You’re in the midst of a demographic revolution.
A revolution that, contrary to the limited perception or beliefs of many, is going on right under their noses.
And it is in this naïveté of the many that lays a grand opportunity for the few.
The few that, if they pay attention to it, and if they leverage it, WILL make them A LOT of money.
But the thing is, if YOU want to capitalise on this new shift in our society, and if you too want to make a lot of money like the few, you first have to know where to focus your attention.
You’ve got to know where to look.
Otherwise your opportunity will be lost and it WILL cost you in more ways than 1.
In fact, it’s probably costing you big time right now.
The good news is… it’s actually quite a lot simpler than you may think to take advantage of this new ‘demographic revolution.’
The bad news is… even when educated on this opportunity, most fail to grab it with both hands, run with it, and explode their business profits!
And the reason why will be revealed in a second but rest assured…
We won’t let that happen to you because you’re here, you’re reading this article, you’re investing in yourself and so…
You’re about to become privy to some incredibly valuable information many other Coaches only wished they knew!
To begin, let’s look at WHY when those who are educated on this ‘grand opportunity’ fail to take advantage of it…
The problem begins right at the heart of why the majority of most small business owners, and not just Coaches, are failing in today’s economy…
Their current client acquisition strategy is – “anyone who has a wallet and a pulse!”
Besides the fact that approach has you running around like a ‘headless chicken’ not knowing how or where to find your prospects, the BIG problem here is that…
‘Anyone with wallet and pulse’ usually means you’re attracting the majority of the market who struggle to even put food on the table or pay the bills!
Those who shop at Wal-mart.
Those who eat a McDonald’s and Taco Bell.
Those who are neck deep in credit card debt.
Those that more often than not, make buying decisions heavily influenced by price.
And so when you manage to get them on the phone, they’re usually terrible, unqualified prospects.
They have no money.
They won’t fully commit to your solution (even though it’s proven to work)
They half-heartedly executive and then get crappy results (or NO RESULTS at all) making YOU and YOUR COMPANY look bad.
And because of this, your confidence could take a hit, you may question your own value as a Coach, you might even feel like a ‘fraud’ and how knows…
This could cause you to once again lower your prices, which in turn attracts you crappier clients, who in turn get worse results…
…which then has your business slowly choking to its inevitable death!
I’ve seen it before. Over and over again.
Make no mistake – this concept I’m sharing with you right now IS deathly serious.
The survival of your business depends on you fully understanding it.
The BIG mistake most Coaches make is they focus their time, money, and effort on attracting those prospects that have NO MONEY!
It’s time to take the Tony Robbins, Jack Canfield and Oprah Winfrey approach.
It’s time to make ONE little change in your marketing so you can consistently generate clients that pay you upward of 5x to 50x more!
“Preposterous,” I hear you say?
Not. Even. Close.
It’s actually quite simple…
Instead of going after the 80% of the market who can’t afford what you’ve got, focus ALL your efforts on attracting the 20% who NEVER make buying decisions based on price!
This is how you INSTANTLY Triple Your Fees WITHOUT Scaring Away Prospects.
This IS the Tony Robbins, Jack Canfield and Oprah Winfrey approach!
They charge what know they’re worth to the people that CAN afford them, and then they give their time and expertise back for FREE to those that can’t.
To do so otherwise, to base your business model on trying to extract money from those that have no way to pay you is CRAZY!
So now is your opportunity to join the revolution…
With the peak of the baby boomer population, the emerging mass-affluent and other trends and changes—all converging to produce a new “Spending Class” of consumers that need to be understood and targeted—by you!
For example, did you know that 22% of U.S. households have over 55% of all earned income. Hear it again: more than half of the income is concentrated in one of five households.
This Presents Opportunity to Multiply Your Income By Selling to the Emerging MASS-AFFLUENT Population!
Opportunities to “trade up”...to “upgrade” your clientele, to re-arrange your business, its presentation of products, services and prices to attract upscale, more freely spending consumers have never been better.
You need to understand them...realize how abundant and plentiful they are (possibly contrary to your own limited perception or beliefs)...and learn to target and attract them...N-O-W.
This IS Really About Acquiring The ‘IDEAL’ Client.
Ideal because they are not price or fee resistant. Price matters, but never as a determining factor.
And, because birds of a feather do flock together, and because the higher up the ladder of affluence you go, the more they tend to require referrals or peer endorsement to choose a seller, one of these customers is worth a high multiple over your median or average customer.
