| Less is More with Customers Today |
|
|
|
|
Do you know the best way to appeal to your most profitable customers? I bet it’s not what you think. Samantha Rufo shares some insights from a recent survey that will affect how you do business. For the rest of the article, click on READ MORE below... According to research firm Fabrizio, McLaughlin & Associates, there has been a significant shift in customer behavior. One that affects whether or not they will purchase from you. The “New Affluent poll”, targeted individuals within the 35 to 54 age range with household incomes of least $125,000. The surprising results found that this demographic prefers a more pragmatic approach to spending than a high roller approach. They will not cheat themselves of the nicer things in life like owning a nice home, being early adopters of consumer electronics, and buying luxury sedans or SUVs. However, don’t confuse them with the Rockefeller’s of previous generations, this group has completely abandoned lavish spending. What does that mean to you? First, to understand that a significant amount of your customers are making very good money. HAVING the money to spend with you is not an issue. Whether or not they CHOOSE to spend the money with you is something else. Level-Headed Mind Set The new affluent consumers' frugal mindset may stem from most of its members' middle-class backgrounds. "A lot of these new affluent grew up middle class, with middle class roots," says Michael Weiss, president of Weiss Micromarketing Group. "They really work very, very hard to do well in their careers so they've emerged as a very level-headed group. They know how hard it is to make it, so they are very vigilant about spending their money wisely." Honesty & Integrity above all Else In fact, study results indicate that new affluent consumers value instilling their children with traits like honesty and integrity--ranking these two qualities at the top of things that they want to pass on to their children--over money or status, which ranked at the bottom. So businesses that have good reputations, good service, and do not “cheat” their customers will be rewarded with spending from this group. Additional findings imply that many new affluent consumers are uncomfortable with even being considered wealthy. Nine out of 10 new affluent consumers surveyed consider themselves to be middle- or upper-middle class, and 72 percent of respondents admitted that they are embarrassed by or dislike being identified as wealthy or well off, even though they acknowledge these terms are an accurate description of their financial status. Love a Deal Perhaps even more surprising, this customer segment may be on the hunt for bargain basement prices, more so than the general population. According to the poll:
Above all else, these consumers are looking for value and ways to cut costs and maximize their resources. Companies must find ways to address these needs and deliver products and services that match those wants. Where do you go from Here? You already have a good product, your company’s reputation is outstanding, so what else can you do to encourage this group to frequent your business? Here are some ideas:
Need help implementing a new sales or marketing program? We've got two suggestions:
a) Check out our free marketing templates and tools on this site. There's ton's of them. You might want to bookmark the site now, you could be here awhile.
Just become a registered member (it's free) of the myMarketingGuide.com website and you can download hundreds of other articles, templates and more. Don't worry, we respect your privacy. |
| < Prev | Next > |
|---|
