Are you a portrait photographer? Wedding photographer? Commercial photographer?
Who are you targeting, the people that are barely squeaking by, trying to pay the mortgage, or trying to cover the next payroll?
Times are tough right now, but not for everyone. 22 percent of American households have more than 55 percent of all earned income. This means that one out of every five households controls more than half of America’s wealth.
And while it’s easy to get sucked into the notion that people aren’t spending, the truth is these one in five are spending – and they are spending a lot! They are just being more cautious about what they buy, making sure they get the best deal possible for their money.
If the sheer numbers of people spending money hasn’t convinced you on why this target market is so important right now, here are 5 more reasons to push you to start marketing your products to this audience.
1. It takes less energy and less sales to meet your goals.
If your goal is to make $100,000 this year, you can do so in a variety of ways. You can sell 100,000 people something for $1, or you can sell 1 person something for $100,000, or somewhere in between.
That sounds basic, yet so many people don’t look at sales this way. They choose price then try to retrofit customers into their packages. Isn’t it easier to get 10 customers to spend $10,000, and target people that can truly afford this, then to hope you can find 100 brides at $1,000?
2. The affluent aren’t affected by the ups and downs.
When people reach a certain level of affluence, they rely less on one income source, and more on multiple sources. If one drops off or goes away, they have others that keep them stable while they replace it with something else. While they still may be cautious about spending, they know they can always afford what they truly want and love.
3. The affluent will not nickel and dime you.
There is a difference between looking for a great bargain, and trying to negotiate a service down to the lowest possible price. The affluent know that time is money, and they won’t spend hours bargaining with you if your meet their qualifications. They want superior products, superior service, and will give you everything you ask for if they feel the deal is right.
4. The affluent exude confidence; you must too.
Have you ever watched Shark Tank – the reality show where entrepreneurs present their ideas to four millionaires, looking for backing for a portion of the company? It’s a great show. I always laugh at Kevin O’Leary when he finds an entrepreneur that doesn’t have his facts in line. He comes at them again and again, looking for an answer, and in many cases make an offer where he takes 100 percent control because he doesn’t want to work with someone that doesn’t have confidence in what they do.
The affluent know what they want and how to get it. They aren’t willing to play games or go around and around looking for answers. If you know your product well, understand exactly what it takes to put it into place, and are comfortable in your offer, you’ll have a client for life.
5. The affluent are loyal, and can fill your photography business with referrals.
With the royal wedding just hours away, let me ask you a question. Do you think they went through a bridal book selecting their vendors – or do you think they came from a long list of referrals?
The affluent ask friends and look for recommendations. They don’t want to try out someone new – they want to be guaranteed perfection for their events. In order to stay in this circle, you have to continue to deliver exceptional value along with extraordinary results. Give them what they expect, and you’ll have clients for life.