by Nigel Hilton
All businesses would like to capture high-value customers, but relatively few of them actually manage it in any significant way.
Part of the reason for this is that there are only a small number of genuinely wealthy people looking to spend money. But it also has a lot to do with your approach to business. A lot of brands never put a high-value strategy in place and, therefore, don’t get any of the rewards.
High-value customers can be risky - especially if you come to rely on them. But they are also the best way to start generating big profits. Without them, you’d be stuck.
In this post, we take a look at some must-use strategies for attracting this kind of buyer and encouraging them to convert.
Strategy #1: Market Via Specific Channels
High-value customers are more likely to be C-suite executives, entertainers, artists, and sports personalities. And they tend to use different media channels than regular customers. For instance, you can learn more here about how C-suite executives listen to podcasts disproportionately.
Look for these channels and then market to them. Remember, relatively few top-flight professionals and business leaders spend their time on TikTok so, while you might look to buy TikTok followers with the hope to reaching your younger audience, you won't find that this works with most of your high value customers. Instead, they prefer to consume educational content via the radio, documents, news websites, and podcasts. In general, they want to master the world, and so any channel that provides them with knowledge potentially gives them an edge.
Strategy #2: Offer Long-Term Rewards
High-value customers are usually people who understand the importance of the deferral of gratification. Many of them know that if you really want something good in life, then you have to work hard, save and wait for it.
Offering long-term rewards, therefore, speaks to them on an emotional level they can understand. Discounts for multi-year membership and long-term perks are a great way to encourage them to continue using your firm on a cost-benefit basis.
Strategy #3: Sell Ideas
While most companies sell products, those that capture high-value customers tend to be in the business of selling ideas. Many of your highest value customers are online and a strategy to market your ideas can be a winner.
Remember, the way to get a lot of value from a single customer is to find ways to get them to commit to your cause. The more you can convince them that you have the goods and services that they need, the more likely they are to stick with you for the long-term.
When advertising, sell an idea instead of a product. For instance, Apple gained success because it sold the idea that PCs were easy to use. It hardly focused at all on its products’ specifications. Similarly, global concierge services like Quintessentially focus on the experience that they provide their patrons instead of the actual services themselves. It’s more about the notion of being pampered than it is the practical realities.
Strategy #4: Ask High-Value Customers What They Want
Finally, you can often gain a lot of insight into how to capture high-value customers by simply asking them what they want. Companies do this all the time and use it to their advantage. A simple questionnaire will usually do the trick.