Renegade Millionaire & "The Godfather" of Direct Marketing
And since Dan Kennedy wrote that many years ago, things have only improved…
The latest from the US Federal Reserve says… “Among family households, approximately thirty percent could be described as being mass affluent.”
So 30 in every 100 people you speak with are considered as part of the mass affluent!
If you’ve read anything Pareto’s Principle, you’ll know this is the law of 80/20 at work.
According to the law, wealth (like many things) is never distributed evenly. No matter how much the government tries to intervene.
Therefore, if attracting wealth, freedom, and high paying clients is your goal, it’s your job to turn ALL your focus on this gigantic affluent pool of people, and figure out a way to turn them into clients!
By the way, it’s not as hard as you think because here’s one more ‘fun fact’ for you…
When we look at how the mass affluent distribute their wealth we can see on average, they have almost one quarter of it sitting in cash…
(Research by Spectrum Group)
It’s just waiting there to be invested in YOU!
Never before in the history of man has this huge demographic of wealth with disposable income been available for us to target and market to.
This is THE opportunity. This is YOUR opportunity.
It’s time to grab it with both hands and run with it!
All you’ve got to figure out next is HOW to attract them…
Lucky for you, we’re going to dive into that in this article too!
But before we do, you’ll want to avoid the BIG mistake most make when trying to prospect this new spending class, and that is…
You can’t just use your ‘regular’ old marketing messages to attract the mass affluent!
No, you need to take a slightly different approach.
You need to use a different ‘bait’ if you will because remember, the mass affluent rarely make buying decisions based on price.
Case in point…
What you see above is a $25 mouthwash from Aesop.
Is it 10x better than the $2 mouthwash you see in a regular supermarket?
Of course not. So why do people (the affluent) buy it?
For various reasons which we’ll get to in a minute, but the point is, they DO buy it.
Next, what about ‘Glamping?’ (Glamorous Camping)
For just $600+ a night you too can stay in a ‘Luxury Safari Tent’ in the wilderness…
Millions of these types of purchases are made every day that have NOTHING to do with the price of the product or service.
You don’t have to fight it. Just learn from it and embrace it.
The faster you do the faster you’ll be able to raise your own prices and have the mass affluent invest in your programs and services!
Next, how about this…
It’s a set of 9 halloween cupcakes from www.Williams-Sonoma.com (a cooking website that targets the mass affluent) all for the ‘low’ price $64.95.
Again, who would pay such extravagant prices?
The mass affluent, that’s who.
And they do it in EVERY category you can imagine.
However, don’t be misled…
They do not choose the most expensive option in every category simply because they can.
No, different affluent clients and customers value different products and services differently.
For example, we’ve had clients who’ve invested straight into our top $25k+ programs simply because they didn’t want to be in the lower $10k group.
They wanted to feel superior. They wanted something the ‘others’ couldn’t access because they weren’t at ‘their level.’
And so just like us, you have to cater to that mindset.
On the flip side I’ve got wealthy friends who spend big on things like golf and travel, yet couldn’t care less about the brand of clothes they wear.
Therefore, it’s up to you to figure out how YOUR mass affluent clients and customers make buying decisions so you can tailor your programs and marketing messages to appeal to the REAL reasons they buy.
Before I get into that though, this is the BIG point I want to drive home when trying to attract the mass affluent…
Price is never tied to your product/service!
Remember, price is rarely an objection. They buy for different reasons.
So as Dan Kennedy says…
“As soon as you disconnect those two things (price and product) in your own mind about your own products and services, you’ll be liberated to make a great deal more money and have much greater success appealing to affluent customers and clients”
And therein lies the absolute BIGGEST hurdle YOU will have to overcome when selling to the affluent…
It’s not the affluent who needs to disconnect the price from the product, they already do it every day. It’s YOU.
When that sinks in, you’ll look at your products, services and coaching programs in a completely new light!
One that will allow you to focus on delivering value in a very different way to your competition, thereby attracting those with the money to spend BIG on your products and services.
So then, how DO you go about disconnecting price from product?
Well, there are two simple ways…
The first is by targeting a more affluent client. Just by going after someone with more money you can, in some instances, raise your prices without too much of a change to your marketing message.
The second is by changing the context in which the product or service is delivered.
For example, put the Aesop mouthwash in a prestigious store on New York City’s 5th Avenue and you can easily justify its $25 price.
However, put 100 bottles stacked in a basket at your local K-Mart and you’ll be hard pressed to find a buyer.
