How to Locate and Target Wealthy Customers

It’s pretty obvious why a business owner would be looking to target wealthy customers. For one, people with more discretionary incomes will tend to be OK paying higher prices. What’s more, they may come back more often -- and they may just refer you to their other wealthy friends. So, how do you find them and get them interested in your offerings? It’s not always about doing more advertising. Instead, it’s more about "who you know."

See also: How to Attract New Customers to Your Business

1. Look for strategic partnerships

It’s not enough to find wealthy potential clients and then to market to them or give them your sales pitch. That cold-calling method rarely works – especially with wealthy people. Instead, you have to find a way to be introduced or to make connections through people who know the people you want to target. When they’re trying to make a financial decision, one of the first calls wealthy people make is to a financial or legal advisor. Thus, making partnerships with attorneys, CPAs or financial advisors in your area can help you get referrals. Start by assessing the relationships you already have, and use those to get referrals or introductions to the people who work with wealthy people. It might sound like a roundabout method, but referrals really do work.

2. Join their business network

Another way to get the introductions that lead to new, wealthy clients is by casting your net into the right business networking groups. Chambers of commerce in your area can be a good place to start, but only if the group’s member roster includes wealthy business people. Groups for entrepreneurs, for example, probably won’t include many wealthy prospects. Beyond business-oriented networking groups, also look to service organizations that the local elite may help run or members-only country clubs.

3. Invest in your business' image

If you want to attract wealthy customers, you have to present an image of affluence to which those wealthy customers are going to be attracted. If your website, business cards and other marketing materials look amateur, you’re going to attract a customer base that is looking for services at bargain-basement prices – not the affluent customers who will be looking for quality and willing to pay higher prices. If you can’t afford to upgrade your image by paying cash, consider doing a work-trade with another business owner as a way to get quality marketing materials.

4. Show your value and don't grovel

When you do get that promising introduction to a wealthy prospect, don’t waste that person’s time with platitudes or excessive compliments. Wealthy people want to do business with people who are competent, and who, even if they don’t have the same income, appear to be their equals in terms of business. Plus, they don’t tend to have a lot of time to waste. If you get a minute of their precious time, use it sharing your idea or talking about how your product or service will help them. In other words, make the conversation about their needs and not about how happy you are to meet them or how they can help you.

By taking the time to invest in relationships and in the quality of your brand, you could find that you’re more likely to find and keep those wealthy customers.