite having the internet to peruse, finding good quality goods is not so simple
• Real estate – 40% of the wealthy plan to purchase a second or third home in the next five years
• Home design, remodeling, and furnishings – since they need two or more of everything, they spend to acquire more things

Seven Ways to Market to the Wealthy

• Use the correct language in your marketing.  Don’t refer to the wealthy as retirees.  They have redefined how they spend their time and many don’t plan to retire at age 60.  Their idea of retirement is to do something meaningful with their lives well into their 70’s and above.
• Use images of vital, healthy, adult people in your marketing.  The wealthy don’t want to be catered to by twenty-something’s in skimpy outfits. Your front office employees should mirror the active demographics of your target client.
• Be an absolute expert at what you do.  The wealthy don’t want to waste money on inexperience.  Certifications and credentials are a plus.  Be an expert at travel.  An expert at financial planning. An expert in wine knowledge.  An expert in the latest dental procedures. An expert at saving clients’ money on taxes.  Own your expertise and don’t be afraid to say it!
• Offer a money back guarantee.  The wealthy want assurances that you offer the best product or service for the money.  They don’t want to be taken advantage of.  Most will not take advantage of the money back guarantee, but will feel assurance from the offer.
• Present yourself and your business appropriately.  Have a top notch brand that’s well designed and positioned. Come on, admit it – you know when you see a quality brand.  It makes an impression on you, whether consciously or subconsciously.  Quality pays.  Period. So be ready to invest in your brand. I highly recommend the services of Art Guy Creative | Web Design | Branding.
• Make sure your brand communicates a major benefit.  If it’s not obvious, you are not doing your job.  Set your business apart by using your brand to give wealthy clients a vision of the future if they chose you.
• Offer concierge style options for the affluent.  Many wealthy clients want privilege or options that others don’t have. Private membership with a limited number of members and luxury benefits and special programs designed for them will position you as the right choice. 

How can you change your thinking to attract wealthy clients?

Use your website effectively and reach out to clients via your company’s website.  Make sure you are crystal clear about what you want clients to do when they get to your website.  Build your list and optimize your site for the search engines. Keep in touch with your clients regularly via an ezine delivered electronically. It doesn’t matter what business you are in, you can use a website effectively.

Think globally.  We are an international culture that is on the move.  Americans move every five years. There may not be hoards of wealthy folk where you live, but with the internet you can reach prospects all over the nation.

Upgrade your business and you will upgrade your clients. Template business cards and websites will only get you so far.  Upgrade your image and you will automatically upgrade the quality of clients you attract.

Upgrade your thinking.  The wealthy are just like you and me.  They are humans with busy lives and they need your products and services.  Just because you have never targeted them before doesn’t mean that they don’t need you.  Work on yourself and your self esteem.  Work on your expertise so that you can move easily in their circles.

Be willing to spend more to attract quality clients.  Wealthy clients didn’t become wealthy by taking short cuts in business. Know the value of being open to market and advertise where you will reach quality clients.  You may need to invest time and money in marketing, materials, events, reports, technology, and image.

Be willing to do the work.  There is no easy answer.  There is no magic bullet.  If you want to play with the big boys, you must be willing to do the work.  In the early days of my coaching business I took on clients without realizing that they were hiring me to give them the one magic marketing technique that would solve all their problems.  There is work to do folks.  If a successful business was easy to achieve everyone would be in business for themselves.

Create a special referral program just for the affluent.  At this level of clientele, you must coddle your clients.  Make a BIG fuss when you receive a referral from an affluent client.  You must create and manage a SYSTEM that measures referrals.   Do you know how many referrals you have received year to date?  If you don’t, you are not measuring adequately.  Your system should tell you how many referrals per month and year and who they were from.  You should have frank discussions with your clients about the type of person you would like to be referred to and you must figure out how you can get more referrals from those not giving them to you already.

Conclusion: It’s far easier to grow a successful business by targeting the higher end of the market rather than dealing with difficult consumers who care mostly about price. While your competitors are rolling around on the floor picking up pennies, make sure you are positioned for fabulous success in business by creating a new strategy that will target the upper end of the market.  It’s worth it! 

