Marketing To The Affluent. Does it still make sense?

If you’re a consultant or advisor offer high value business, professional or business services you know that not all clients are equal. One of the key differentiating points that determine how desirable a client is revolves around the issue of resources.

Simply put resources refer to the answer to the question, “Does the prospect have what is necessary to invest in my solution?” Resources tend to fall into three broad categories, money, time and people. Of these money is the most important.

There are two schools of thought when it comes to this money issue. Hard core sales types will say that they love the challenge of convincing a prospect that they should invest in their solution rather then spend their money elsewhere. I certainly applaud that tenacity but think that it is a lot easier to just market one’s services to those most likely to afford them in the first place.

Although the recent economic downturn has put a sever crimp on the affluent market’s willingness to spend, it can be safely argued that this group, more than any other, will be the most likely to free up their checkbooks once the economy improves. Thus, focusing on the affluent market right now makes enormous amounts of sense for any consultant or advisor who wants to grab a large market share of this desirable demographic.

If we look at the affluent market from a historical perspective, it’s apparent that the United States has been consistently adding new millionaires after technology downturns, recessions and even the terrible events of 9/11. Although the recent economic collapse is severely sharper than what we have seen before, it appears that the duration of the recession will not mirror that of the great depression-despite what the media would have us believe.

It’s apparent that the reports from the media have discouraged many marketers from aggressively targeting the affluent. This is good news for advisors and others who still view the affluent as a prime niche for their services. It’s my opinion that the wealthy are still very much with us. Still buying products and services that reflect their unique needs and desires, they’re just being quieter about it.

It’s important to keep in mind that todays wealthy live in their own gated virtual community. Most of their activities are removed from the eyes of the middle or upper middle class. Until very recently they have shunned the limelight. But they are still very much with us and still have needs for services that reflect their unique station in life.

It is important for those of us who market to the affluent that they continue to exist but still need to be marketed to in a way that reflects how they perceive themselves. Yes, they may have temporarily traded the gold Rolex Submariner watch for the understated elegance of a vintage Piaget, but it’s still a watch that costs more than many people’s car.

The affluent market is still among the most desirable for many advisors and personal services providers. As we bottom out from the current economic malaise, now is precisely the time to put in place programs to attract this most desirable of niches.

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