When the police asked Willie Sutton, the famous bank-robber, why he robbed banks, he told them “because that’s where the money is”. To put more money in your bank account in 2011 you’ll want to attract and retain more affluent clients. Why? Because in our shaky economy the affluent customer has been more resilient than other categories of consumers – they’ll spend their money with you if you understand and market with the following in mind. Value and service not price alone determine customer
buying decisions. So be sure to market with the intention of getting and keeping an affluent client and pay attention to these five marketing strategies:
- Stay away from the temptation to give away your profit margins by falling into a deep discounting pricing trap.
- Don’t fall prey to imagined price pressure – stand out from the crowd. Sure it may seem that the entire salon/spa world is giving deeper and deeper discounts and pricing services cheaply but you don’t have to follow the crowd.Remember nearly everyone, including the affluent, will fall for discounted pricing, most do so because they haven’t been given a compelling reason or argument not to or a more intriguing value proposition.
- Go after the “Groupon” Crowd with caution.While they can give you a temporary shot in the arm – spend your time and money going after high-value, long-term clients. Remember the quantity your salon’s profits almost always reflects the quality of your clients.
- Avoid being perceived as just another salon/spa.Invest your time and money by elevating your status in the prospects’ eyes. Become “the go-to salon” in your community. Keep on top of what is happening and share that information through a system of newsletters, emails, press releases and promotional events.
- Develop a unique relationship with your clients and carefully culled prospective clients.Stay above the commoditized competition, who rely on the Internet to communicate with their clients. Don’t give your clients the power to delete your marketing. Develop and use a distinctive selection of marketing tools such as direct mail so you can ensure that more of your clients will buy more of your products and services.
I don’t mean to never discount your services and products – special events and promotions and even loss leaders have their place in your promotional tool kit. Just handle these tools with care because you’re playing with fire. Set your business building strategy on targeting affluent clients by giving them reasons other than price for them to become your clients.