Tips for Volunteers Representing Low-Income Clients

posted by charlotte bankruptcy attorney
By Theodore O. Fillette, III
Legal Aid of North Carolina, Inc.
July 6, 2007
This essay is primarily for new pro bono attorneys. It is based upon my experience
representing very low-income people and working with volunteer attorneys for many years.
Some advocates for low-income people wish, consciously or not, their clients to be
virtual “Cinderellas”: hard-working, humble, candid, conscientious, and victimized by a wicked
stepmother or other evildoer. I believe that all the Cinderellas have already retained Perry
Mason or other T.V. attorneys.

The rest of us should heed the words of a veteran pro bono lawyer and former president
of the Mecklenburg County Bar who has introduced pro bono service to new volunteers with this
admonition:
“When clients retain us with a check, we are willing to accept their ‘warts’
and help find ways to compensate for those flaws. We owe pro bono
clients the same consideration.”
There are no clients with perfect memory, judgment, record-keeping, morals or manners. If there
were, they would not need us.

The general reality is that indigent clients often suffer from multiple challenges. Their
lack of expendable funds affects their health care, transportation, maintaining employment,
keeping records, and other basic functions we take for granted. Many low-income folks have
little or poor education. Many suffer from addictions and/or mental illnesses. Many experienced
or continue to suffer from domestic violence or neglect that leaves them with various physical
and emotional scars. In other words, their lives will be dysfunctional in varying degrees, and
many aspects of those problems will make it more difficult to assist them.

Here are some tips for helping the advocate identify some of these challenges and
overcome them. You have to build trust early. Start by telling the client that you want to help.

Do not begin with 10 questions about their background. As soon as possible, you should
distinguish yourself from other authority figures such as teachers and social workers that clients
may have experienced as judgmental and critical of their behavior.
There are many issues regarding communication. Give the clients a card and find out
immediately how they best communicate. They may not read well. They may not initiate
communication at all. Some folks who have not had lawyers think that lawyers will just
magically show up in court and fix the problem. Explain how you will need to learn the facts
and prepare for trial. Encourage them to report changed circumstances. Return their calls
quickly or have others do so. This will create confidence that you really do care about their
problem.
Listen carefully to the client’s stated goals. If they sound unrealistic or abstract (“I just
want justice”), help them identify concrete goals. Don’t be afraid to educate the client on other
objectives and legal rights that might help them, especially if their stated goals are not very
feasible. Help the client get a broad understanding of their legal context.
As soon as it is feasible, try to understand the larger reality of the client’s family. This
includes their financial circumstances. It includes any particular problems of health or
environmental hazards. It includes knowing who is in the household. If you will probably
litigate over the conditions in the client’s home, visit the dwelling as soon as possible.
It may also help to identify other helpers in the lives of the clients. Sometimes these are
relatives. Sometimes they are social workers or neighbors. Find out who might provide
transportation to hearings and child care on the day of trial.
After you have covered these bases and you are getting focused on preparation for a
hearing, do not be afraid to explore key issues of credibility. Anticipate what your opponent will
discover. Check the criminal records of the members of the household. Review the civil index
for previous lawsuits. When you have learned of potential problems regarding credibility, raise
them by saying to the client: “The other side’s lawyer may ask you about this.”
When it comes to potential settlement negotiations, many low-income clients appear to
fall at the extremes of a wide spectrum. Unfortunately, some of the most sympathetic and
deserving clients will be tempted to take an offer of a nominal amount. At the other end, those
clients with the biggest faults and least merit seem to think that their claims have to be worth a
million dollars. In order to orient your client to a realistic settlement range, focus the client’s
attention on the decision maker and the elements of proof required. Do not let the client think
that he or she is arguing with you about the value of their case. Continue to focus on who you
must persuade on the value of the claims. Help the client focus on his or her real goals. Help the
client understand the competing interests of the opponent. Give the client a realistic sense of
what the decision maker is willing to deliver.
When it is time to prepare for a hearing, pay attention to the logistical details that will
enable your client able to participate in the hearing effectively. Talk about what is appropriate
dress. Make sure the client has adequate day care and will not bring small children to a hearing.
Make sure that they have transportation to your office or to the hearing. Explain the importance
of arriving on time.
Finally, never miss the opportunity to recognize your clients’ contributions to the effort.
Praise them for locating the witnesses and exhibits. Appreciate their securing day care for the
trial date. Compliment their Sunday dress. Recognize their courage. Their ordeal may be a
turning point in their lives. And yours.

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