What’s the difference between the ‘do-it-yourself’ traditional style camping, and the luxury ‘Glamping’ above?
Two different contexts delivering two different EXPERIENCES.
Next, what’s the difference between the halloween cupcakes from Williams-Sonoma and handmade ones buy at a regular bakery?
Just a simple change in context – the place from which it’s sold, how it’s sold, and WHO it’s sold to.
The product is exactly the same.
How about this…
Would you ever buy a small cup of Coke for $6 at the supermarket?
But would you do the same at the latest 3D movie? Yup, and you’ll probably add on a $5-$10 popcorn while you’re at it too!
And it’s within these different contexts from which you sell your product or service that will invoke specific feelings in your affluent buyers.
Specific feelings that will trigger them to invest MORE in YOUR product or service than those who focus on using ‘low price’ as a core reason to buy.
Because what you have to understand is that when your mass affluent prospects make a purchase, most of the time they’re doing it for very different reasons than those less affluent.
Most of the time they’re doing it because they want to invoke certain specific feelings associated with wealth and being wealthy.
Therefore, when you know how to trigger those specific feelings using contexts, you’ll be on the bee line path to more mass affluent clients, more income and more freedom for yourself!
So what are these ‘specific feelings’ then?
To cut to the chase here are the 5 specific emotions or feelings the mass affluent are particularly responsive to as it relates to your coaching programs…
They are S.T.A.P.E…
Status, Tribes, Access, Passions, Experience
Status – Of all 5, ‘Status’ is the most influential to the mass affluent and ultra affluent markets (and if you get it right it’s also going to be the one that makes you the most amount of money!)
What you have to understand about the wealthy is that most of them have BUILT their wealth through hard work, perseverance, and dedication.
They weren’t BORN into it.
So they have an inherent belief they are ‘above,’ better, or more valuable to society than others who haven’t gone through the same struggles and successes.
They have an elevated sense of ‘Status.‘
Think of ‘Status’ as being linked to ‘Pride’ from ‘The 7 Deadly Sins’, ‘Significance’ from Tony Robbins’ ‘6 Human Needs’, or even ‘Importance’ from Dale Carnegie’s ‘How to Win Friends & Influence People.’
Therefore, by creating a marketing message that communicates to your mass affluent prospects ‘if you purchase this program/product/service, your status will elevate even higher,’ it will allow you to charge A LOT more than what you currently are.
From experience there are two ideal ways to do this in your market message…
1) Simply ’10x’ the investment price of your program, product or service.
Just like the Williams-Sonoma cupcakes above, and the Aesop mouthwash, nothing gives the wealthy a better feeling of status than being able to pay for something others can’t afford.
You might want to read that sentence again.
By simply raising your fees to extravagant prices far higher than your competition you’ll invoke such feelings of ‘status’ in your mass affluent prospects.
Again, why would the mass affluent pay for something 10x more when they can get the EXACT SAME THING across the street for 1/10th the price?
The other reason, which we’ll discuss in a minute, is a superior EXPERIENCE.
But first it should be noted: mass affluent clients aren’t stupid of course, and so they will want to know you have the credibility to go along with these high prices.
They will of course want to know they’ll get a return on their investment in time and money, and that you’ll be able help them achieve the transformation you’re promising too.
This is what leads to the second type of message you’ll want to create that will build the correct ‘credibility context’ for your newly raised prices…
2) Create a celebrity-like status in your niche.
Let me ask you a quick question (this isn’t a trick by the way)…
Below are 3 Relationship Coaches (who shall remain nameless for this example).
Now without really knowing much about them, who do you think commands the highest fees?
So which do you think?
1, 2 or 3?
It’s pretty obvious right – it’s number 3.
And that’s because the 3rd Coach has more credibility associated with him.
Because he has more 3rd party endorsements.
This is why you see top level coaching guru’s using 3rd party endorsement logos, or reviews, or interviews (which we call “Celebrity Signifiers”) in their marketing material…
It brings to them an instant higher level of trust, credibility and authority in the marketplace.
So whenever you’re selling to anyone, and particularly to the mass-affluent, make sure you use your own Celebrity Signifiers in your marketing material.
The absolutely fastest way we know to acquire an incredibly powerful Celebrity Signifier is by getting a photo of you speaking on stage or in front of a group…
Even if it’s from your local toastmasters it communicates to your target market that if you’re speaking on the subject, then you’re a leader and an expert on the subject too.
