Rock, paper, scissors. Affluent, rich or wealthy? What’s the difference? Does it really matter? Isn’t just attracting clients with lots of money to buy from you all that matters? Wrong. As a business coach who has successfully done business with all three groups, I am here to say that you do need to know the difference and here’s why.
You can only effectively market to a demographic you get to understand. There is a reason why marketers take a lot of time and energy to build an ideal client profile. Although the rules of luxury marketing are slightly different, for instance, luxury sets the price, the price does not set luxury, your ability to segment potential luxury clients will give you a deeper understanding of them in the long term.
A label by any other name