Starting a Business

Money Talks

Secrets to attracting the rich
Magazine Contributor
Writer and Author, Specializing in Business and Finance
1 min read
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This story appears in the October 2000 issue of Entrepreneur. Subscribe »

If you're trying to reach affluent customers, stay away from the flash, says Jonathan E. Robbin, president and chairman of Ricercar Inc. (www.ricercar.com), a Bethesda, Maryland, business information systems firm that specializes in targeting the affluent market. "It's important to distinguish between people who are truly affluent and those who [only] appear affluent."

Robbin offers these tips for crafting the right message for this market:

50 percent of millionaires live in middle-class neighborhoods, so geography is not a sure-fire indicator of wealth.

The truly affluent are generally frugal. Emphasize quality and value to them.

Affluent customers like their opinions to be respected-don't try to approach them with the "envy syndrome."

 


Gwen Moran is president of Moran Marketing Associates, a public relations and marketing communications agency in Ocean, New Jersey, and founder of BoostYourBiz.com, an online marketing information resource for businesses. E-mail her at gwen@boostyourbiz.com


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