Tribe – After Status, the second most powerful motivator to the mass affluent is being a member of the ‘Tribe.’
As a species we humans are segregationists.
We split up and form groups, communities, associations, and forums etc. based on beliefs, views, interests, and social status.
The mass affluent do so as well, and they join their own groups for the very same reasons we do: acceptance, recognition, peer approval, like-mindedness, and elitism.
The thing you have to simply be aware of is that if you are going to create an elite tribe of mass affluent’s, for example a mastermind group, you’ll want to create certain strict vetting criteria for entry.
A great example of this is Yanik Silver’s Maverick1000 Mastermind.
Here is the first of his vetting criteria for entry to the program…
“You must be a successful business owner, entrepreneur, founder or CEO.
This membership is strictly for distinguished achievers with a minimum business gross revenue of $1 million (Verification required).
On average, members run industry-dominating firms from $5 million – $100 million+”
So as you can see, those who make it in do so because they’re already successful.
This approach speaks to the mass affluent’s desire to be validated for their superiority.
So you must take a similar approach with your high end group programs by giving them an exclusive, elite feel.
Access – As mentioned in ‘Status’ – nothing gives the wealthy a better feeling of status than being able to pay for something others can’t afford.
We can go one step further in this section and say…
Nothing gives the wealthy a better feeling of status than being able to get access to something others can’t get access to.
This is extremely attractive to them because once again…
It validates their feeling of superiority. (notice the running theme here?)
So what then will your new mass affluent clients get access to in your high end programs those in the lower ones won’t?
A private 1 day intensive or 1-on-1 coaching with you?
Two tickets to network at a secret, undisclosed location with an elite group of high performers?
Maybe it’s a special, secret piece of information like the one I shared with former ultra affluent client and world ‘Top 30 Coaching Guru’ Terri Levine…
“Luke’s process by itself was easily worth to me a minimum of $10,000…He’s brilliant. And I haven’t met a lot of people in the coaching space and I’m being real blunt about this, and I’ve met thousands and thousands of coaches, I also own a coach training school so believe me I have thousands of coaches that I’ve become aware of that really know what they’re doing, and understand the marketing space, and understand differentiation…”
Have fun with this!
Passion – “Here’s a little marketing secret for you: Almost everybody has at least one passion, one interest, where they’ll gleefully spend irrational amounts of money.
For some it’s makeup or shoes. For others it’s rock concerts. For some it’s bowling or golf. For some it’s bird watching. For some it’s skiing.
Even a very conservative, frugal 56 year old gentleman, who drives a six-year-old Crown Victoria even though he can afford a top-of-the-line Mercedes.
If he really, really loves football, he will be a skybox. Somehow, he’ll find a way to justify it. The ultimate determiner is the simple fact that he has money.”
-Perry Marshall, 80/20 Sales & Marketing
And like the 56 year old gentleman example above, if you’re targeting the mass affluent they WILL have the money.
All you have to do is discover what they’re passionate about and either sell them that, or link it to how your product/service will get them that!
Experience – Part of the reason why Williams-Sonoma can charge a lot more than the local bakery across the street is because of the buying experience.
It’s far easier to order online than it is to pack up the kids, get in the car, find a park, navigate the ‘herds,’ find the right bakery etc.
With a simple search and the click of the button your order is on it’s way.
Now that’s a great experience.
But creating a superior experience doesn’t just stop with the buying phase.
What about after they’ve bought when it comes time to deliver your program or service?
Here’s a great video by Social Media guru Derek Halpern, illustrating why someone would pay $310 for a haircut over a regular $40 one…
So this question begs…
How are YOU delivering a superior experience, whether in the buying stage, or the program delivery stage, to enable you to command higher fees?
Are you meeting them at an exclusive coffee club or prestigious restaurant to close the deal?
Are you running your coaching at VIP retreats or incorporating other aspects of fun and adventure?
Are you sending them a special gift box and other perks right after they sign up?
For each of the categories the possibilities are endless to create the desired contexts you need, to evoke the specific feelings you need to evoke to attract your mass affluent prospects.
Of this article though, the most important thing to remember is this…
The value of your product or service is NOT tied to it’s price.
It’s tied to the specific emotions you create for your mass affluent buyer!
This is what unties price from the anchor of the product.
When you fully understand this no longer will you focus on the irrelevant monetary value of your coaching service, but the specific emotions it will evoke in your buyer once they have purchased.
Then when you’ve got these, it’s just a matter of communicating them in your offer when they go to buy!